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adjustment aﬀected agreements beneﬁts billion Britain budget capital cent cluster CMEA competition consumers costs coun country’s create creation currency customs union deﬁcit demand developing countries diﬀerent diﬃcult domestic economic policies economies of scale eﬀects eﬃcient employment Europe European Commission eurozone example exchange rate exports external factors favour ﬁnal ﬁnance ﬁnancial ﬁnd ﬁrms ﬁrst ﬁscal ﬁxed ﬂexibility ﬂows foreign France free trade area funds geographical Germany growth Hence impact important incentives income increase industrial policy inﬂation inﬂuence innovation internal trade international economic integration investment issue labour manufacturing member countries ment Mercosur mobility monetary multilateral nomic NTBs oﬀer output potential problem production proﬁt Programme reduce regional policy relatively returns to scale sector signiﬁcant Single European Market spatial specialisation speciﬁc structure subsidies tariﬀ theory tion TNCs trade creation trade diversion Treaty of Rome
Page 3 - III, any advantage, favour, privilege or immunity granted by any contracting party to any product originating in or destined for any other country shall be accorded immediately and unconditionally to the like product originating in or destined for the territories of all other contracting parties.