In 1985, the European Community began creating a far-reaching design for regional integration. This single market plan called for European market barriers to fall, a unified market of over 320 million consumers to emerge, goods and capital to flow across national borders, business to benefits from new market opportunities, and other dramatic economic gains to be achieved.

But will all go according to plan? Troubling issues remain to be defined in practice. The European and American authors of the chapters in this volume temper enthusiasm with skepticism as they take a closer look at these issues in the context of a number of key economic areas.