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European Economic Community. The European Economic Community (1957-2009) was an intergovernmental organization in Europe. In 1967 the institutions of the European Coal and Steel Community and Euratom were merged with those of the Economic Community. This meant that while they technically continued to exist separate from each other they were governed together as a single personality under the name of the European Communities.
Two of the original core objectives of the European Economic Community (EEC) were the development of a common market offering free movement of goods, service, people and capital (see below). Free movement of goods was established in principle through the customs union between its then-six member states.