In 1970 and 1975, budget treaties gave Parliament the power to dispose of the Community budget. Until 1980, Members of Parliament were national members of Parliament who sat in Parliament on a part-time basis. The Treaty of Rome provided for elections following the adoption by the Council of a voting system, which was not the case and the elections were postponed until 1979 (see the elections to the European Parliament in 1979). Subsequently, Parliament was elected every five years. Over the next 20 years, it gradually gained co-decision power with the Council on the adoption of legislation, the right to approve or reject the appointment of the President of the Commission and the Commission as a whole, and the right to approve or reject international agreements concluded by the Community. The European Economic Community (ERC) was a regional organisation aimed at the economic integration of its member states. It was created by the Treaty of Rome in 1957. [Note 1] After the creation of the European Union in 1993, the EEC was incorporated into the EU and renamed the European Community (EC). In 2009, the EC officially established its existence and its institutions were directly absorbed by the EU. This is what has made the Union the formal institution that will succeed the Community.
Another crisis was triggered in the context of the proposals to finance the Common Agricultural Policy which came into force in 1962. The transition period during which the unanimous decisions ended and the majority vote in the Council came into force. The opposition of the French president at the time, Charles de Gaulle, to supranationalism and the fear of other members to challenge the CAP gave rise to an „empty chair policy” in which French representatives were removed from the European institutions until the reintroduction of the French veto. Finally, with the Luxembourg compromise of 29 January 1966, a compromise was reached, allowing members, through a gentlemen`s agreement, to introduce a veto in areas of national interest.   Since the collapse of global financial markets in 2008, the EU and the European Central Bank have faced high public debt and slower growth in Portugal, Ireland, Greece and Spain. Greece and Ireland received financial bailouts from the Community in 2010, accompanied by austerity measures. Portugal followed in 2011, along with a second bailout for Greece in 2012. The Treaty of Paris establishing the European Coal and Steel Community (ECSC) was signed in 1951. It was an international community based on supranationalism and international law, which aimed to help Europe`s economy and avoid future war through the integration of its members. The EEC was also known as the common market in English-speaking countries and was sometimes referred to as the European Community even before it was officially renamed in 1993.