EUROPEAN BUSINESS This lively and accessible textbook examines the increasing impact of the European Union on the European business environment, addressing the core challenges facing enterprises in the formative years of the new millennium By focusing on the links between the processes of globalisation and regional economic regeneration, the authors offer a unique insight into European policy In addition to dealing with conventional EU policy areas such as European Monetary Union (EMU) and competition policy, the book also covers important topics and issues which are often excluded from other texts on EU policy and business Key features include: • a detailed synopsis of the evolution of the EU and its institutions, and the development of the European business environment • an in-depth examination of the impact of European policy on business strategy in crucial areas such as the environment, energy, transport, small and medium-sized enterprises and the information society • a reappraisal of enterprise and policy maker responses to the challenges imposed by globalisation to secure European competitiveness in the twenty-first century • well structured chapters providing an excellent balance of contemporary issues combined with boxed features, mini-cases and illustrative figures and diagrams With exceptional coverage of the relevant topics and a highly up-to-date approach, European Business is essential reading for students of international business, European business strategy and policy, and European economics Debra Johnson is Principal Lecturer at Hull Business School, University of Lincolnshire and Humberside Colin Turner is Principal Lecturer in European Business Strategy at Huddersfield University Business School They have both published widely in the field of European integration EUROPEAN BUSINESS Policy Challenges for the new commercial environment DEBRA JOHNSON and COLIN TURNER First published 2000 by Routledge 11 New Fetter Lane, London EC4P 4EE Simultaneously published in the USA and Canada by Routledge 29 West 35th Street, New York, NY 10001 Routledge is an imprint of the Taylor & Francis Group This edition published in the Taylor & Francis e-Library, 2005 “To purchase your own copy of this or any of Taylor & Francis or Routledge’s collection of thousands of eBooks please go to www.eBookstore.tandf.co.uk.” © 2000 Debra Johnson and Colin Turner All rights reserved No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging in Publication Data Johnson, Debra European business: policy challenges for the new commercial environment/Debra Johnson and Colin Turner p cm Includes bibliographical references and index European Union countries—Commercial policy Industrial policy-European Union countries European Union countriesEconomic policy Business enterprises-European Union countries European Union countries-Economic integration Competition, International I Turner, Colin, 1967– II Title HF1531.J64 2000 338.94–dc21 99–29676 CIP ISBN 0-203-98267-3 Master e-book ISBN ISBN 0-415-22024-6 (hbk) ISBN 0-415-22025-4 (pbk) CONTENTS List of figures x List of tables xi List of boxes xiii List of case studies xv Preface xvi List of abbreviations xix THE EVOLVING EUROPEAN BUSINESS ENVIRONMENT The changing European business model Internal influences on the European business environment: themes and features of economic integration The business environment and European integration Economic integration and the international business environment 11 The emergence of the concept of globalisation 13 The globalisation backlash 15 Implications of growing economic interdependence: a scenario approach 16 Conclusion 19 THE EVOLUTION OF THE EU AND ITS INSTITUTIONS 21 Emergence of the European Economic Community (EEC) 21 The Treaty of Rome to the first enlargement 25 Political stagnation and economic sclerosis 26 Renewed vitality: from the Single European Act to the Treaty on European Union 26 The Maastricht backlash to Amsterdam 30 Institutions of the European Union 34 Challenges for the next century 44 v THE SINGLE EUROPEAN MARKET: ASSESSING AND EXTENDING ITS IMPACT 46 European business and the single market 46 The initial SEM programme: intentions and objectives 48 The commercial effects of the initial SEM programme 49 The impact upon manufacturing 50 The impact upon services 52 Developing the SEM 56 The External dimension of the SEM 58 Conclusion 59 TAXATION AND THE EUROPEAN BUSINESS ENVIRONMENT: THEMES AND ISSUES 62 The economic importance of taxation 62 The harmonisation issue: the theme for integration 63 Indirect tax harmonisation: the challenge of the SEM 66 The rise of direct tax harmonisation 71 Fiscal federalism: a necessary response to EMU? 73 The evolving concerns of Europe’s taxation strategy 74 Taxation and the globalisation process 76 Conclusion 77 EUROPEAN INDUSTRIAL POLICY: MEETING THE CHALLENGES OF INTERNATIONAL COMPETITIVENESS 79 The nature of industrial policy and international competitiveness 79 The role of national industrial policies in an integrating European economy 81 The evolving supranational policy: themes and issues 83 European solutions to growing international competition 85 The importance of management practices 88 International collaboration in industrial policy 92 Conclusion 94 EU COMPETITION POLICY: COMPLEMENTING THE INTERNATIONALISATION OF BUSINESS 96 The basis and form of EU competition policy 96 vi The core features of EU competition policy 97 Competition policy and the process of integration 99 The international dimension of EU competition policy 103 The links between trade and competition policies 108 Conclusion 110 REGIONAL POLICY: PROMOTING EVEN DEVELOPMENT FOR EUROPEAN BUSINESS 112 The nature of Europe’s regional problem 112 The rationale for regional policy 115 Evolution of EU regional policy 117 Regional policy and the Structural Funds after 1999 123 Links between social and economic cohesion and other EU policies 126 Conclusion 130 EUROPEAN ENTERPRISE POLICY: REALISING THE POTENTIAL OF SMALL AND MEDIUM-SIZED ENTERPRISES 132 The evolution of Europe’s enterprise