After the disappointments of 1992, however a year that engendered a lot of expectations, it was not difficult for the European Union to perform better in 1993. But even then, the European Union has not been spared from serious difficulties. The economic recession raged through the old continent as never before and the stability and the survival of the ERM came under severe pressure. Only the last three months seemed to provide the first indications of a slow recovery. The Maastricht Treaty came finally into force, monetary stability came back and the first signs of the end of the recession showed-up. In the light of the serious political and institutional burdens of the enlargement of1995, one can only hope that this recovery will continue further.