The Economics of Europe and the European Union

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

• 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.

'Any student venturing to Europe for the first time should go in the company of Rick Steves and Larry Neal. Where Steves' guides provide an entertaining introduction to the main tourist sites, Neal's book offers an accessible analysis of Europe's major economies and institutions. Particularly valuable are Neal's historical walking tours, where he shows how powerfully Europe's history continues to influence its economic arrangements and performance. Highly recommended for the first-time visitor.' Barry Eichengreen, University of California, Berkeley