An economic association of European countries founded by the Treaty of Rome in 1957 as a common market for six nations. It was known as the European Community until January 1, 1994 and currently comprises 28 membercountries. Its goals are a single market for goods and services without any economic barriers, and a common currency with one monetary authority. Not all countries share the common currency. Currently, the Eurozone (countries using the Euro) are 17 countries.