policy 133 The emerging challenges for Europe’s SMEs: the internationalisation of markets 135 The impact of the Single European Market 136 Towards an integrated policy for SMEs 138 Co-operation between SMEs 141 The increasing importance of ICTs for SMEs 143 Policy issues for SMEs: limits and impediments to policy success 144 Conclusion 147 TRANS-EUROPEAN NETWORKS: BUSINESS AND THE EMERGING NETWORK ECONOMY 149 The commercial importance of network infrastructure 150 The emergence of trans-european networks 151 The network sectors: generic themes and policies 153 The financing of trans-european networks 155 Further issues in the development of TENs 160 The external dimension of trans-european networks 162 vii 10 11 12 13 Progress towards TENs 163 Conclusion 164 TRANSPORT POLICY: TOWARDS EFFICIENT AND EFFECTIVE MOBILITY 166 The importance of transport to European business 167 Evolution of the Common Transport Policy 168 Developing the CTP: the case of road haulage 172 Developing the CTP: the case of airlines 177 Conclusion: the future of the CTP 181 ENERGY POLICY: DEVELOPING COMPETITIVE, CLEAN AND SECURE ENERGY SUPPLIES FOR BUSINESS 184 The member state—EU energy policy interface 185 The competition pillar (the internal energy market) 187 The environment pillar 193 The security of supply pillar (the international dimension) 196 Interaction between pillars 199 Conclusion: corporate responses to EU energy policy 199 THE EUROPEAN INFORMATION SOCIETY: STIMULATING THE INFORMATION REVOLUTION FOR BUSINESS 204 The information revolution and international competitiveness 205 The European information society: generic themes and strategy 208 Developing a European information industry 210 Spreading the relevance of the information society 215 Challenges for the information society 215 Complementary initiatives: national and global actions 220 Conclusion 221 EUROPEAN LABOUR MARKETS: A FLEXIBLE RESPONSE FOR EUROPEAN BUSINESS 224 Approaches to labour market flexibility 225 Trends in EU labour markets 227 Evolution of EU labour market policy 230 Amsterdam and beyond 239 viii 14 15 16 17 Conclusion 244 ENVIRONMENT POLICY: A GREEN LIGHT FOR COMPETITIVENESS? 247 Environment policy and competitiveness: costs versus ecological modernisation 247 Evolution of EU environment policy 249 The expanding range of environment policy 253 Economic instruments: the case of environment taxes 257 The international dimension of environment policy 262 Conclusion: the corporate sector and environment policy 263 CENTRAL AND EASTERN EUROPE—TRANSITION TO A STABLE BUSINESS ENVIRONMENT 267 The legacy of the past 267 Rapprochement between east and west Europe 269 The enlargement triangle 271 The pre-accession strategy 272 Progress in Central and Eastern Europe 274 Implications for the European Union 280 Conclusion: corporate opportunities and responses 283 ECONOMIC AND MONETARY UNION: THE CHALLENGES FOR THE EUROPEAN BUSINESS ENVIRONMENT 287 EMU and the European business environment 288 Sustaining convergence 292 The transition to EMU 293 The impact upon business operations and functions 295 The external implications of EMU 299 The impact of the Euro upon the broader international environment 301 Conclusion 303 EUROPEAN BUSINESS IN A GLOBAL CONTEXT 305 Opening markets for European business 306 The EU as a global economic actor 307 Principles and instruments of EU trade policy 311 Preferential agreements 316 ix 18 The European Union and its international obligations 324 Conclusion 327 EUROPEAN BUSINESS POLICY AND ITS CHANGING ENVIRONMENT 329 The national level 330 The European level 331 The global level 333 Conclusion 335 Index 336 INDEX ABB 205 Accession Partnerships 246, 277 ad valorem tax 72 ADAPT initiative 130 Aer Lingus 105 aerospace industry 96–7, 111–12 Aerospatiale 96 AES 205 Africa 306; see also North Africa African Caribbean Pacific countries 314 Agenda 21 258 Agenda 2000 46, 126, 127, 277, 282, 283 agriculture 259, 326, 330; see also Common Agricultural Policy Agriculture Council 38 Agroweb 147 air 257 Air Canada 183 Air China 184 Air France 44, 105, 106, 183, 184 Air Liberté 184 Air New Zealand 183 Air Portugal 105 air transport 157 Airbus Industrie 92, 96, 97, 111, 112 airline industry 105–6, 181–5 Algeria 13, 132, 321, 322, 323 Alitalia 106, 184 All Nippon Airways 183 Altener 198 ALURE programme 202 American Airlines 111, 184 Amsterdam Council 35, 59, 240, 256, 262 Amsterdam Treaty 32–5, 36, 37, 39, 42, 43, 46, 317; business policy 335, 340; Central and Eastern Europe 277, 283; energy policy 193; environment policy and competitiveness 256, 260, 264; industrial policy and competitiveness 94; labour markets 242–7; regional policy 116, 126, 128 Anglo-Saxon model 2–3 Anti-dumping Act 1916 320 Anti-dumping code 318 anti-dumping duties 318, 326, 331 AOM 183 Argentina 316 Armenia 321 Articles: 244; 26, 124, 244, 253, 256; 124; 3c 256; 193; 244; 7d 193; XXIV 329; 30 45; 30–6 192; 48 45; 336 INDEX 48–51 233, 234; 52 45; 52–58 233; 59–66 45, 233; 73D 67; 74–84 169, 171; 77 171; 85 101, 102, 104, 324; 85 and 86 192; 86 101, 102, 104, 324; 90 101, 192–3; 92(3) 128; 92 101, 324; 92–4 193; 95 67; 99 67; 100 67, 239, 254; 100A 235; 105 67; 110–16 315; 113 317; 117–22 234; 118A 235, 238; 118B 236; 119 46, 233; 123–8 234; 129b 130, 154; 130 148; 130a–130e 121; 130d 121; 130r 255; 130r–t 254; 130S 264; 169 36, 45, 185; 177 43; 220 67; 235 138, 239, 254; K.15 35; N 33 Asia 17, 62, 110, 183–4, 202, 228, 251, 314, 318; see also East Asia; South-East Asia Asia Pacific Economic Co-operation Forum 19 assent procedure 42 Association Council 275 AT&T 216 Atlantic Excellence Alliance 183–4 Australia 192, 312, 313, 315, 316 Austria 60, 71, 189; 337 environment policy and competitiveness 251, 265; evolution of European Union and its institutions 26, 33, 39, 41; globalisation of business 313, 316; information society 210, 216; labour markets 230, 231, 232, 233, 239, 241; regional policy 116, 117, 118, 125; transport policy 174, 184 Austrian Airlines 183 Auto-Oil 37, 268 AXA-UAP 58 Azerbaijan 321 Azores 181 Baltic States 283 Bangemann Report/Challenge 