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Between Perestroika and Internal Market 1992: A new role for EFTA

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  • Schmieding, Holger

Abstract

The winds of change are blowing through Europe. In the western half of the divided continent the European Community (EC) is setting about to complete its Internal Market by the end of 1992, in the East various members of the Council for Mutual Economic Assistance (Comecon) are striving for a thorough reform of their derelict command economies. Both projects are part and parcel of a worldwide trend towards freer markets, both are quite sensible in their own right. Unfortunately, they are incompatible in at least one aspect that is crucial for the economic future of Europe as a whole: while many Comecon countries seek closer links with Western Europe under the heading of perestroika, a misconceived Internal Market 1992 threatens to deepen the economic division of the old continent. The purpose of .this paper is to sketch the major causes for concern and to elaborate a concept on how instead a properly designed 1992 could contribute to a pan-European economic integration. The core of the proposal is (i) to give the emerging Internal Market a clear liberal imprint, (ii) to extend the nondiscriminatory treatment to the European Free Trade Assocation (EFTA), and (iii) to offer EFTA membership to all those East European countries whose economic reforms have progressed sufficiently far.

Suggested Citation

  • Schmieding, Holger, 1989. "Between Perestroika and Internal Market 1992: A new role for EFTA," Kiel Working Papers 370, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwkwp:370
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    1. Dicke, Hugo, 1989. "Das Programm zur Vollendung des Binnenmarktes: Versuch einer Zwischenbilanz," Kiel Working Papers 364, Kiel Institute for the World Economy (IfW Kiel).
    2. Schmieding, Holger, 1988. "The dynamics of trade diversion: Observations on West Germany's integration into the Little European Common Market 1958-1972," Kiel Working Papers 334, Kiel Institute for the World Economy (IfW Kiel).
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    Cited by:

    1. KURTOVIC, Safet & HALILI, Blerim & MAXHUNI, Nehat & TALOVIC, Sead, 2016. "Liberalization of Trade with the EFTA Countries: Some Evidence from Bosnia and Herzegovina - La liberalizzazione del commercio con i paesi dell’ EFTA: evidenze dalla Bosnia e Herzegovina," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 69(3), pages 213-232.

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