A European Monetary Union (EMU) and the complete transfer of the responsibility for monetary policy to a European central bank are no longer utopian ideas, but a politically highly relevant possibility. The question how economic policy goals can be achieved within such a monetary union is...

On January 1, 1981 the southward extension of the EC starts with the accession of Greece. Spain and Portugal are to follow suit in the near future. The consequences in the industrial sphere will be less spectacular than those in agriculture but still of considerable importance for the process of...