Trade policy will have to be unifled if the member states of the European Community are to achieve their declared objective of creating a homogeneous internal European market by the year 1992. On what principles should such a Community trade policy be based?

The single market is often perceived as the panacea for Europe's economic troubles. It is believed that completing the single market would boost welfare, stimulate growth and increase European competitiveness. However, identifying and quantifying the channels through which market integration is...