Chapter 7(39) Module 5

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Chapter 7(39) Module 5


Chapter Objectives
Single European Act, the=

commit governments to completion of the single market=


common set of broad outlines for sth=

outlines for regulation=

outlines for national imple­mentation=

outlines for mutual recognition of sth=

firms licensed in other member-states=


involve substantial deregulation=

enlarged market size=

increase competition=


go completely unchecked=

Cecchini Report, the=

estimate the total benefit=


estimate sth in the range of 2.5—6 per cent of EC GDP=

substantially larger gain=

main winners, the=

countries of the EC=

exploit one’s relatively cheap labour=

have scope for sth=

scale economies=

have scope for scale economies=

competitors in the industries=

be likely to lose=

More advanced industries=

do well=

external economies of scale=

tackle the heavyweights in the US and Japan=

monetary union=

permanently fixed exchange controls=

free capital movements=

common monetary policy=

matter much more than sth=

go the extra step to a common currency=

abolish capital controls for 1992=

EMS, the=the European Monetary System=

be committed to sth=

complete harmonization of monetary policy=

become a full EMS member =

Delors Report, the=

recommend progress to EMU in three stages=

Stage 1=

envisage sth doing sth=

exchange rate stability=

increase gradually=

complete negotiations about the form of EMU=


discourage realignments=

set the date for the transition to Stage 2=

new institutions=

begin rehearsing one’s eventual role=

be as yet without formal power=

be allowed only as a last resort=

establish the European Central Bank=

run monetary policy=

fix the exchange rates forever=

have the power to put ceilings on national budget deficits=

in EMU=

change one’s compe­titiveness through sth=

domestic wage and price adjustment=

in the absence of any federal fiscal system=

individual member-states=

retain control of fiscal policy=

last resort for dealing with crises=

make tough monetary policy credible=

make the new central bank independent=

allow governments fiscal freedom=

allow sth provided sth=

be prepared to borrow in bond markets=

borrow to finance budget deficits=.

embark on economic reform=

high foreign debt=

offer aid=

debt repayment=

offer holidays on debt repayment=

tie assistance to reform=

continuing reform=

strengthen the hand of the reformers=

supply-side reform=

introduce the profit motive=


allow the price system to work=

be artificially low=

sharp increases in prices=

challenge for policy, the=

turn into hyperinflation=

firm macroeconomic policy=

trade and investment links=

rapid productivity growth=

have a special advantage=

reunification with West Germany=

keep inflation in check=

brief initial period=


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