The 1992 Challenge From Europe: Development Of The European Community's Internal Market
The European Community's program for "completing the internal market," the obstacles to it and the way American interests might be affected are all succinctly set forth in this very timely, useful book. Mr. Calingaert, a U.S. Foreign Service officer on leave, also provides well-reasoned estimates of what is likely to happen in each field.
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When France and Germany, with Italy and the three Benelux countries, made it clear that they were really going to form a customs union, they forced the British government to face a decision it had hoped to avoid. Now Britain's decision to join the Common Market, if reasonable terms can be agreed on, requires the United States to make some major decisions of its own. Our action-or the lack of it-will pose new choices for the rest of the world.
The EU agreement to refinance Greece's debt may have calmed the markets, but ongoing austerity measures across Europe are leave open potentially worrying side effect that policymakers have yet to address: the chance for China to buy sensitive assets at fire-sale prices.
War-ravaged Bosnia has come a long way since the 1995 Dayton Accord. But Bosnia's stability rests on the West's large-scale involvement. Integration remains an unfulfilled hope. When foreign aid tapers off, as it soon will, Bosnia's economy will grind to a halt without major reforms. The world should safeguard Dayton's biggest success -- ending Europe's bloodiest war since World War II -- but hand Bosnia's political and economic future back to Bosnians.

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