146, 213, 218, 225 Bangladesh 202 banks 303 Barcelona Declaration 322 BASF 267–8 BC-NET 147 Beers R’Us 73 Belarus 132, 321 Belgium 13, 71, 189, 197, 265; evolution of European Union and its institutions 24, 39, 41; globalisation of business 313, 316; information society 210, 216; labour markets 230, 231, 232, 239, 241; regional policy 116, 117, 118, 125; Single European Market 53, 58, 60; transport policy 174, 176, 177, 178, 180, 182, 184 Benelux countries 26, 116 Bethell, Lord 175 Bhagwati, J 107 Bjerregaard, R 251, 262 Black Sea Regional Energy Centre 201 Boeing 96, 97 Boeing/McDonnell-Douglas 111–12 Boltho, A 85 Bosman ruling 45 Brazil 312, 316, 320 Bretton Woods 14, 230 British Aerospace 96 British Airways 106, 184 British Energy 204 British Petroleum 191, 304 British Telecom 216 Bulgaria 13, 274, 278, 279, 280, 281, 283, 287, 306, 321 338 INDEX Bull 214 Burma 328 Business Co-operation Network 146 business environment 1–20; Anglo-Saxon model 2–3; economic integration 3–9, 12–14; economic interdependence 16–18; globalisation 14–16; and infrastructure 130–2; integration 9–12; internal influences 3–9; national and international, balance between 17–18; regional agreements 19; Single European Market 19–20; social model of capitalism 2; triad co-operation 18; triad conflict 18 business policy 334–40; European level 336–8; global level 338–40; national level 335–6 Buy America Act 1933 326–7 Cable and Wireless 216 cabotage 173, 176 Cafferata, R 139 Canada 111, 192, 312, 313, 316, 329 Caribbean 287 Cassis de Dijon 46 Castro, F 328 Cathay Pacific 183 CE conformity 141 Ceaucescu, N 271 Cecchini Report 48, 51, 52, 175 Central and Eastern Europe 19, 107, 126, 165, 224, 270– 89, 335; competition policy 108; corporate opportunities and responses 286–9; Economic and Monetary Union 304, 306, 307; energy policy 199, 201; enlargement triangle 274–5; environment policy and competitiveness 258, 260; evolution of European Union and its institutions 32, 33; globalisation of business 314, 315, 320, 321, 322; implications for European Union 283–6; pre-accession strategy 275–7; progress 277–83; rapprochement between East and West Europe 272–4 CFA Franc-zone 306, 307 chemicals 55, 257 Chile 19, 319 China 61, 202, 312, 313, 316 Christophersen Group 156, 157 Citizens First programme 61 Citizen’s Network concept 185 Clay, N 149 climate change strategy 198–9 Clinton, B 17 Club of Rome 250 co-decision procedure 42, 244 co-operation 102 Cockfield Report 28, 70 cohesion effect 154 Cohesion Funds 31, 40, 42, 158, 160, 199, 251, 260, 295; regional policy 126, 128, 130, 131 Colipa 320 collective bargaining 236–7 Combined Heat and Power 199 Comité des Sages 181 commercial activities 68 Committee of Permanent Representatives (Coreper) 38 Committee of the Regions 31, 39–40, 126 Common Agricultural Policy 26, 28, 30, 33, 46, 166, 199, 283; environment policy and competitiveness 259, 264; globalisation of business 318, 322; regional policy 119, 123 Common Commercial Policy 315, 317, 332 Common External Tariff 317–18 Common Foreign and Security Policy 30, 33, 277 Common Transport Policy 44, 174, 285 Commonwealth of Independent States 321 communication 299 Communist Party 271 Community Charter of the Fundamental Social Rights of Workers 236 Community Dimension 102 Community Initiatives 120, 122, 125, 128, 247 company taxes 76 competition 195 competition effects 52 competition pillar (internal energy market) 191–7 competition policy 284, 331 competition policy and internationalisation 99–114; basis and form 99–100; Central and Eastern Europe 108; core features 101–2; INDEX and integration 103–6; trade 112–13 competitiveness 261–3; see also environment policy Competitiveness White Paper 244 computer reservation systems 183, 184 Concert 216, 217 Conciliation Committee 42 Confederation of British Industry 148 Confland, D 211 Conoco 205 consultation procedure 42 Continental 183, 184 contractual issues 298 convergence 52, 212, 295 conversion issues 298 Copenhagen condition 282, 283 Copenhagen Council 276 Copenhagen criteria 277 corporate sector 267–8 corporate tax 74–6 cosmetics 320 cost-space convergence 212 Costa v ENEL 45 Costa Rica 13 Council of Europe 23 Council of Ministers 75, 109, 126, 161, 254, 262, 298, 317, 327, 335; evolution of European Union and its institutions 29– 31, 33–4, 36–45 passim; labour markets 234, 239, 240, 241, 243; transport policy 171, 174 Council for Mutual Economic Assistance 270, 272, 275 countervailing duties 326 Court of Appeal 46 Court of Auditors 40, 127 Court of First Instance 29, 43, 243 Cowling, K 85 Creigh-Tyte, S 149 Cuba 328; Liberty and Democratic and Solidarity Act 1996 328– Curzon-Price, V 83 customs union Cyprus 321, 322, 323 Czech Republic 271, 278, 279, 280, 281, 282, 283, 286, 287, 321 Daimler-Benz 96, 299 339 D’Amato Act 328–9 DASA 96 Defrenne v Sabena 45–6 Delors, J 28, 29, 33, 235 Delta 111, 183, 184 Denmark 60, 71, 189; Economic and Monetary Union 297, 303, 304; environment policy and competitiveness 255, 256, 262, 264, 265; evolution of European Union and its institutions 26, 27, 32, 34, 35, 39, 41; globalisation of business 313, 316; information society 210, 216; labour markets 230, 231, 232, 233, 239, 241; regional policy 117, 118, 129; transport policy 174, 176, 178, 184 Deutsche Telekom 216, 217 dimension effect 154 direct tax harmonisation 74–6 Directorate General 37, 260; III (industry) 86, 148; IV (competition) 86, 113; XI (environment) 37, 256; XV (single market) 148; XVII (energy) 37; XXI (taxation) 37; XXIII (small and medium enterprises) 137, 138, 148 disabled 237 distribution systems 49 Du Pont 205 Dynamic Asian Economies 314 East Asia 16, 17, 287 Eastern Group 205 economic cohesion 129–32 economic integration 3–9, 12–14 economic interdependence 16–18 Economic and Monetary Union 4, 5, 149, 158, 175, 244, 248, 291–308; and business environment 292–5; business policy 335, 336, 338; Central and Eastern Europe 283, 285–6; Euro impact 305–7; evolution of European Union and its institutions 23, 27, 28, 29, 30, 31, 32, 33, 35, 42, 47; external implications 303–5; fiscal