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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.
The European Economic Area (EEA) was formed in 1994 in order to extend the European Unionâs provisions on its internal market to countries in the European Free Trade Area (EFTA). EU legislation relating to the internal market becomes part of the legislation of the EEA countries once they have agreed to incorporate it.