The Common Market, also known as the European Economic Community or simply the EEC, refers to the group of countries that formed a regional economic organization in the 1950s. The term Common Market is often used interchangeably with other synonyms such as the European Union (EU) or the Single Market. These refer to the same organization, but with varying levels of political integration among member states. Other synonyms for the Common Market include the Common Market of the South (Mercosur) in South America, the Eurasian Economic Union (EAEU) in Eurasia, and the Caribbean Common Market (CARICOM) in the Caribbean region.