One of the inherent objectives of the European Union (EU) is to formulate perspectives for the next millennium, making use of the positive developments in the regional schemes. Without a long-term comprehensive approach, European policy may remain a patchwork. It should develop visions for the future and it should spell out a clear policy vis-ˆ-vis the Black Sea Economic Co-operation (BSEC) project.

The BSEC project is a regional economic co-operation arrangement established on 25 June 1992 by 11 statesĞAlbania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, the Russian Federation, Turkey and UkraineĞcovering a vast economic area from the Adriatic to the Pacific with a total population bordering 325 million. Its main objective is to develop and diversify existing economic relations among its