Ethan Schwartz

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In 1986, the European Community's twelve member states revived the long moribund dream of creating a single market, pledging to finalize its design by January 1, 1993. The apparent premise of the project was economically liberal: only an integrated market encompassing over 320 million people could offer EC firms the economies of scale needed to reduce inefficiencies and compete effectively with Japanese and American firms. Experts commissioned by the European Community offered various predictions of the expected benefits from such a market. The most influential of these predictions, the Cecchini report of 1988, predicted savings of between 174 million and 258 million ECU, of which one-third to one-half would come from restructuring and rationalizing inefficient firms.

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