THE EUROPEAN COMMUNITY AND THE WORLD: PROSPECTS FOR 1992

This forward-looking analysis examines the European Community's completion of the single market program scheduled for 1992 and assesses its implications for the global economy and international relations. The article explores the historical development of European integration from the Treaty of Rome through the Single European Act to the ambitious 1992 agenda. The research investigates the key components of the single market program, including the removal of physical, technical, and fiscal barriers to the free movement of goods, services, capital, and people. The study examines the potential economic impact of market integration on EC member states and analyzes how the completed single market might affect external economic relations with third countries. The article also assesses the political implications of deeper integration, including the prospects for monetary union and political cooperation. Furthermore, the research evaluates the global significance of the European integration model and its potential influence on other regional cooperation initiatives worldwide.

The European Community's 1992 single market program represented one of the most ambitious regional integration initiatives of the late 20th century, with this article providing a comprehensive assessment of its prospects and global implications as the target date approached. The research begins by examining the historical context of European integration, tracing the evolution from the original six-member European Economic Community through enlargement rounds and institutional reforms to the contemporary twelve-member Community. The analysis explores the Single European Act of 1986 and its significance in revitalizing the integration process through qualified majority voting and an expanded policy agenda. The article investigates the key components of the 1992 program, analyzing the 300 measures designed to remove physical barriers (border controls), technical barriers (standards and regulations), and fiscal barriers (tax harmonization) to create a genuine single market. The study examines the potential economic benefits of market integration, including economies of scale, increased competition, improved efficiency, and enhanced global competitiveness for European industries. The research assesses the external implications of the single market, analyzing how the completion of internal market measures might affect trade relations, investment flows, and economic cooperation with non-EC countries. Based on the comprehensive assessment, the article evaluates both the opportunities and challenges presented by the 1992 program and analyzes its significance for the future of European integration and global economic governance. The findings provide valuable insights into the dynamics of regional integration in an increasingly interconnected world economy and contribute to understanding how regional blocs shape global economic and political relations.