In 1992 we published estimations about the probable effects of the EU membership on the Finnish economy. The profound economic shock of the early 1990s has made the assessment of the economic impact of Finland?s EU membership a difficult task. Nonetheless, the basic trends in relative prices, changes in foreign trade distribution, and developments in the production structure were estimated rather accurately. The structure of relative prices in Finland no longer deviates from that in the EU as much as it had in the early 1990s. Developments particularly in agriculture have proven to be less severe than forecasted. Instead, the major challenges currently facing both Finland and the EU are adjustment to the EMU and eastern enlargement.