The executive committee of COMECON agreed to disband the council and replace it with a new body, the Organization for International Economic Cooperation (OIEC).
TheEFTAand theEC reached an agreement on the creation of a common European Economic Area(EEA). The agreement was signed on May 2, 1992, but due to rejection in a Swiss referendum, modification had to be made with a target date of mid-1993 for the agreement to go into force.
TheMAASTRICHT TREATYon European Union. Heads of state of the EC concluded their year-long intergovernmental conferences with a treaty framework for the European Union, incorporating the EPU and the EMU agreements. The Treaty on European Union was formally signed on Feb. 7, 1992. The Danish electorate rejected the treaty in a referendum (June) but reached a “national compromise” (Oct. 27) on additions to the treaty. By the end of 1992, the treaty had been ratified by all 12 member countries except Denmark and the United Kingdom.
