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Upon the breakup of the Socialist Federal Republic of Yugoslavia, the remaining confederation of Serbia and Montenegro was reconstituted in 1992 as the Federal Republic of Yugoslavia (FRY). However, the United Nations, and many individual states (especially the United States) had refused to recognise it as the successor of the former Yugoslavia, although they accepted it as constituting a state. This was due to the ongoing Yugoslav wars, which had prevented agreement being reached on the disposition of federal assets and liabilities, particularly the national debt. The FRY was also suspended from a number of international institutions because of its perceived role in the wars. It was finally re-admitted to the United Nations in 2000 after several years of suspension.
In 2002, Serbia and Montenegro came to a new agreement regarding continued co-operation, which, among other changes, promised the end of the name Yugoslavia. On February 4, 2003, the federal parliament of Yugoslavia created a loose commonwealth of Serbia and Montenegro called Serbia and Montenegro. A new Constitutional Charter was agreed to provide a framework for the governance of the country.
In 2002, Serbia and Montenegro came to a new agreement regarding continued co-operation, which, among other changes, promised the end of the name Yugoslavia. On February 4, 2003, the federal parliament of Yugoslavia created a loose commonwealth of Serbia and Montenegro called Serbia and Montenegro. A new Constitutional Charter was agreed to provide a framework for the governance of the country.