Introduction

Economic integration is the most noteworthy development in international economic policy at the end of this century. Enthusiasm for the European Union (EU) has been infectious. This has led to lengthy discussions for integration issues which overwhelmingly and understandably focused on its effects on the levels and competition of interregional trade and their consequences for national development. Yet, there are many aspects of the EU and its consequences that still remain obscure and which warrant further careful scrutiny. The major challenges for Europe at the turn of the century are Economic and Monetary Union (EMU) and the integration of the Central and Eastern European Countries (CEECs) within the EU.