THE SIGNIFICANCE OF EC-1992

The tortuous ratification process of the Maastricht Treaty, the turmoi l in European currency markets in the autumn of 1992, the lack of poli tical leadership ever since the Maastricht negotiation, and the recess ion would seem to have created a sense of disillusion about the much h eralded post- 1992 period for the European Community (EC). Is the Comm unity drifting back to Europessimism? Was the impact of EC-1992 a fata morgana? What, if anything, was accomplished by EC-1992? This article shows that EC-1992 has enormous significance for the EC. There are fo ur reasons. The first and most fundamental one is found in the induced transformation of the process of European integration in many ways. S econd, EC-1992 has fulfilled a locomotive function, pulling the Commun ity out of stagnation, bickering, and deadlock to great economic polic y and political and market dynamism. Third, EC-1992 has bolstered the Community's position in the world economy and diplomacy. Fourth, the s uccessful pursuit of EC-1992 has enabled the EC to assume the leadersh ip in the post-Communist pan-European turmoil; although the EC role is not satisfactory, without EC-1992 and its impact, a disastrous leader ship gap would have shown up.