Over the years we have seen a number of projects and initiatives trumpeted as the magic solution to ...
Over the years we have seen a number of projects and initiatives trumpeted as the magic solution to the supposed European economic malaise. The 1992 European Single Market was billed as a measure that would end 'Eurosclerosis', a condition under which Europe had enjoyed low inflation but low economic growth as well. In a microeconomic sense, the removal of trade barriers certainly helped some companies to prosper, and others to fail, but in aggregate it seemed to have a relatively limited effect on economic growth and prosperity in the region. After the Single Market project came a huge fi...
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