It is fifty years since the Treaty of Rome was signed. The treaty created the European Economic Community, set the goal of ever closer union among the peoples of Europe and laid down the “four freedoms” where goods, services, people and capital could move freely among the member countries. The results have been impressive. It has brought prosperity, the single market for goods among 500 million consumers works fairly well, and there has been good progress in reshaping network industries and financial markets. The union has grown from 6 to 27 countries, 13 of which now share a single currency. The European Union (EU) now has a larger GDP than the United States, it is the world’s biggest exporter, and European companies are among the global leaders in most industries.