The major implications of Malta's entry into the EC on our banking industry

Abstract

The European Community (EC) came into being as a far reaching exercise in economic integration. Its origins should be seen in the context of the economic exhaustion and division Western Europe found itself in following the 1939-45 War. The movement to set up the EC was spearheaded by the six signatories to the Treaty of Paris which in 1951 had brought into existence the European Coal and Steel Community (ECSC). The ECSC applied the industries of concept of a common market to the coal and its Member States. Every participant in steel this market would have equal access to the products of these industries. The Six were encouraged by the success of the ECSC to work for fuller political and economic Pan-European unity (2).