ABSTRACT
The extraordinary speed at which the Mercosur process progressed surprised most observers of the region. Most of the mistakes of previous integration failures had been avoided. And crucially, there was high-level political commitment to see the integration move forward quickly, and these political efforts were backed up by investments and trade relationships by key business actors. Important as well in the rapid expansion of integration was the fact that there were no major international or regional economic crises between the signing of the Treaty of Asunción in 1991 and the conclusion of the Protocol of Ouro Preto at the end of 1994. A lack of international turbulence and a return of foreign capital to the region gave the integration process important breathing space, which leaders used to consolidate the process.
