After almost four decades of price stability, inflation has recently approached historical highs. Initially driven by global energy and food price increases, the magnitude of the surge in inflation caught central banks and markets by surprise. Price pressures are now increasingly broadening to...

The initiative to set up the single European market has aroused fears abroad, and indeed even within Europe itself, that the intention is to turn the Community into a "Fortress Europe". Attempts to allay these fears by the Council of Ministers, the EC Commission or individuals representing them...