Jean Monnet in order to revive European construction following the failure of the European Defence Community (EDC). It brought political parties and European trade unions together to become a driving force behind the initiatives which laid the foundation for the European Union as it eventually emerged: first the European Economic Community (EEC) (1958) (known commonly as the "Common Market"), which was established by the Treaty of Rome of 1957; later the European Community (1967) with its corresponding bodies, the European Commission and the European Council of Ministers, British membership in the Community (1973), the European Council (1974), the European Monetary System (1979),
Maastricht Treaty of the obligations of the treaty for the members was to keep "sound fiscal policies, with debt limited to 60% of GDP and annual deficits no greater than 3% of GDP". The treaty also created what was commonly referred to as the pillar structure of the European Union. The treaty established the three pillars of the European Union—one supranational pillar created from three European Communities (which included the European Economic Community (EEC), the European Coal and Steel Community and the European Atomic Energy Community), the Common Foreign and Security Policy (CFSP) pillar, and the Justice and Home Affairs (JHA) pillar.