European Coal and Steel Community

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Updated: Aug 20, 2021

Established by the Treaty of Paris in 1951, the European Coal and Steel Community was formed with the object of pooling the coal, iron ore and steel resources of the six founder members of the European Economic Community: France, Germany, Holland, Belgium, Luxembourg and Italy. The treaty was based on the Schuman Plan, originally conceived by Jean Monnet, which aimed to unite the coal and steel industries of France and Germany. steel industries of France and Germany. Britain was invited to join but refused the invitation. The Coal and Steel Community was soon to be followed by the far more comprehensive common market (the E.E.C.) in 1957.

Reference: The Penguin Business Dictionary, 3rd edt.



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James Knight
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James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.