Abstract
Publisher Summary This chapter explains the macroeconomics implications of Europe in 1992. Four broad categories of policy measures are expected to generate beneficial effects. The first is removal of border controls. The second is EC-wide access to public procurement. The third is full capital mobility both for asset holders and for suppliers of financial services, and the fourth is measures to encourage increased competition and scale economies. There are two ways to conceptualize and possibly measure the benefits of Europe 1992. One is to use a general equilibrium model of production to assess the impact of the policy measures on potential output and its growth, assuming that the economy is always at full employment. The other is to evaluate the benefits in terms of a medium-term macroeconomic model where demand factors are critical.
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