Economic Theory and Western European Integration, Volume 9
The union of Western Europe poses many complex and technical obstacles. Analysing the advantages as well as the difficulties, the book discusses competition and the nature and direction of the increased pressures it brings to bear upon entrepreneurial activity, through which the effects of economic union will mostly be felt.
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THE PROBABLE EFFECTS OF ECONOMIC INTEGRATION
B Economic Relations with the Outside World
THE THEORY OF THE BALANCE OF PAYMENTS
B The Problems of Currency Union
A Note on the Concept of Adequate External Reserves
accretion of demand all-European argument assumption average balance of payments balance-of balance-of-payments difficulties balance-of-payments equilibrium banks Belgium capital market cash balances cent coal and steel coal output common market competitors cost differences cost reduction country's currency union customs union discussed domestic economic union economies of scale ECSC Effect of Union efficient employment policy equilibrating equipment estimate Europe's exchange rates exchange-rate revisions expansion exports external reserves extra-union trade factors Federal Reserve firms Germany greater Hence import duties improve income effect industries international specialization international trade interregional intra-European trade intra-union investment loss lower manufacturing marginal cost marginal propensity member countries ment methods of production monetary policy non-member countries offset partly pattern probably problem profitable raise reallocation of production region render reserve ratios result saving scope securities shift stability suboptimal supranational terms of trade tion trade creation trade diversion transfer United welfare Western Europe Western European countries
Page 2 - It is hardly possible to overrate the value in the present low state of human improvement, of placing human beings in contact with persons dissimilar to themselves, and with modes of thought and action unlike those with which they are familiar . . . Such communication has always been and is peculiarly in the present age, one of the primary sources of progress...