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Summary: European Coal & Steel Community Oct 08
Standard & Poors, October 2008
Founded in 1951 by international treaty, the European Coal and Steel Community (ECSC) was a legally autonomous institution that all European Union member countries joined. Its six original members had increased to 15 by the time the treaty expired on July 23, 2002. States joining the EU since that time have become shareholders in the ECSC's successor institution, ECSC in liquidation (ECSCiL). ECSC's mandate was to promote member states' economic development by creating and overseeing a common market for the strategically important coal and steel sectors through the coordination of production and the extension of loans and guarantees. In anticipation of the treaty's expiration, the ECSC's borrowing and lending activities were gradually phased out from 1997. Nevertheless, ECSC issued bonds...
Companies mentioned in this report are: European Coal & Steel Community in Liquidation
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European Coal & Steel Community in Liquidation