Lessons of Massachusetts for EMU

Over the past decade the European Community has made great strides towards becoming a fully unified economic entity. Border obstacles and regulatory barriers to an integrated market for goods and services have been removed in the drive towards 1992; now, as the economic and monetary union (EMU) moves forward, an integrated capital market and eventually a common currency seem all but assured. By the end of the twentieth century Europe should, in many respects, constitute as unified and integrated an economy as the United States of America.