federalism 76–7; impact upon business operations and functions 298–303; 340 INDEX planning 299–301; regional policy 119, 126, 129, 130; sectoral impact 301–3; Single European Market 58–9, 62–3; sustaining convergence 296; taxation and business environment 65, 66, 72, 77, 80; transition 297–8 Economic and Social Committee 39 effects-based competition 100 efficiency effects 52 Egypt 321, 322, 323 Eire 60, 210 elderly 237 Electrabel 189 Electricidade de Portugal 190 Electricité de France (EdF) 189, 191 Electricity Directive 189, 190, 193, 194, 195, 196–7, 205 Electricity Protocol 1996 190 Electricity Supply Board 190 electricity supply industry 157, 189–90, 196, 204–5 electronic commerce stimulation 220–1 Elf Aquitaine 191 employment 52, 123, 222, 236, 244–5 Employment Chapter 35, 128, 242 Employment Committee 243 Employment Guidelines 244, 245 Employment Pact 145 employment policy 243 Employment Summit 244 ENEL 190, 191 energy 132, 157, 159, 259, 285 Energy Charter Treaty 201, 311 Energy Council 199, 202 energy diplomacy 201–2 Energy Law 1998 (Germany) 189 energy policy 188–206; competition pillar (internal energy market) 191–7; corporate responses 203–6; environment pillar 197–9; member-state-European Union policy interface 189– 91; pillar interaction 202–3; supply pillar (international dimension) 199–202 Energy White Paper 202 ENI 191 Enron 205 enterprise policy: small and medium enterprises 135–51; co-operation 145–6; emerging challenges and internationalisation of markets 138–9; evolution 136–8; information and communication technologies 146–7; integrated policy 141–5; policy issues 147–50; Single European Market impact 140–1 entrepreneurship 245 environment 158 environment pillar 197–9 environment policy 284–5, 331–2 environment policy and competitiveness 250–69; corporate sector 267–8; costs versus ecological modernisation 251–3; economic instruments: environment taxes 261–5; evolution 253–6; expanding range 256–60; international dimension 266–7 Environmental Action Programme 260; see also Fifth; First Environmental Council 198 Environmental Impact Assessment 257 environmental regulation 177 equal opportunities 245 equal treatment 237 Essen Council 276 Essen Summit 244, 277 Estonia 271, 278, 279, 280, 281, 282, 283, 287, 306, 321 Euro 15, 58, 305–7 Euro-Information centres 142 Euro-Mediterranean Ministerial Conference 324 Euro-Mediterranean partnership 201, 320, 321, 322–4 ‘Euro-vignette’ 176 Eurofer 320 Euromanagement 146 Europarnertariat 146 Europe 2000+ 132 Europe Agreements 108, 275, 276, 277, 282, 320 European Agricultural Guidance and Guarantee Fund 120, 122 European Atomic Energy Community (Euratom) 26, 191 European Bank for Reconstruction and Development 166, 280, 282, 286, 287 European Cartel Authority 104 European Central Bank 42, 293, 296, 307 European Chemical Industry Federation (CEFIC) 263 European Coal and Steel Community 9, 24, 26, 191; INDEX Treaty 43, 193 European Commission 339; Central and Eastern Europe 275, 277, 278; competition policy and business internationalisation 104–6, 108–12; Economic and Monetary Union 297, 298; energy policy 189, 193–4, 196–200; enterprise policy and small and medium enterprises 136–7, 145, 148; environment policy and competitiveness 253, 256, 258–64, 268; evolution of European Union and its institutions 27–8, 30–1, 33–9, 42–5; globalisation of business 310, 311, 317, 318, 319, 320, 322, 324, 327, 332; industrial policy and competitiveness 86–7, 89–90, 92, 94, 96–7; information society 218, 221, 223–4; labour markets 233–6, 240–1, 244–7; regional policy 118, 122, 126–8, 132–3; Single European Market 48, 51–4, 58–61; taxation and business environment 67–72, 74–8; trans-European networks 154–6, 160–1, 167; transport policy 179, 181–6 European Company Statute 59 European Court of Justice 29, 31, 34, 36, 43–6, 257, 317, 335; competition policy and business internationalisation 106, 109, 113; labour markets 239, 240, 243; transport policy 171, 174–5, 185 European Defence Community 26 European Economic Area 19, 33, 107, 320, 321 European Economic Community 9, 23–6, 27, 191 European employers organisation (UNICE) 263 European Environment Agency 257 European Fighter Aircraft 96 European Foundation for Entrepreneurship 149 European Free Trade Area 19, 26, 33, 314, 320 European Infrastructure Agency 167 European Initiatives for Electronic Commerce programme 221 European Integrated Services Digital Network 165 European Inventory of Existing Chemical Substances 257 European Investment Bank 40, 127, 131, 142, 143, 159, 160, 161, 166 European Investment Fund 40, 127, 142, 143, 159, 160, 161 European Mediterranean Energy Forum 201 341 European Monetary Institute 293 European Monetary System 292 European Network for Small and Medium Enterprises Research 140 European Ombudsman 40 European Parliament 27, 29–31, 33–8, 41–4, 167, 174, 256, 268; Green group 263 European Passport 57 European Political Co-operation 27 European Regional Development Fund 120, 121, 122, 128, 130, 131, 133 European Roundtable of Industrialists 28 European Social Fund 120, 122, 126, 128, 130, 234, 245, 247 European telecommunication network operators 218 European Telecommunications Standards Institute 167 European Union and international obligations 329–32 European Union-China Energy Working Group 202 European Union-United States summit 327, 329 European Virtual Private Network Association 215 European Works Council Directive 246 ‘Eurosclerosis’ 27, 50 Eurotunnel 162–4 Eurozone 297, 302, 304, 305–6, 307 evolution of European Union and its institutions 23–47; Council of Ministers 37–40; European Commission 35–7; European Court of Justice 43–6; European Economic Community 23–6; European Parliament 41–3; Maastricht Treaty and Amsterdam Treaty 32–5; political stagnation and economic sclerosis 27–8; Single European Act and Treaty on European Union 28–32; Treaty of Rome 26–7 Exchange Rate Mechanism 35, 292, 293, 295, 304, 336 excise duties 262–3 excise taxes 72–3 exports 139 extra-territoriality 326, 328–9 factor allocation 51 Far East 201, 241, 287 Federal Trust 167 Fifth