By far the most significant recent developments in the field of agriculture stem from the Uruguay Round concluded in Marrakesh on 15 April 1994. Subject to ratification by all signatories, the Final Act and the WTO Agreement may be expected to complement the MacSharry reforms1 in leading to substantial changes in the Common Agricultural Policy (CAP).2 Of special importance are the Agreement on Agriculture and the Agreement on the Application of Sanitary and Phytosanitary Measures.3 The same may be said of the International Dairy Arrangement4 and of the Arrangement regarding Bovine Meat negotiated bilaterally with Uruguay.5 All these agreements have been approved on behalf of the European Community with regard to matters falling within its competence.6

There are still unresolved conflicts at the final stage of the completion of the internal financial market.1 Member State actions have been brought against the European Parliament and Council Directive on Deposit Guarantee Schemes2 and against the Commission Communication on an Internal Market for Pension Funds.1