The liberalization of trade and factor movements and the adoption of a common currency proposed for the EEC in 1992 have important implications for the rest of the world. For many small and distant countries the effects are shown likely to be insignificant in any case.

Preface - Notes on the Contributors - Introduction; H.Grubel - PART 1: ANALYTICAL AND POLITICAL PERSPECTIVES - EC-1992 as a Challenge to Economic Analysis; J.Pelkmans - Effects on the Rest of the World: Trade Diversion, Creation and Wealth; H.Grubel - Constitutional Aspects of the European Integration; P.Bernholz - The Transition from Socialist Markets to European Integration; A.Hillman - PART 2: EFFECTS ON SOME ECONOMIC SECTORS - Trade in Agricultural Products; T.Josling - The Labour Market and Possible Need for a General Agreement on Migration Policies; T.Straubhaar - The Instability of Halfway Measure in the Transition to a Common Currency; C.Wihlborg & T.Willett - Is Europe an Optimum Currency Area?; B.Eichengreen - PART 3: EFFECTS ON OTHER REGIONS AND COUNTRIES - The European Neutrals; G.Tichy - North America; S.Easton - The Developing Countries; R.Findlay - The Pacific Area; P.J.Lloyd - The Asian Newly Industrialising Economies; T.Y.Lee - Eastern Europe; J.Winiecki - Japan; I.Yamazawa - Hungary; B.Kadar - Soviet Union; O.Bogomolov - PART 4: PERSPECTIVES FROM INTERNATIONAL ORGANIZATIONS - Less Developed Country Exports of Manufactures; G.Pfeffermann - The Multilateral Trading System; R.Eglin - The Developing Countries; P.Alizadeh & M.Agosin - The Euro9pean Free Trade Area; P.M.Wijkman - Index