This article contributes a counter-example to the discussion about the negative effects of regionalism on the multilateral trading order. The article analyses the General Agreement on Tariffs and Trade (GATT) negotiations during the Uruguay Round and shows that France was induced to accept a...

Does the common currency promote goods market integration within the EMU? We argue that such an effect is likely, but that the mechanism typically proposed lover costs of arbitrage because of increased price transparency is likely to be of minor importance. Instead we sketch a duopoly model...

This paper demonstrates that, after integration, equity portfolios of countries that joined the European Monetary Union have converged at faster rate than those of NON EMU countries. This outcome can be interpreted as a combination of the convergence of inflation rates and the convergence of...