The European Union, 1993–2003: Deepening and Widening?

Abstract

The year ‘1992’ already had a special place within the EU as the target date for the completion of its single market — the Union’s original primary objective. However, ‘1992’ went on to acquire an even greater significance as the year that marks the beginning of the most intensive phase of European integration since the period following the end of the Second World War. This astonishing burst of activity has culminated in two momentous steps in the opening years of the new millennium — the creation of a single currency, the Euro, in 2002 and agreement to admit ten new members to the Union in 2004. There is no doubt that both these developments are politically driven. The familiar pattern of a primarily politically motivated policy leading to extensive and potentially adverse economic consequences is repeating itself yet again. However, the stakes involved are much higher this time and failure could be catastrophic for the Union. In particular, the EU has found itself compelled to try to deepen and widen at the same time. The debate is no longer seemingly about whether the EU pursues deepening or widening but rather how it coordinates its efforts to achieve them both simultaneously.