member states decided to expand the terms of reference of the Parliamentary Assembly and the Court of Justice of the European Coal and Steel Community rather than to create new bodies. This was achieved through the Common Conventions Act.
However, Euratorn was not destined to achieve its original alms because it suffered from a number of early setbacks. The independent commission charged with initiating legislation got off to a slow start. Though the Rome Treaty came into effect in 1958, its first president became ill and had to be replaced, with the result that it was not until late 1959 that the commission began to function properly. By then, both Germany and Italy had begun their own national nuclear programs to ensure that France would not dominate the sector as a result of the joint funding that Euratom facilitated.
During the 1960s France and Germany went further and each independently introduced fast breeder reactor programs. No longer in the position of providing political impetus and leadership in terms of directing a European nuclear energy policy per se, the commission assumed the reduced role of coordinating national nuclear programs instead. A further weakness suffered by Euratorn was the lack of a coordinated approach among the three communities, each of which had its own commission and council of ministers: the European Coal and Steel Community actively sought a protected market for coal; the European Economic Community advocated the importation of cheap energy from third countries; and, meanwhile, Euratom took the position that nuclear energy should supplant coal and other sources of energy altogether. In April 1965 the treaty establishing a single council and a single commission of the European Communities was signed. The Merger Treaty came into effect in July 1967; only then did the European Communities begin to operate functionally as three, and organically as one, through common institutions.
Not only did Euratorn not lead to a common energy policy, but also it arguably prevented such a policy from emerging. The Rome Treaty neglected the potential of oil presenting a stark choice for Europe between high-priced coal and low-priced nuclear energy-with no reference at all being made to oil. This omission to some extent led to unilateral energy policies among the member states. This oversight may be partially explained by the fact that oil was expensive within Europe at the time, and the Suez Crisis of 1956 highlighted the risk attendant on a dependency on imported energy supplies.
Euratom never fulfilled the high expectations of it that were entertained by Jean Monnet, that of facilitating "spillover" into other economic policy areas. It was destined to play only a modest role in the process of European integration, confining its activities largely to the coordination of research and development programs. It was to be overshadowed by the European Economic Community, which was to become the best known of the three communities. The EEC committed member states to a decidedly more ambitious and wide-ranging set of objectives, namely, to create a customs union and a common market among the member states.
MARGARET MARY MALONE
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Urwin, Derek W., 1989. Western Europe Since 1945: A Political History. 4th ed. London: Longman.
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Willis, F. R., 1968. France, Germany, and the New Europe, 1945- 1967. Rev. and Expanded. Stanford, CA: Stanford University Press.
EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT ( EBRD). The main financial institution, based in London, created to serve the post-cold war economic and entrepreneurial needs of former European communist countries transitioning from command economies to capitalism. The coincidence of a perceived lack of resources and an official skepticism about the merits of a public sector-led European version of the Marshall Plan left European governments with little choice but to opt for a mixed- market solution to the security problems posed by the countries that were formally members of the Warsaw Pact and the Council for Mutual Economic Assistance ( COMECON).
The idea of the " European Bank" was put forward by President François Mitterand of France in Strasbourg on October 25, 1989. It came to fruition on May 29, 1990, with the signature of its agreement by 40 countries, together with the approval of the European Communities (EC) Commission and the European Investment Bank. The European Bank for Reconstruction and Development effectively opened for business on April 15, 1991. Its mission is to foster the move toward market-oriented economies and to promote private and entrepreneurial initiative in the Central and Eastern European countries committed to and applying the fundamental principles of multiparty democracy, pluralism, and market economics.
The EBRD aims to help member countries implement structural and sectoral economic reform, including demo nopolization, decentralization, and the application of in