This is a fully revised and updated edition of S.F. Goodman's popular book The European Community. Retitled to reflect recent changes, the book includes discussion of the 1996 Intergovernmental Conference to review the working of the Maastricht Treaty and prepare for the next stage of monetary union. The book applies economic theory in a clear, direct manner to major areas of interest such as foreign exchange markets, agriculture, trade, money and the ERM.