The Challenge of the Single European Market

Abstract

The year 1992 has become a significant milestone as the world marches to the threshold of the Third Millenium mainly because the year symbolizes the realization of the long cherished dream of a United States of Europe. The year 1992 will be a stage in a process that has been unfolding for much of the last half century. One of the major consequences of the unification of Europe will be the creation of a Single Internal Market from some of the richest and most powerful economies in the world. In this article, Tom Cannon traces the evolution of the Single European Market and examines the implications of the process for some of the countries in the region and also for Western, Central and Eastern Europe. He points out that the concept of a Single European Market poses a challenge not only for European businesses but also opens up opportunities for non-European countries and trade blocks. He also makes an attempt to spell out the broad parameters of strategic choices which the European and non-European businesses and nations will have to make in order to remain competitive and to thrive on scenarios which are likely to emerge in the post 1992 phase.