Final answer:
The Common Market is known as the European Union (EU), which was established to promote economic integration and peace among European nations. The correct option is 1.
Step-by-step explanation:
The Common Market is also known as the European Union (EU). The European Union emerged from initial efforts to create a free trade association between several European countries after World War II, with the aim of fostering economic cooperation and ensuring peace. This association went through various stages, starting as a free trade area, then becoming a common market, and finally transforming into the European Union.
The EU works towards multiple objectives, including the introduction of the euro as a common currency and the elimination of barriers to the free movement of goods, people, and capital. The European Union represents a significant step towards economic integration among its member states.
Hence, Option 1 is correct.