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The book brings together an international panel of experts on economic integration and international business to address the essential link between the two fields, namely the impact of integration processes on the business environment. Focusing on the European Union, it presents numerous examples and case studies to demonstrate how local business is becoming international business, and addresses the opportunities, constraints and overall historical changes. Starting with the regional and global economic integration framework, and subsequently exploring the institutional structure that makes everything possible and how the union came to be, the book reveals how the common policies of the EU impact businesses and entrepreneurship within both the common market and the member states. Readers will learn about the economic and political context that affect businesses in Europe; understand the basic concepts of integration, accompanied by cases and examples; gain a new perspective on important EU sectoral policies and challenges for individuals and businesses; become aware of the main challenges to EU enlargement; and better grasp the advantages and disadvantages of doing business in Europe in the present context.

Cover -- Half Title -- Dedication -- Title -- Copyright -- Contents -- List of Figures -- List of Tables -- List of Contributors -- Acknowledgements -- List of Abbreviations -- Introduction -- PART I: PEACE AND SECURITY - THE POLITICAL DIMENSION OF INTEGRATION -- 1 The Experience of European Integration in an Historical Perspective -- 2 Asian Regionalism: A Post-Crisis Perspective -- PART II: ECONOMIC AND TRADE INTEGRATION -- 3 History and Process of European Economic Integration -- 4 Economic Integration in East Asia: A Japanese Viewpoint -- PART III: MONETARY COOPERATION -- 5 European Monetary Union and its Implication for Asia -- 6 Monetary Cooperation in East Asia -- PART IV: CULTURE AND VALUES -- 7 Culture, Values and European Integration -- 8 Culture, Values and Regional Integration in Asia: Critical Reflections on the Politics of Regional Identity -- CONCLUSIONS -- 9 Should Asia Emulate Europe? -- Index

First published in 1962, The Theory of Economic Integration provides an excellent exposition of a complex and far-reaching topic. Professor Balassa has been remarkably successful in covering so much ground with such care and balance, in a treatment which is neither in any way abstruse nor unnecessarily technical. His book will interest economists in Europe by reason of its subject and treatment, but it is also a valuable and reliable textbook for students tackling integration as part of a course of International Economics and for those studying Public Finance.He disti

"Richard Pomfret documents European integration since WWII, showing that today's European Union is the product less of master planning than of responses to political and economic challenges. Nevertheless, the EU emerges as a world-historic achievement in cross-border cooperation, with a bright but challenging future."

The plans for Economic and Monetary Union in Europe became difficult to achieve during the period 1992-1993. The convergence criteria set up in the Maastricht Treaty block the road towards unification. It is very complex to expect twelve governments with different shades of political colour and twelve states with different economic interests to compromise in such criteria (as inflation, government borrowing, exchange rate stability and interest rates) and eventually, speak with one voice at the end of this decade. This current research provides significant modifications in The Maastricht Treaty , policy making, objectives, even changes in political behavior for better coordination to tackle any turbulence that stands on the way. These changes were unveiled and supported by outside views. The right time for transition to the monetary union depends on the rate of progress in Europe in meeting the stability requirements and in the willingness to move to a more developed political union. Monetary Union could occur late in 1990s but with a number of members left out with major dominant the Germany than the EMS.