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Contemporary Issues

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

Abstract

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.

Keywords

Asylum Seeker European Central Bank Single Market Contemporary Issue National Sovereignty 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© S. F. Goodman 1990

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  • S. F. Goodman

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