European Economic Community European Economic Community The European Economic Community (EEC) was a regional organisation which aimed to bring about economic integration among its member states. It was created by the Treaty of Rome of 1957. Upon the formation of the European Union (EU) in 1993, the EEC was incorporated and renamed as the European Community (EC). In 2009 the EC's institutions were absorbed into the EU's wider framework and the community ceased to exist. The Community's initial aim was to bring about economic integration, including a common market and customs union, among its six founding members: Belgium, France, Italy, Luxembourg, the Netherlands
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.