The Creation of the European Union The first major step toward European integration took place in 1950. Many Europeans felt that German industry needed to be monitored in some way. Therefore, the Schuman plan was created to oversee production and price policies. Next, a treaty was established, the ECSC (or the European Coal and Steel Community), that provided for the elimination of tariffs and quotas on trade within the community. After that, the ECSC signed two …showed first 75 words of 1147 total…

…showed last 75 words of 1147 total…operations. A Future Outlook Having a single international currency could spur economic reform in other areas of the economy, and would further improve economic trade and growth. The currency reform would lead to structural, market and trade reforms as well as introducing financial and economic change. Although there would be costs in the process of change, over the long run, the economic and political benefits of a single currency clearly exceed the costs. ------------------------------------------------------------------------ **Bibliography**