1945 - Conclusion of 2nd world war, aim to avoid future wars 1952 - Creation of European Coal and Steel Community (ECSC) - Treaty of

Paris (Belgium, Holland, Luxembourg, Italy, France and later West Germany) 1957 - Treaty of Rome - formation of a free trade area with a common external

tariff, original 6 enjoyed strong economic growth 1973 - UK, Ireland, and Denmark decide to join. 1992 - Single Market the European Community - development of a common

market with free movement of all factors of production 1993 - Maastricht Treaty- creation of European Union to develop greater unity 1995 - Membership up to 15, Austria, Finland, Greece, Portugal, Spain and

Sweden joining at various points 1999 - Euro adopted by 11 countries 2001 - Greece adopt Euro 2004 - New members = Cyprus, Czech republic, Estonia, Hungary, Latvia,

Lithunia, Malta, Poland, Slovakia, and Slovenia. 2007 – Bulgaria and Romania join

• 2014. croatia joins

• German economic recovery led by finance minister Ludwig Erhard

• Combined free-market economy & extensive social welfare network inherited from Nazi era.

• By late 1950s, West Germany had robust economy, full employment, a strong currency and stable prices.

Germany inc.

M&A

Co-determination

Mittelstand

Landesbanken