ABSTRACT
The European project received new impetus with the creation of the European Monetary System which aimed to coordinate macroeconomic policies and regulate exchange rates, and the Single European Act which had as its goal the completion of the single market. The single market expanded as nontariff barriers to the movement of goods across borders were reduced, and standards and regulations on health, safety, and consumer protection were harmonized during the 1960s and 1970s. The European Coal and Steel Community (ECSC) was an important step toward creating an economic union, it was limited in scope. Accordingly, leaders of the ECSC signed the Treaty of Rome, which had as its intent a fuller economic integration of its member states and the creation of a single market. Rome also created institutions that continue to be used, in modified forms, in European Union (EU).
