ヨーロッパ経済統合の履歴(下)

概要

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European Community (EC) economy was adversely affected by the first oil crisis. Following wage explosion in the early 1970s, energy cost extraordinarily arose. This consequence was 1974/75 worldwide recession. The inflationary crisis and stagflation became the general phenomena in the capitalist world. Particularly, EC economy apparently worsened due to wage-price spiral. EC economy could not elastically absorb the rapid rise of production costs in supply side. The new technological innovation eminently slowed down in contrast to Japanese economy. Europessimism prevailed and import penetration pressure strengthened. The comparative disadvantage in high-tech sectors and the risk of de-industrialization came to be evident. Therefore, in order to this trap, single market initiative is proposed. The transition to the higher economic integration becomes real because of the repeated historical decline of European economy. The 1992 market integration is implemented. One market inevitably needs 'one money'. This is the 1999 monetary integration. The economic integration reaches its extreme form.欧文抄録: p.176