ABSTRACT
The European Community (EC) is awakening from a long sleep to become a bold and dynamic force in the world economy. Widespread political and economic changes have unleashed pent-up energies and created a whole host of new political challenges for Europe and the world at large. The EC has embarked upon an ambitious program to achieve what was not accomplished 35 years ago: a unified, dynamic common market. But what began as an effort to create a Europe without borders (EC-92) has become an historic opportunity to form a much broader European Union with a common currency, a joint defense arm and a single foreign policy. If these efforts succeed, the EC will be richer and able to buy more from the rest of the world, to contribute more for common security and development assistance efforts and to take a leadership role in world affairs. 1
