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The Treaty also envisaged the establishment of institutions designed to improve the standard of living of workers and the development of the less developed regions of the Community. Hence the European Social Fund (E S F) and the European Investment Bank (EIB), to which Articles (i) and (j) respectively refer. The Community was also required to develop a common commercial policy vis a vis the rest of the world (Article (b)), and in particular to make special trade and development arrangements for the colonial and ex colonial dependencies of the member states (Article (k)). Without those special arrangements the dependencies would have suffered from the automatic discrimination inherent in the common external tariff. The Treaty also recognized that the greater the degree of economic integration the greater would be the impact of national macro economic policies on the other member states. This would be particularly the case when a member state took action to rectify a balance of payments deficit. Article (g) addresses this problem but does so in terms of cooperation and coordination rather than the unification and centralization which would be required in an economic union.

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