European Economic Area

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European Economic Area:

see European Free Trade AssociationEuropean Free Trade Association
(EFTA), customs union and trading bloc; its current members are Iceland, Liechtenstein, Norway, and Switzerland. EFTA was established in 1960 by Austria, Denmark, Great Britain, Norway, Portugal, Sweden, and Switzerland.
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; European UnionEuropean Union
(EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community (EC), an economic and political confederation of European nations, and other organizations (with the same member nations)
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References in periodicals archive ?
The European court recognised that the French rules constitute a restriction on the principle of free movement of capital, prohibited by the EEA treaty - and by EU law (Article 56 of the EEC Treaty and the Elisa judgment of 2007), which is nevertheless not transposable to relations between the EU27 and non-EU states.
In 2007, Liechtenstein had an obligation under the EEA treaty to harmonize its laws with EU directives 2005/36 and 1999/42 on the mutual recognition of EU and EEA university and professional diplomas.
They, therefore, gave higher priority to the process that led to the EEA Treaty than did the Community.