The year 2002, was a quiet year for the EU economies.

EU leaders announce energy pact
European Union invites 10 countries to join


• 3/17/2002 - EU leaders announce energy pact by Constant Brand, The Associated Press.
      Barcelona, Spain -- Eager to get economic reforms back on track, European Union leaders signed off on a slew of pledges to cut red tape and boost Europe's floundering economies.    This deal only partially open energy markets to competition, one of the more contentious areas of reform at the EU summit.
      The opening up of national markets, boosting investment in education and research and development and promoting high technology are all part of the EU drive to become the world's most "dynamic economy" by 2010.    Since they failed to meet targets set two years ago, EU leaders are adamant about these reforms in an attempt to catch up to the United States and boost job creation.    Spanish Prime Minister Jose Aznar, called the agreements a "fundamental step" to freeing Europe from the last vestiges of state monopolies.    British Prime Minister Tony Blair and Dutch Prime Minister Wim Kok, see this as a new economic direction and recommitting to strict economic targets.
      Faced with French resistance from French Prime Minister Lionel Jospin and President Jacques Chirac, the leaders agreed to open about 70 percent of the gas and electricity markets to competition by 2004, but traditional public services will remain off-limits to free enterprise.
      They also agreed to boost their research and development spending to reach 3 percent of gross domestic product by 2010.
• 12/14/2002 - European Union invites 10 countries to join - Action reunites a continent divided by the Cold War - by Paul Ames, The Associated Press.
      Copenhagen, Denmark -- The European Union invited 10 countries to join it in a historic opening to the former communist as designed to reunite the continent after decades of Cold War division.    The expansion fixed for May 1, 2004, is the largest ever for the European Union, an organization conceived in the 1950s to pacify a continent torn apart by World War II.
      Polish Prime Minister Leszek Miller, whose country Poland is the largest newcomer since Communists' rule.    Before Poland, Hungary, the Czech Republic, Slovakia, Slovenia, Latvia, Estonia, Lithuania, Cyprus and Malta can join the union, their citizens must approve membership in referendums next year.
      "Europe is spreading its wings in freedom and in prosperity," said Danish Prime Minister Anders Fogh Rasmussen.    Union leaders also offered to make Turkey the first Muslim nation to open membership talks if it meets criteria in a December 2004 review, agreeable with Turkish Prime Minister Abdullah Gul.    Turkey has in the past vetoed the EU's military force from NATO unless it guarantees that force will never be used against it.    That membership would allow this force to become operational in 2004.    The United States sees Turkey as a vital ally in America's war against terrorism, a possible staging post for attacks on its neighbor Iraq, and a democratic, secular model for other Muslim nations.
      With the new members the EU will surpass the North American Free Trade Agreement as the world's largest market, with 445 million people compared to NAFTA's 416 million.
  
  

Last updated January 31, 2004.