The goals of multilateral trade negotiations under the auspices of the General Agreement on Tariffs and Trade (the GATT) have been developed in the context of the orthodox theory of commercial policy. An analysis is offered that shows why the GATT ideal may not be a flexible medium-term goal...

The interdependence between business cycles of different countries has grown in recent decades. Many factors act as conductors of cyclical fluctuations between countries. In this context, the influence of trade flows in the global transmission of business cycles is examined. The author aims to...

The paper, presented as the “Jean Monnet Lecture†at the European University Institute in Florence on March 20th, 1998, evaluates the current situation and perspective of European industry and finance in the face of world competition. In the context of the European Economic and...

The recent collapse of the European Monetary System (EMS) is a setback in the move towards European economic and monetary union (EMU). Two major causes have been identified for one crisis in the EMS in September 1992 and its subsequent collapse on 2 August 1993: German reunification and the...

Luigi Einaudi was a well-known economist in Italy and abroad, a very prolific journalist, a great public figure particularly after the end of the Second World War. As his thoughts and writings were permeated with a solid liberalism, he was keen on looking for constraint on the State's absolute...

We analyze the effectiveness of the foreign exchange market interventionsconducted by the European Central Bank (ECB) in the fall of 2000 to support the external stability of the euro. To this end, we discuss different channels through whichinterventions may influence exchange rate dynamics. We...

Globalisation, which was predicted by experts to do away with the nation state and create a single world market, has not turned out exactly as foretold. The most striking developments brought by the phenomenon have come in terms of faster transfer of goods and services across international...

The third stage of the Economic and Monetary Union will start on January 1st, 1999, at which point the currencies of the participating countries will be irrevocably fixed as the prelude to the introduction of the euro by 2002. Although the European System of Central Banks’ objective is...

Since 1974 Chile has experienced a radical and thorough process of restructuring. An examination is undertaken of the impact of the liberalisation of international transactions on the industrial sector in Chile during the period 1974 to 1987. Particular attention is focused on the way this...

Recent progress towards the construction of the European Union slowed down a little with the exchange rate problems of 1992 and 1993. Central elements in the construction strategy are extending the internal market and building institutions with government functions at the supranational level. A...