Company Law Directive 235 Fifth Environmental Action Programme 197, 250, 258– 60, 261 Fifth Framework Programme 93–5, 185, 218 342 INDEX fifth freedom 173 Fifth Research and Technological Framework programme 199 financial activities 68 Financial Instrument for the Environment 258 Financial Instrument for Fisheries Guidance 122 Finland 60, 71, 189, 210, 264–5, 316; evolution of European Union and its institutions 33, 39, 41; labour markets 230–3, 239, 241; regional policy 116, 118, 125; transport policy 174, 184 Finnair 184 First Environmental Action Programme 253, 258 First Package 181 fiscal barriers 50 fiscal federalism 76–7 Fiscalis programme 72 fish 319 Fontainebleau Council 28 Ford 13 Fordism 228, 229 foreign direct investment 68, 102, 286–7, 314–15, 325, 332; business environment 7–9, 11–13, 17; Single European Market 51, 53–4, 56–7, 61 foreign income taxation 80 form-based competition 100 former Soviet Union 32, 106, 111–12, 132, 270, 271, 285; business environment 12, 13; Department of Transport 184; energy policy 200, 201; globalisation of business 312, 313, 321, 322; trans-European networks 157, 165; transport policy 181, 182, 183, 184, 185 former Yugoslavia 33, 190, 274 Fortis 58 ‘Fortress Europe’ 17, 61, 113, 332 Fortune’s Global 500 13 Fourth Framework programme 93, 217–18, 221 Framework Programmes see Fifth; Fourth; Third France 2, 112, 163; energy policy 189, 190, 192; enterprise policy and small and medium enterprises 146, 147; environment policy and competitiveness 264, 265; evolution of European Union and its institutions 24, 26, 32, 36, 39, 41; globalisation of business 313, 316, 318, 327; industrial policy and competitiveness 86, 92, 96; information society 210, 216, 225; labour markets 229–30, 231, 232, 233, 239, 241; regional policy 116, 117, 118, 121, 123; Single European Market 53, 60; taxation and business environment 71, 73; Telecom 216, 217; transport policy 173, 174, 178 Francovich 46 free movement of capital 284 free movement of goods and services 284 free movement of people 284 free trade area 5, 321 freedom of association 236–7 freedom of movement 236 Fukuyama 14 G7 countries 275 G8 countries 17, 80, 96, 146, 147, 224 G8 Information Society Initiative 166, 221 gas 157 Gas Directive 194 Gaulle, C de 27 Gaz de France 191 Gaza and Jericho 323 Gazprom 329 General Agreement on Tariffs and Trade 108, 310, 315, 317, 319, 329, 330, 332 General Agreement on Trade in Services 330 General Electric-Tungsram 288 General Motors 13 general support services 299 Generale Bank 58 generic policy 83 generic strategies 89–91 Geneva Steel Corporation 320 Georgia 321 Germany 13, 24, 71, 166–7, 286; competition policy and business internationalisation 104, 105; Economic and Monetary Union 293, 301; energy policy 189–90, 192, 197, 206; enterprise policy and small and medium enterprises 146, 148; environment policy and competitiveness 251, 253, 255, 263, 264, 265; INDEX evolution of European Union and its institutions 26, 32, 33, 36, 39, 41; globalisation of business 313, 316; industrial policy and competitiveness 86, 96; information society 210, 216; labour markets 230, 231, 232, 233, 241, 242; regional policy 116, 117, 118, 122, 123, 125, 129, 131, 132; Single European Market 53, 60; transport policy 174, 176, 178, 180, 184 Gerosky 85–6 Global Internet Project 225 Global One 216 globalisation 12, 14–16, 309–33, 338–40; European Union and international obligations 329–32; opening markets 310–11; preferential agreements 320–9; and taxation 78–80; trade policy, principles and instruments of 315–20 golden age period 153 Gorbachev, M 272 Greece 71, 157, 210; Economic and Monetary Union 293, 297, 303, 304; energy policy 190, 197; environment policy and competitiveness 251, 263, 265; evolution of European Union and its institutions 28, 39, 41; labour markets 230, 231, 232, 233, 241; regional policy 116, 117, 118, 121, 122, 126, 131, 132; Single European Market 52, 60; transport policy 173, 174, 178, 181 Green Papers 198, 241, 242, 244 greenhouse gases 199 Gros, D 293 gross domestic product 50, 170, 177, 251; Central and Eastern Europe 270, 278, 280, 286; Economic and Monetary Union 293, 295–6, 304, 307; regional policy 116, 122, 126, 128 gross national product 13, 130 Gulf Co-operation Council 201 Hague Summit 27 Hamburgerische Elektrizitäswerke 206 Hanover Council 29 Hanseatic period 153 Hanson Corporation 205 Hay, D 107 343 Heating and Ventilating Contractors’ Association 240 Helms-Burton Act 328–9 High Authority 26 Hirst, P 21 Hong Kong 312, 313, 316 Hoover 229–30 horizontal integration 257 Hughes, K 84 human capital formation 66 human resources 299 Hungary 271–2, 275, 278–83, 286–9, 321 Hydrocarbon Licensing Directive 193 Iberia 105, 106 IBM 299 Iceland 26, 320; Air 183 ICI 304 IMPACT programme (Information Market Policy Actions) 218–19 income 52 India 202, 312 indirect tax harmonisation 69–73 Indonesia 13, 202, 312 industrial policy 285 industrial policy and international competitiveness 82–98; generic strategies 89–91; international collaboration 96–7; management practices 95–6; national policies and integration 84–6; sectoral strategies 91–5; supranational policy 86–8 Industrial Revolution 153 industrial tariffs 330 industry 259 INFO2000 programme 219 information and communication technology 93, 135, 139, 146–7, 208, 211–14, 217–19, 221–5 information revolution 153 information society 208–26; challenges 219–24; complementary initiatives 224–5; generic themes and strategy 212–14; industry development 214–19; international competitiveness 209–12; relevance 219; and telecommunications 285 Information Society Budget Line 219 information technology 299; 344 INDEX companies 302 infrastructure and the business environment 130–2 institutional convergence 295 insurance 57–8 Integrated Mediterranean Programme 121 integration 9–12, 51; and competition policy 103–6; and industrial policies 84–6 intellectual property rights 331 inter-company payments 75 interest bearing deposits 68 intergovernmental conference 29, 34, 35, 39, 41, 46, 104, 105, 277, 340 internal energy market 193, 194, 