Ritto, Luis. (2002) The European Union and the Caribbean: Analysis and Challenges, Working Paper Series. Vol. 2 No. 5, May 2002. [Working Paper]
In addition to the creation of a common currency (the euro, which is in circulation since 1 January 2002), the Maastricht Treaty (based on three pillars: European Communities, Common Foreign and Security Policy and Justice and Home Affairs) gave EU development matters a new dimension. In fact, an article was added to the Treaty – Article 177 – specifying that Community policy in the area of development co-operation was complementary to the policies pursued by the EU Member States and must foster: – The sustainable economic and social development of the developing countries; – The smooth and gradual integration of the developing countries in the world economy; and – The fight against poverty in the developing countries. Co-operation for development became therefore a Community policy. The Treaty stated also that the European Union should contribute to the general objective of consolidating democracy and the rule of law, the respect of human rights and fundamental freedoms in the developing countries, especially in those countries with which it will establish co-operation agreements.
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