The European coal and steel community was established as a result of a treaty signed in Paris in the year 1951. This treaty was signed by France, Germany, Italy and the Benelux countries with a common goal of the free movement and access of production of coal and steel. Therefore, a common organization was also shaped, in order to supervise the market for rules and price lucidity. The treaty was separated into four areas like the European coal and steel community, the institutions dealing with this community, the economic and social prerequisites and the general terms. This treaty was a good idea for Europe, as Europe was struggling hard to reconstruct the economy, also ensuring peace after the Second World War. This treaty also resulted in political transform by strengthening the France-German relationship. It symbolized the reunion of European integrity.
This brought about a revolutionary change in the European Coal and Steel Community, known as the ECSC and resulted in a common market for coal and steel, economic growth, rise in employment in Europe and growth in international trade, global business and modernization. This common market then extended for other minerals like iron as well. Also, reduction of custom duties on these products led to lower prices and improved working conditions. The supervising bodies made sure that there was an equal access to the sources of production of these goods. Furthermore, there was strict supervision of any prejudiced practices, financial backing, accusations or aids settled by any of the States. This strict supervision made this treaty, a huge success. The ECSC includes a Court of Justice and a Council of Europe. These bodies take care of rules and implementation of the treaty and general relations among the member countries. The court of justice along with the High Authority and an Assembly forms the legal organization.
The European coal and steel community is backed up by the levies to include all the administrative expenditure and the technical and economic research expenses. Also, the ECSC undertook with many third parties and the governments of the member states. All the price fixing was fair and proscribed practices of unfair competition, transportation costs, prejudice and dissimilar transaction. During the situation of crisis and emergency, the supervising body had the right to decide the highest and bare minimum prices. The European coal and steel community also makes sure that there was no shortage of workers and arranges for their free movement across the member states.
