Macroeconomics of a Macro-Market
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The first day of January 1993 marked the beginning of the Single European Market Programme. A lot of hype has come out of the media and political press about the major benefits this will bring and the grave dangers for the unprepared. The programme, perversely entitled the 1992 programme, envisages a stronger integration of markets within the European Economic Community. The programme has five strands to it: first, the simplification or abolition of internal border formalities to assist the movement of trade; second, free and complete mobility of capital and labour throughout the community; third, the abolition of non-tariff barriers to all intra-EC trade; fourth, the opening up of public procurement to all EC enterprises; and fifth, a convergence of indirect tax regimes.
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