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List of figurs page ix List of table, xiii List of boxe, xv Part I The economics of the European Union 1 Old Europe, new Europe: the role of the European Union 3 An overview of the recent enlargement of the European Union, with special attention to the implications for the budget of the Europe n Union and the issues that face the economies of Europe. 2 A dispute over origins: the European view versus the American perspective 22 A historical reprise of the strategic considerations of both Europe and the United States that led to the creation of the European Economic (Eommunity in 1958 with US support. 3 The custos union and the diversion of trade 41 A theoretic 1 and empirical exposition of the role played by the customs union in the expansion of trade within Europe and with the rest of the world. 4 The Comm,n Agricultural Policy and reforms: feeding Europe and then some 64 A theoretical and empirical analysis of the motivations, operation, and conseq ences of the EU's Common Agricultural Policy and the recent attenpts at reform and dealing with WTO disputes. 5 The euro: the ltimate currency reform? 94 The origins an travails of the move to a common currency within the EU and its resolution of the trilemma of open economies by c ding monetary independence to the European Central Bank. 6 The European .entral Bank in action 115 Describes the to pillars of the Bank's policy and analyzes its operation of m netary policy with the problems of "one size fits all" for inflatior in the individual countries. 7 The single market: from eliminating non-tariff barriers to enforcing com etition 128 Describes the motivation of the Single European Act and its evolution into anti-trust powers and subsidy surveillance exercised by the Commission. 8 The single mar et in labor: from refugees to Schengen 143 Why labor mobi ity remains difficult within Europe but how labor markets have be n reformed within some countries. The long-run problem of agin populations and resistance to immigration pressures. 9 The single mar et in capital: from Bretton Woods to Maastricht 158 The limits of ca ital controls contrasted with the difficulties of promoting capit l mobility within the EU and the challenges of capital exports o tside the EU. 10 The EU inside ad out: regional policy and development aid 171 Contrasts the po itical motivations and results for the EU's "inside" development str tegy with its "outside" development strategies and how each has ev Ived. 11 The EU: the oth r economic superpower? 186 Contrasts the tw superpowers in terms of four key economic policy goals - gr wth, employment, inflation, and external balance - with th implications for differences in approaches to globalization pre sures. Part II The economies of Europe 12 Germany: roblems with reunification 201 Evaluates the gradual weakening of the economic miracle of West Germany i leading to the economic problems with its reunificati n strategy. 13 France: pr blems with assimilation 230 Discusses ti e various economic experiments with indicative planning, d colonization, and diplomatic leadership in the EU. 14 The United Kingdom: after Thatcher, what next? 255 To be in or 1o be out is always the question for Britain relative to Europe, from the Common Market to the common currency. 15 Italy: political reform versus economic reform 291 Highlights tle North-South problem that presaged the German West-East p oblem today. 16 The small o en countries: free trade or customs union? 313 Contrasts the economic policy experiments of the Benelux countries with those of Switzerland and Austria as small, rich, open economies f cing the European Union's programs. 17 The Scandinavian union: or separate ways? 328 The Scandin vian countries - Denmark, Finland, Iceland, Norway, and Sweden illustrate nicely the tradeoffs among policy options in customs unions, labor agreements, currency regimes, and public finance. 18 The latecomers: lessons in preparation 348 Compares the economic policies of Ireland, Greece, Portugal, and Spain be ore and after joining the EU, to show the tradeoffs bet een redistributive policies and market expansion policies. 19 The newcome s: building institutions 374 Compares the ashington consensus strategies for transition economies with the Copenhagen criteria, concluding that the EU's accession strategies were valuable for the ten accession countries of 2004 to create their new institutions. 20 The future members: customs union as substitute or stage one for the EU ' 400 Examines the peculiar case of Turkey in light of the experiments with customs u ions and institutional reforms of the European economies. Highlights the issues remaining for Bulgaria and Romania and tle challenges facing Belarus and Ukraine. Suggestions for further reading 418