Treaty of Rome

The Treaty of Rome, enacted in March 1957, established a European customs
union and required the elimination of all quantitative restrictions and
other measures having an equivalent effect on trade among the European
signatory member states. It was intended to create a single market with
free movement of goods, persons, services, and capital and envisioned a
single internal European market. It became the founding charter for the
European Economic Community, which came into being on January 1, 1958. The
Treaty had no provisions for monetary arrangements. Accomplishments
following the treaty included completion of the customs union and establishment of the
Common Agricultural Policy (CAP).