to the size of the economy than that of the U.S. CREATION OF THE EUROPEAN MONETARY UNION European integration goes as far back as 1951 with the European Coal and Steel Community. This was a common market in coal, iron, and steel products joining Belgium, Germany, France, Italy, Luxembourg, and the Netherlands together. After 50 years and four waves, the European Union has continually grown to its current 15 country membership. Following the first six countries, were in 1973, Denmark, Ireland and the United Kingdom. In 1981 Greece entered, 1986, Spain and Portugal and in 1995, Austria, Finland and Sweden. The EU is progressing with a fifth enlargement soon aimed towards the countries in Eastern and Southern Europe. With the introduction of the Euro, this completed the final stage of the EMU, which origins go back to March of 1957. On January 1, 1958, the Treaty of Rome went into affect with the same six countries from 1951, Belgium, France, Germany, Italy, Luxembourg, and the Netherlands, forming the European Economic Community (EEC), the founda
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