The Euro‐Mediterranean Partnership Initiative has a predominantly economic agenda and forms part of plans to create a free trade area encompassing 800 million people by early in the twenty‐first century. It is a risky venture, since accelerated economic liberalization in the southern Mediterranean could produce greater instability, contrary to the central aim of the partnership. The effects of such liberalization will be felt most directly by Algeria, Morocco and Tunisia. Despite the ambitious objectives behind the Barcelona process, the financial support offered to non‐EU Mediterranean countries is small in comparison with the funds invested in convergence within the European Union. However, success depends also on the ability of the southern states to address their own instability. A lot of work still needs to be done to transform Euro‐Med rhetoric into an effective partnership.