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The Economics of Brexit

Economics Explained

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The History of the European Economic Community

The Treaty of Rome formed the European Economic Community in 1957. The EEC was a customs union which started to look more like the EU that we know today. Member states could trade freely between each other with no tariffs, trade barriers and very few restrictions from respective customs. Countries like Monaco, Lichtenstein and Turkey are members of this extra special trading club but aren't important enough to be considered part of the European Union.

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