Contemporary Issues

  • S. F. Goodman
Part of the Economics Today book series (ET)


The European Community is at a major crossroads in its development. The decisions made in the late 1980s and the early 1990s will dictate what sort of institution will evolve. Some fear that a ‘fortress Europe’ will emerge, devoted to economic and political self-interest and impervious to the needs of the rest of the world. Others, mainly European socialists or social democrats, fear that a Europe fit only for capitalists will emerge. Some others are frightened of the prospect of the development of an interventionist bureaucracy trying to foist its ideas of a social market on to unwilling victims. There is an anxiety about loss of national sovereignty in key areas of decision-making. In contrast, others extol the virtues of the pooling of sovereignty. There are a few visionaries who foresee the creation of a federal state of Europe with federal institutions such as a common currency, a central bank, a European police force and eventually a European defence and foreign policy. Others, more practically, see a slow but inexorable pressure building up towards the establishment of more institutions in common. They expect to see greater uniformity of policies and the setting up of joint facilities like a European currency alongside, but not initially replacing, existing national currencies. They are willing to wait to allow the economic and political pressures involved in the realisation of a single European market to show the logical inevitability of their ideas.


Asylum Seeker European Central Bank Single Market Contemporary Issue National Sovereignty 
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© S. F. Goodman 1990

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  • S. F. Goodman

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