The Making of the European Union

After the crisis-ridden seventies and early eighties, European integration received an important new boost in the period from 1986–93. Key milestones for integration were the completion of the internal market, the creation of a single currency and the decision to open up EU membership to Central and Eastern Europe. An analysis of the main events and the relevant academic literature reveals interesting patterns. On the one hand, we see that the period’s achievements were very much built upon earlier developments in European integration. For instance, the debates on completing the internal market and creating an Economic and Monetary Union go back to the Hague summit of 1969, and a single monetary policy would have been highly unlikely without the prior experience built up in the European Monetary System. On the other hand, the period can also be seen as a turning point. With the Maastricht Treaty, European leaders elevated the European project beyond that of a mere common market, thus raising new questions about the purpose and identity of the integration process. In addition, the collapse of communism in Central and Eastern Europe opened new possibilities for expansion, further adding to diversity in the Union.