202 internal market 284 International Charter 224–5 International Civil Aviation Organisation 311 international collaboration 96–7 international competitiveness 209–12 International Labour Organisation 233, 247 International Maritime Organisation 311 International Telecommunications Unit (ITU) 224 internationalisation of markets 138–9 interoperability requirement 154 investment 66, 330, 332 Iran 329 Iran and Libya Sanctions Act 1996 328–9 Ireland 52, 71, 75, 216, 265, 321; energy policy 190, 197; evolution of European Union and its institutions 26, 27, 32, 34, 39, 41; labour markets 230, 231, 232, 241; regional policy 116, 117, 118, 122, 125, 126, 129, 131, 132; transport policy 174, 178 Israel 321, 322, 323, 324 Italy 60, 71, 96, 157, 265, 292, 313, 316; energy policy 190, 192; evolution of European Union and its institutions 24, 36, 39, 41; information society 210, 216; labour markets 230, 231, 232, 233, 239, 241; regional policy 116, 117, 118, 120, 121, 122, 131; transport policy 174, 178, 181 IVO 189, 205 Jacquemin, A 87, 89 Japan 27, 62, 80, 117, 162, 198, 214, 230, 251, 306; business environment 12, 13, 17; competition policy and business internationalisation 107, 109, 111; globalisation of business 312, 313, 316, 318, 325; industrial policy and competitiveness 90, 94, 96 Jordan 321, 322, 323 Joule-Thermie 198, 199 Kalanke v Freie Hansestadt Bremen 44 Kazakhstan 321 KDD 216 Kenya 13 Keynesianism 2, 14, 28 Kingfisher Group 302 Kinnock, N 182, 184 KLM 106, 183, 184 Kohl, H 335 Korea 13 Krugman, P 82 Kyoto Protocol 198 Kyrgyzstan 321 labour markets 66, 227–48; Amsterdam Treaty 242–7; flexibility 228–30; policies 233–42, 332; trends 230–3 Laffan, B Latin America 202, 216, 251, 287, 314 Latvia 279, 280, 281, 287, 321 Lebanon 321, 322, 323 Lenin, V.I 162 liberalisation 102 Liechtenstein 320, 321 LIFE fund 260 LIFE regulation 257 links 152, 155 liquefied natural gas 152 Lithuania 279, 280, 281, 283, 287, 321 living and working conditions 236 Lome Convention 260, 322 London and Continental Railways 163 Long Term Agreements with Industry on Energy Efficiency 199 loss consolidation 75 Lot 184 Lufthansa 106, 182, 183 Luxembourg 60, 71, 176, 184, 190, 210, 265; Compromise 27, 38; evolution of European Union and its institutions 24, INDEX 33, 39, 41; globalisation of business 313, 316; labour markets 230, 231, 232, 239, 241; regional policy 117, 118, 125, 131 Maastricht Treaty see Treaty on European Union McDonnel-Douglas 97, 111–12 Madrid Summit 141–2 Maghreb 324 Major, J 32, 239, 242 Malaysia 312, 316 Malta 321, 322, 323 management practices 95–6, 299 manufacturing 52–4, 55 Manufacturing, Science and Finance Unit (MSF) 240 Manweb 204 Marchipont, J.-F 87, 89 Market Access Data 311 Market Access Strategy 310, 311, 319, 339 market economy investor principle 105, 106 Marks & Spencer 299, 304 Martin, W 208 Marxism-Leninism 271 Mashraq 324 MEDA 324 Mediterranean states 33, 78, 108, 116, 147, 193, 201, 260, 310, 314 Medway 205 Memorandum of Understanding on Open Access 221 Mensi, R 139 Merchant Shipping Act 1988 46 Merger Control Regulation 28, 38, 101, 102, 104 mergers and acquisitions 75 Messina Conference 26 Mexico 312, 316 Middle East 200, 324 Mitsubishi 13 Mitsui 13 Mitterrand, F 32 mobility 244–5 Model Tax Convention 79 Moldova 321 Monitoring Committee 127 Monnet, J 26 Montagnon, P 113 Morocco 132, 190, 321, 322, 323 Most Favoured Nation Status 317, 322, 324 Motor Services Directive (1990) 57 multi-national corporations 13, 68 Mutual Recognition Agreement 327 NASA 97 National Grid 204 national and international, balance between 17–18 National Power 191, 204, 205 Nedlloyd 179 Neste 189 Netherlands 71, 92, 190; environment policy and competitiveness 251, 253, 255, 262, 264, 265; globalisation of business 313, 316; information society 210, 216; labour markets 230, 231, 232, 233, 239, 241; regional policy 117, 118; Single European Market 58, 60; transport policy 174, 176, 177, 178, 180 New Commercial Policy Instrument 319 New Economic Mechanism 271 New Transatlantic Agenda 327 New Transatlantic Marketplace 327 Newly Industrialising Countries 318 Nicolaides, P 82 Nissan 306 nodes 152, 155 noise 257 nominal convergence 295 non-Eurozone European Union states 303–5 North Africa 157, 166, 200, 201, 339 North America 16, 17, 314; see also Canada; United States North American Free Trade Agreement 12, 19, 314 North Atlantic Treaty Organisation 23 Northern Ireland Electricity 204 Northwest Airlines 183, 184 Norway 26, 27, 189, 206, 216, 312, 320, 321 Objective: 116, 122–3, 128, 130, 142; 116, 123, 128; 122, 123, 128; 122, 123; 5a 116, 123; 5b 116, 123, 128; 122, 124, 128 Obstfeld, M 82 Ohmae, K 14 Oil Producing and Exporting Countries 314 345 346 INDEX Olivetti 214 Olympic Airways 105, 106 Ombudsman 31 ‘open skies’ deals 184, 185 Organisation for Economic Co-operation and Development 23, 71, 79, 80, 96, 138, 149, 224, 339; competition policy and business internationalisation 109, 110, 113; environment policy and competitiveness 250, 262, 266; globalisation of business 311, 332 Organisation for European Economic Co-operation 23 Owens, J 68 Pacific Rim 139 Palestine 321 Palestinian Autonomous Territories 322 Parental Leave Directive 240, 241, 247 Paris Summit 253 Petronas 329 PHARE programme 166, 201, 246, 275, 276, 283 Philippines 202 Philips 179 physical barriers 50 Piore, M.J 228 Poland 132, 271–2, 275, 278–83, 286–7, 306, 312, 321 political stagnation and economic sclerosis 27–8 polluter pays principle 254, 255, 264 Porter, M 49, 100 Portugal 71, 157, 190; environment policy and competitiveness 251, 264, 265; evolution of European Union and its institutions 26, 28, 39, 41; information society 210, 216; labour markets 230, 231, 232, 233, 241; regional policy 116, 117, 118, 121, 122, 126, 131, 132; Single European Market 52, 60; transport policy 174, 178 PowerGen 204, 205 precautionary principle 254, 255 preferential agreements 320–9 PreussenElektra 205, 206 prevention principle 254, 255 principle of direct effect 45–6 principle of mutual recognition 46 Private Finance Initiative 163 production systems 