er nations were bound to obey the decisions of the court. In addition to the above four main organs the ECM had the following other agencies and institutions:(1) The European Investment Bank.(2) The European Social Fund.(3) The Overseas Territories Development Fund.(4) Three Consultative Committees (The Economic and Social Committee, The Monetary Committee, The Transport Committee)Entry of Great Britain into ECM: In spite of the success of the ECM Great Britain hesitated to join it. It was due to the reason that Britain feared that her entry into ECM would affect her trade relations with Commonwealth nations, adversely influence her foreign policy and change the position of her agriculture. Consequently instead of joining ECM Great Britain on May 3, 1960 created European Free Trade Association (EFTA), which included Iceland, Liechtenstein, Norway, Switzerland and Britain. The purpose of EFTA was to provide an alternative of ECM to Britain. However this mechanism did not produce the desired results and on July 31, 1961 Great Britain formally applied for the membership of ECM. Soon afterwards Denmark and Ireland also followed suit. Britain's application for entry became an issue of great controversy both within and outside the ECM. The smaller nations of Europe, which were already suspicious of intentions of France and West Germany, felt concerned about Britain's future role. United States was in favor of Britain's entry because she believed that the presence of Britain in ECM would check anti-liberal and anti-democratic forces in Europe. France and West Germany opposed Great Britain because they suspected her close relationship with the USA. President De Gaulle of France proved to be the greatest opponent of Britain's entry into ECM. He contended that as Britain had her own overseas commerce and trade therefore she must confine herself within the Commonwealth. France vetoed entry of Great Britain into ECM in 1963 and in 1967. De Gaulle's...
