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EU enlargement The EU can already look back on a history of successful enlargements. The Treaties of Paris (1951), establishing the European Coal and Steel Community (ECSC), and Rome (1957), establishing the European Economic Community (EEC) and EURATOM, were signed by six founding members: Belgium, France, Germany, Italy, Luxembourg and the Netherlands. The EU then underwent four successive enlargements. ? EU enlargement 1973 Denmark, Ireland and the United Kingdom 1981 Greece 1986 Portugal and Spain 1995 Austria, Finland and Sweden EU enlargement Ten countries - Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, the Slovak Republic, and Slovenia joined on 1st May 2004. Bulgaria and Romania hope to do so by 2007, while Turkey is not currently negotiating its membership. Bretton Woods System: 1945-1972 Named for a 1944 meeting of 44 nations at Bretton Woods, New Hampshire. The purpose was to design a postwar international monetary system. The goal was exchange rate stability without the gold standard. The result was the creation of the IMF and the World Bank. Bretton Woods System: 1945-1972 Under the Bretton Woods system, the U.S. dollar was pegged to gold at $35 per ounce and other currencies were pegged to the U.S. dollar. Each country was responsible for maintaining its exchange rate within ±1% of the adopted par value by buying or selling foreign reserves as necessary. The Bretton Woods system was a dollar-based gold exchange standard. Internal and External Balance Under the Bretton Woods System The Changing Meaning of External Balance The “Dollar shortage” period (first decade of the Bretton Woods system) The main external problem was to acquire enough dollars to finance necessary purchases from the U.S. Marshall Plan (1948) A program of dollar grants from the U.S. to European countries. It helped limit the severity of dollar shortage. The External Balance Problem of the United States The U.S. was