The Economics of Europe and the European Union

This distinctive textbook combines comprehensive coverage of the key policy areas of the European Union with analysis of individual countries, including the recent accession countries and Turkey. Part I analyzes the economic bases for the rise of the European Union from its origins in the post-World War II recovery to its historic enlargement in 2004. Part II takes up the different nation-state perspectives on the EU's economic policies by looking in turn at all European countries, whether members of the EU or not. The book is unique in providing both an EU perspective and European nation-state perspective on the major policy issues which have arisen since the end of World War II, as well as putting the economic analysis into an historical narrative which emphasizes the responses of policy-makers to external shocks such as the Cold War, the oil shocks, German reunification, and the collapse of the Soviet Union.

Part I. The Economics of the European Union: 1. Old Europe, new Europe: the role of the European Union; 2. A dispute over origins: the European view vs. the American perspective; 3. The customs union and the diversion of trade; 4. The Common Agricultural Policy and reforms: feeding Europe and then some; 5. The Euro: the ultimate currency reform?; 6. The European Central Bank in action; 7. The single market: from eliminating non-tariff barriers to enforcing competition; 8. The single market in labor: from refugees to Schengen; 9. The single market in capital: from Bretton Woods to Maastricht; 10. The EU's regional policy and development policy; 11. The EU and the US as economic superpowers compared; Part II. The Economies of Europe: 12. The German economy: problems with reunification; 13. The French economy: problems with assimilation; 14. The British economy: after Thatcher, what next?; 15. The Italian economy: political reform vs. economic reform; 16. The small open countries: free trade or customs union?; 17. The Scandinavian union: or separate ways?; 18. The late-comers: lessons in preparation; 19. The new-comers: building institutions; 20. The future members: customs union as substitute or stage one for the EU.

This distinctive textbook combines comprehensive coverage of the key policy areas of the European Union with analysis of individual countries, including the recent accession countries and Turkey. Written by a distinguished economic historian, it is the ideal text for courses on European integration.

Larry Neal is a Research Associate at NBER and Professor Emeritus of Economics at the University of Illinois at Urbana-Champaign.