Routes to Economic Integration: 1992 in the European Community

1992 is a staging post on the route to European economic integration. For Britain, the real issues are not national sovereignty versus supranationalism, but the choice between a liberal, market oriented path to integration and a planned, centralised one. The paper assesses these options as they arise in regulatory policies, in industrial strategy, and in the monetary and fiscal policies facing the Community. It recognises that there are major policy areas where the creation of a central authority is essential but concludes that the market route is often the right—and the only feasible—approach. This is the third article from members of the CLARE Group to appear in the Review. Future articles will normally appear about twice a year. The Review is pleased to give hospitality to the deliberations of the CLARE Group but is not necessarily in agreement with the views expressed. Members of the CLARE Group are M.J. Artis, A.J.C. Britton, W.A. Brown, C.H. Feinstein, C.A.E Goodhart, D.A. Hay, J.A. Kay, R.C.O. Matthews, M.H. Miller, P.M. Oppenheimer, M.V. Posner, W.B. Reddaway, J.R. Sargent, M.F-G. Scott, Z.A. Silberston, J.H.B. Tew, J.S. Vickers, S. Wadhwani.