Greece’s participation in the EC, for the first twenty years of its membership, can be divided into two periods: The first decade, roughly from 1981 to 1990, was driven by the populist agenda of the PASOK government which won the 1981 and 1985 elections. Its economic priorities involved significant governmental efforts to develop a more equitable society through welfare programs, tax reforms and other measures including the nationalization of industry. But it also resulted in a mushrooming of government bureaucracy, large budget deficits, high inflation, balance of payments difficulties and stagnant economic growth. The second period started in 1990 with the win of the center right, New Democracy government in the Greek elections of that year and its decision to abide by the provisions of the Maastricht Treaty agreed in the EU in 1992. The early 1990s witnessed efforts to stabilize the economy and restore growth as well as eventually integrate Greece more into the European institutions, including the EMS. Later in the decade, the new PASOK governments, elected in 1993 and 1996, undertook major reforms which would permit Greece to meet the criteria needed to join the euro in 2001, two years after its launching.