Events in the second half of 1995 and the first months of 1996 dramatically illustrated the promise, and the pitfalls, of the Middle East peace process. On one hand, steps toward political, cultural, economic, and environmental cooperation among the parties continued, evidenced by the October 1995 economic summit in Amman and the water agreement signed by Jordan, Israel, and the Palestinian Authority in February 1996. On the other hand, serious concerns persisted over the threats posed by conventional arms, weapons of mass destruction, and terrorism, exemplified by the assassination of Israeli Prime Minister Rabin, exchanges of rocket and artillery fire in Lebanon, and continued suicide bombings. Such events demonstrate the continuing need to investigate the underlying dynamics and problems of the peace process and to propose cooperative solutions and confidence-building measures, particularly in the field of regional security.