In 1985, efforts to further “deepen” the European Community had led to the signing of the Single European Act. While envisioning institutional changes that facilitated political integration, this act also agreed to the creation of an economic and monetary union (EMU) as well as to the creation of a ‘single market’ among members by January 1993 in which goods, services, capital and, more importantly, people could move freely. Removing these barriers would be the crowning achievement of the neoliberal economic paradigm that had begun to have its heyday in the 1980s, thus shaping the European Community alongside with the forces of globalization. This tendency to “deepen” was further advanced with the signing of the Treaty of Maastricht in February 1992. First, effective November 1, 1993, not only had the European Community become the European Union, but members of the union had also agreed on creating a single currency, the euro, and a common central bank for what would now be known as the Eurozone. Membership in the Eurozone was not automatic. Only EU members that fulfilled the convergence criteria, i.e. those that had price stability and sound public finances with manageable government deficits and debts and achieved a certain level of stability in their exchange rates and long-term interest rates—were eligible for admittance in the monetary union. When the time came to put the ‘euro’ into circulation in January 2002, however, the convergence criteria was disregarded for certain countries. What is more, others such as Britain, Denmark, and Sweden exercised their right to ‘opt out’ and continue to use their own national currency, further undermining the creation of a full and solid monetary union. Second the Treaty of Maastricht also gave EU citizens the right to work and live in any member country, rendering borders between members obsolete. The correct answer is Choice E.