The EU Single Market and the opening up of Eastern Europe offer a
chance to create a truly pan-European market economy. In this
respect, many lessons can be learned from early 20th-century
developments in Europe. Bearing this in mind, the authors analyze
the fragility of international trade, financial investment and
foreign relations in and across Europe, from both a contemporary
and historical perspective. In a period of increased migration and
higher capital mobility, the major OECD countries are faced with
such issues as monetary integration, the role of banks and the
requirement for structural adjustment. Even more complex is the
integration of Russia. Policymakers and the business community
alike are presented simultaneously with unique opportunities and
unique challenges - with old and new pitfalls looming.
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