The United States has vital economic, political and military stakes in the twelve member nations of the European Community (“EC” or “Community”). A review of the 1987 statistics regarding United States exports and United States foreign direct investment demonstrates the continued economic importance of the EC nations for the United States. The Community is currently carrying out an ambitious program to complete the EC “Internal Market” by 1992. This program calls for the Community to adopt almost 300 legislative measures aimed at eliminating the remaining barriers to the free movement of goods, persons, services and capital between the Member States. The Community’s Internal Market program has significant implications for United States interests in Europe. In particular, it creates an important new challenge, presenting both opportunities and risks, for business interests in the United States and in other countries. Many important aspects of the Internal Market program are explored in the contributions to this Symposium. The purpose of this Article is to put the Community’s 1992 Project in perspective.