49 progressive taxes 76 protection of children and adolescents 237 public private partnerships 159–60, 161, 166, 167 public procurement 326, 330 public service obligations 193, 195, 196–7 public telecommunication operators 214–15, 216, 217 Qantas 183 Quadrilateral Group 110, 111 qualified majority voting 28–9, 34, 38, 244 Qualifying Group 183 quality requirement 154 railways 156 real convergence 295 rectification at source principle 255 regional agreements 19 regional cohesion 223–4 regional electricity companies 204 regional funding 133, 142 Regional Information Society Initiative 223 regional policy 115–33; evolution 120–6; infrastructure and the business environment 130–2; rationale 118–20; small and medium enterprises 129–30; social and economic cohesion 129–32; structural funds 126–9 Reich 85 remuneration 236 research and development 52, 142, 143, 215, 217–18, 219, 221, 285 Responsible Care Initiative 267 retailers 302 Rio Earth Summit 258 road haulage 175–80 roads 156–7 Robson, P Romania 274, 278, 279, 280, 281, 283, 287, 321 Roure, J 149 Roussel-Uclaf 179 Rover 147 Rowntree 230 Royal Belge 58 Royal Dutch Shell 13, 191 Ruding Committee 75 Ruhrgas 191 RWE 191 INDEX Sabel, C.F 228 Sabena 105, 183 safeguard measures 331 Sainsbury’s 73 Saint-Gobain 299, 301 Santer, J 33 Saudi Arabia 312 SAVE programme 193, 198, 199 savings 66 Scandic Energy 189 Scandinavia 2, 184, 197, 203, 205, 255, 303 Scandinavian Airlines System 106, 183 Schaus Memorandum 171 Schengen agreement 34, 35, 335 Schumann, R 26 Scotland 229–30 Scottish Power 204 Second Non-life Directive (1988) 57 Second Package 181 sectoral strategies 91–5 Seeboard 205 selective policy 83 services 54–8, 152, 155, 330 Sharp 84 Shell 304 Shopping 2000 147 Siemens 299, 301 Simmenthal judgement 45 Simpler Legislation for Internal Market 60 Singapore 312, 313, 316; Airlines 183; Telecom 216 single buyer model 194, 196, 197 Single European Act 121, 138, 254–5; business policy 335, 340; evolution of European Union and its institutions 28– 32, 38; labour markets 235–6, 240; Single European Market 50, 54 Single European Market 48–63, 192–3, 235, 264, 336–7, 339; Action Plan 58–9; business environment 5, 7, 19–20; Central and Eastern Europe 271, 276, 284, 286; commercial effects 51–2; competition policy and business internationalisation 101, 102, 103, 104, 105, 108; development 58–61; Economic and Monetary Union 291, 292, 293, 294; 347 and enterprise policy 140–1, 149; European business 48–50; evolution of European Union and its institutions 23, 28, 29, 31, 33, 37, 40; external dimension 61–2; globalisation of business 310, 314, 315, 321, 332; and indirect tax harmonisation 69–73; information society 211, 215; intentions and objectives 50–1; manufacturing 52–4; regional policy 116, 119, 120, 121, 129, 132; services 54–8; small and medium enterprises 144, 149; taxation and business environment 65, 66; trans-European networks 153, 154, 158; transport policy 171, 172, 175, 179, 180, 182, 185 Single Insurance Market 57, 58 Single Market White Paper 235 skills 68, 244–5 Slovak Republic 274, 279, 280, 281, 282, 283, 287, 321 Slovenia 271, 278, 279, 280, 281, 283, 287, 321 small and medium enterprises 9, 119, 158, 277, 285; Economic and Monetary Union 294, 298, 299, 301; environment policy and competitiveness 251, 259, 260; industrial policy and competitiveness 90, 93, 96; information society 217, 218, 219, 221; labour markets 244, 245; regional policy 129–30; taxation and business environment 75, 78; see also enterprise policy Social Action Programme 185, 234, 236, 244, 247 Social Agreement and Social Protocol 31–2, 35, 235, 238, 240, 242–4 Social Charter 28, 31, 35, 119, 148, 229, 236–7, 238, 240, 243, 247 social cohesion 129–32, 222–3 social dumping 229–30, 235, 247 social model of capitalism social policy 243–4, 284 Social Policy White Paper 242 social protection 236 Sony 306 South Africa 13 South America 19 South Korea 312, 313, 320 South-East Asia 12, 216 Southern Electric 205 Southern Water 204 348 INDEX Spain 71, 190, 292; environment policy and competitiveness 251, 263, 265; evolution of European Union and its institutions 28, 36, 39, 41; globalisation of business 313, 316, 319; industrial policy and competitiveness 92, 96; information society 210, 216; labour markets 230, 231, 232, 233, 241; regional policy 116, 117, 118, 121, 122, 123, 125, 126, 131, 132; Single European Market 52, 60; transport policy 174, 178, 180 specific tax 72 Sprint 216 Stabex 322 Stability and Growth Pact 76 standards 326–7 Star Alliance 183 state aids 102, 181 Statkraft 205, 206 Steinherr, A 293 Stena Line 45 Storey, D 149 Strategic Airline Alliances 183–4 Structural Funds 91, 160, 199, 223, 247, 260, 283; Economic and Monetary Union 292, 295; enterprise policy and small and medium enterprises 142, 143, 146; evolution of European Union and its institutions 29, 33, 40, 42, 46; regional policy 115, 120, 121, 122–4, 126–9, 133; see also Objective subsidies 326, 331 Sun Company 13 suppliers 49 supply pillar (international dimension) 199–202 Sweden 60, 71, 297, 304; energy policy 189, 190; environment policy and competitiveness 264, 265; evolution of European Union and its institutions 26, 33, 39, 41; globalisation of business 313, 316; information society 210, 216; labour markets 230, 231, 232, 233, 241; regional policy 116, 117, 118; transport policy 174, 184 Swissair 183 Switzerland 26, 110, 216, 312, 313, 316, 321 Sydkraft 206 Synergy programme 201 Syria 321, 322, 323 Sysmin 322 Taiwan 312, 313 TAP 183 tariffs 326 TAT 184 tax avoidance and evasion 79 tax competition 80 tax discrimination 326 tax and environment 261–5 tax harmonisation 176 tax treaty override 80 taxation and business environment 65–80; direct tax harmonisation 74–6; economic importance 65–6; evolving concerns 77–8; fiscal federalism and Economic and Monetary Union 76–7; globalisation 78–80; harmonisation issue 66–9; indirect tax harmonisation and Single European Market 69–73 Taylorism 228, 229 Technical Assistance Commonwealth of Independent States (TACIS) 201, 321 technical barriers 50, 331 