The EU and its single market originated as the European Coal and Steel Community (ECSC) in 1951 and became the European Economic Community (EEC) in 1957 in which the customs union with a common external tariff was founded. This was followed by the abolition of internal tariff barriers achieved in 1968. It was not until 1986 when the Single European Act was signed that a Single European Market was established where barriers to free movement of goods, services, labour, and capital were removed. The model of this single market is nevertheless the point in which the fundamentals of AEC aspire to become. According to the AEC Blueprint, along with the Charter, ASEAN leaders intend to establish a single market and production base consisting of the free flow of goods, services, investment, skilled labour, and freer flow of capital. Noticeably, it is unlikely that the AEC will follow completely behind the EU’s footsteps as it took the EU over a half century to achieve what it has become today whereas the AEC has still yet to begin. For instance, the AEC plans to have only the free movement of skilled labour as the process of regional harmonisation of laws may take longer subjecting to various national laws – i.e. Thailand and its Alien Employment Act. Furthermore, it is not likely that the AEC will create a customs union like that of the EU, since Singapore already has an almost zero tariff policy, meaning, to have a common external policy of the AEC, either Singapore will have to increase it’s tariffs or other AMS will have to decrease their tariffs to almost zero. Most importantly, the AEC will not become a monetary union owing to the highly diverse financial status and the deep economic gaps among AMS, which, as it is known, were the precursor to the current Eurozone crisis.