Seven countries have since joined.
The treaties simplified the decision-making process within the EU by replacing the principle of unanimity with a qualified majority in many areas. Euratom would integrate sectors in nuclear energy while the EEC would develop a customs union between members.
The EU was created in the wake of the Second World War in order to foster economic cooperation and to prevent further conflict between European countries.
Although Brexit may prove to be more harmful to Britain than the European Union, there have still been rippling impacts on the EU in the post-Brexit world.
Germany reunified and the door to enlargement to the former Eastern Bloc was opened See also: Copenhagen Criteria. Still, the currency's value has since risen in The Community started expanding in the s when new members joined it.
On 1 Januarynotes and coins were put into circulation, replacing the old currencies entirely. Euratom was to integrate sectors in nuclear energy while the EEC would develop a customs union among members. The EU's concern over Greece leaving the eurozone nearly caused several other countries, including Italy and Portugal, to suffer sovereign debt crises, making many skeptical of the EU's policy to back the debt of its members.
In fact, according to the EU's website, more than million EU citizens in 19 countries use the euro as their currency.