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European integration after 1945 was aided by the Cold War. America extended massive financial help for reviving Europe's economy under what was called the 'Marshall Plan'. The US also created a new collective security structure under NATO. Under the Marshall Plan, the Organisation for European Economic Cooperation(OEEC) was established in 1948 to channel aid to the west European states. It became a forum where the western European states began to cooperate on trade and economic issues. The Council of Europe, established in 1949, was another step forward in political cooperation. The process of economic integration of European capitalist countries proceeded step by step leading to the formation of the European Economic Community in 1957. This process acquired a political dimesnion with the creation of the European Parliament. The collapse of the Soviet bloc put Europe on a fast track and resulted in the establishment of the European Union in 1992 . The foundation was thus laid for a common foreign and secuirty policy, cooperation on justice and home affairs, and the creation of a single currency.