MERCOSUR Report No. 5 (1998-1999)

The second half of 1998 was a turning point in the macroeconomic evolution of the MERCOSUR countries, and will very probably mark the beginning of a new phase in relations between them. Despite some difficulties and setbacks, the initial stage ¿ from the signing of the Treaty of Asunción in 1991 to the Russian moratorium in August 1998 ¿ should be viewed as an entirely successful stage of an original project to create and consolidate a commercial bloc made up of economies that are not fully developed.