Publisher's Synopsis
The core of Europe's Single Market programme is market integration through minimum harmonization of essential measures, bolstered by mutual recognition of national rules or regulations.;The greater the scope for competition among national rules and regulations, the less need for harmonization and centralization. This paper examines the advantages and disadvantages of competion among rules, focusing on the areas of social policy, taxation, capital markets and pharmaceuticals.;This paper suggests that there is little risk of competition among national rules resulting in a "race to the bottom", so centralization is not necessarily justified. But competition among rules may not be a middle way between disintegration and further integration. Policy-makers will have to face up to difficult questions about European-level regulation as the single market evolves. This paper concludes with a discussion of the global implications of the European approach, noting that it is unlikely to be adopted by other major trading entities, such as the United States or Japan.
