Nations

• the establishment of a common system of tariffs applicable to all goods received from nations

Outside the Common Market

• the free movement of capital and labor within the Market

• the creation of common policies with respect to a number of other economic matters of joint

Concern, for example, agriculture, transportation, and restrictive business practices

These goals had been fully achieved by 2002 and resulted in a common currency — the Euro — •.

Results. Motives for creating the Common Market were both political and economic. The primary

Economic motive, of course, was to gain the advantages of freer trade for members. While it

Is difficult to determine the extent to which EEC prosperity and growth has been due to economic

Integration, it is clear that integration creates the mass markets which are essential to Common

Market industries if economies of large-scale production are to be realized. More efficient production

For a large-scale market permits European industries to realize the lower costs which small,

Localized markets have historically denied them.

The effects upon nonmember nations, such as the United States, Russia, Japan, the nations of

Asia and others are less certain. On the one hand, a peaceful and increasingly prosperous Common