telecommunications 157–8, 216–17 Telefonica 217 Telematics 221 Tesco 73 textiles and clothing 320, 330 Thai Airlines 183 Thailand 13, 312, 313 Thatcher, M 27–8, 31–2, 237–8, 242 Thatcherism Third Framework programme 218 Third Life and Non-Life Directive 1992 57 Third Multi-annual Programme 144–5 Third Package 181 third party access 190, 194, 195 Thompson, G 21 Thresher 73 Thyssen Steel Corporation 320 time-space convergence 212 Tinbergen 3, 20 Tokyo Electric Power Inc 13 INDEX Tomann, H 85 Tomen 205 TOTAL 329 Touche, D 149 tourism 259 Toyota 305, 306, 318 Tractabel 189 trade 51–2, 112–13 Trade Barriers Regulation 310, 311, 319–20, 326, 339 trade disputes 328–9 trade policy, principles and instruments of 315–20 trade-related aspects of intellectual property rights 331 trade-related investment measures 330 TradeNet 147 training 237 Trans-European Automated Real-time Settlement Express Transfer (TARGET) 305 Transatlantic Business Dialogue 327 Transatlantic Economic Partnership 327 Trans-European Network-Telecom programme 221 trans-European networks 31, 40, 152–68, 202, 203, 339; commercial importance 153–4; emergence 154–6; energy 157; environment 158; external dimension 165–6; financing 158–64; progress 166–7; public private partnerships 159–60; regional policy 116, 126, 129, 130, 131–2, 133; telecommunications 157–8; transport 156–7; transport policy 171–2, 175, 185 transfer pricing 75 Transfer Pricing Arbitration Convention 71 transnational corporations 11, 13 transport 131–2, 156–7, 159, 259, 285; see also trans-European networks Transport Councils 38 transport policy 169–86; airlines 181–5; Common Transport Policy 171–5, 185–6; importance to business 170–1; road haulage 175–80 Treaty on European Union 28–35, 40, 67, 87, 102, 148, 171, 242, 335; Economic and Monetary Union 293, 295, 296, 298, 304; 349 environment policy and competitiveness 255, 256, 258; regional policy 124, 126, 129, 130; Title XII 154, 158, 165; Title XIII 88, 138; trans-European networks 155, 160; see also Articles Treaty of Paris 24 Treaty of Rome 172, 233–4, 240, 253, 282; competition policy and business internationalisation 101, 102; energy policy 191, 192–3; evolution of European Union and its institutions 26–7, 38, 39, 44, 46; regional policy 119, 120; see also Articles triad conflict 18 triad co-operation 18 Tunisia 321, 322, 323 Turkey 13, 312, 321, 322, 323 Turkish Airlines 183 UCPTE network l90 Ukraine 321 Unilever 13, 304 Union Bonds 161 Unisource 216 United Airlines 183 United Kingdom 100, 313, 316, 335; business environment 2, 3, 16; Conservative government 227, 229, 239, 242, 338; Economic and Monetary Union 291, 296, 297, 301, 303, 304–5; energy policy 190, 192, 203, 204–5; enterprise policy and small and medium enterprises 148, 149; environment policy and competitiveness 255, 264, 265; evolution of European Union and its institutions 26–8, 31–2, 34, 36, 39, 41, 46; industrial policy and competitiveness 92, 96; information society 210, 216, 225; Labour government 44, 240, 336; labour markets 228, 230–3, 235–8, 240–1, 243, 247; New Labour 3; regional policy 116, 117, 118, 119, 120, 123, 125; Single European Market 53, 60; taxation and business environment 66, 71, 73; trans-European networks 162, 163, 167; 350 INDEX transport policy 173, 174, 178, 184; Treasury 73 United Nations 250, 260, 266, 339; Commission for Trade and Development (UNCTAD) 109; Conference on the Human Environment 253 United States 19, 70, 80, 117, 139, 162, 171, 230, 251; Anti-dumping Act 1916 320, 326; and Central and Eastern Europe 287, 288; competition policy and business internationalisation 107, 109, 110, 111; Economic and Monetary Union 306, 307; energy policy 192, 198, 203, 204; -European Union economic relations 324–9; evolution of European Union and its institutions 26, 27; globalisation of business 310, 312, 313, 316, 324, 325, 326, 327, 328–9, 332; industrial policy and competitiveness 88, 90, 91, 94, 96, 97; information society 214, 211, 223, 225; rules of origin for textile products 320; Single European Market 48–9, 62; Trade Act 319, 325, 331; unilateralism 325–6 Uniworld/WorldPartners 216 Unwins 73 Uruguay Round 17, 61, 107, 110, 113, 311, 317–18, 326, 330–1 value added tax 69–72, 78, 140, 264 van Gend en Loos case 45 Varig 183 vending machines 302 Victoria Wine 73 volume effect 154 voluntary export restraints 92, 112, 318 Vredeling Directive 235 Vulcanus 96 Wal-Mart Canada 328–9 Wallace, W 8, 16 Warsaw Pact 271 waste 257 water 257 Werner Report 27 Western European Union 23 White Paper 70, 174, 240, 276, 283; on competitiveness 244; Completing the Internal Market 50, 175; Completing the Single Market 192; Growth, Competitiveness and Employment 88, 90, 138, 141, 146, 155, 158, 241, 262; on social policy 242, 244 worker participation, information and consultation 237 Working Time Directive 235–6, 238–40, 335 workplace health and safety 237 Works Council Directive 240 World Bank 13, 166, 224 World Intellectual Property Organisation 225 World Trade Organisation 79, 266, 282, 339; Agreement on Sanitary and Phytosanitary Measures 319; Agreement on Technical Barriers to Trade 326–7; Anti-dumping Agreement 320, 326; Anti-Dumping code 318; Anti-Dumping Committee 326; business environment 17, 19; competition policy and business internationalisation 107, 108, 109, 110, 112; dispute settlement 331; globalisation of business 310–11, 315, 317–20, 324–7, 329–32; Government Purchasing Agreement 326; information society 224, 225 ... xix THE EVOLVING EUROPEAN BUSINESS ENVIRONMENT The changing European business model Internal influences on the European business environment: themes and features of economic integration The business. .. energy policy 199 THE EUROPEAN INFORMATION SOCIETY: STIMULATING THE INFORMATION REVOLUTION FOR BUSINESS 204 The information revolution and international competitiveness 205 The European information... Implications for the European Union 280 Conclusion: corporate opportunities and responses 283 ECONOMIC AND MONETARY UNION: THE CHALLENGES FOR THE EUROPEAN BUSINESS ENVIRONMENT 287 EMU and the European business