Just as the concept of the First World came about as a result of World War II, so did the European Union. In 1951 the beginnings of the EU were founded with the creation of European Coal and Steel Community (ECSC). From the beginning of its inception, countries in the EU were judged by many standards, including economic ones. This is where the relation between globalization, the EU, and First World countries arises. Especially during the 1990s when the EU focused on economic policies such as the creation and circulation of the Euro, the creation of the European Monetary Institute, and the opening of the European Central Bank.