The liberalization of trade and factor movements and the adoption of a common currency proposed for the EEC in 1992 have important implications for the rest of the world. Nineteen experts from academia, different countries and regions and international organizations analyze these implications theoretically and empirically. In general, the authors expect Europe 1992 to generate positive effects on trade and welfare, although concerns are raised over possible, inward looking policies by the Community. For many small and distant countries the effects are shown likely to be insignificant in any case.

Whether EMU is feasible & desirable is contested among economists and politicians alike. The author of this text argues that the effects of monetary unification will depend on how it is structured & governed, & how quickly Europe's markets adapt.