The spectacular opening of the People’s Republic of China to the capitalist world market and the flourishing state of East-West cooperation-up to the Afghanistan crisis-show that cooperation with more advanced industrial countries in selected fields is seen as a promising means of speeding...

Over the last twenty years, the process of European integration, and improvements in the processing and transmission of information, have meant that the European financial system has become less bank-based and more market-based. This trend has been reinforced by the transition to a single...