Paul J. J. Welfens, geb. 1957 in Düren, Studium der Volkswirtschaftslehre in Wuppertal, Duisburg und Paris, Promotion 1985, Habilitation1989. Inhaber des Lehrstuhls für Volkswirtschaftslehre - Schwerpunkt Makroökonomische Theorie und Politik an der Bergischen Universität Wuppertal; Präsident des Europäischen Instituts für Internationale Wirtschaftsbeziehungen (EIIW); Jean-Monnet-Professor für Europäische Wirtschaftsintegration; zuvor Distinguished Research Fellow am AICGS/The Johns Hopkins University, Professor an der Universität Münster bzw. Potsdam, Visiting Alfred Grosser Professor Sciences Po, Paris.

Contents: European Economic Integration: Did it Matter in the Past, Will it Matter in the Future?- European Economic Integration: Employment, Unemployment and Migration.- The EU Facing Economic Opening-Up in Eastern Europe: Problems, Issues and Policy Options.- Protectionism in Europe before 1939.- Structural Adjustment and Growth Policies in Europe: Competition and/or Cooperation?- International Capital Flows and Political Transition in Europe: Historical Perspectives.- Germany's Changing Competitive Position in World Markets: Required Policy Shifts.- Financial Regulation and the Bank's Role in European Economies.- Sterling in Decline Again: The 1931 and 1992 Crises Compared.- Banks and Industry: Lessons From History?- Banks and Industry in Anglo-German Perspective.- Russia and Europe: Lessons from the Pre-Command Era.- External Liberalization in a Large Country: The Contribution to the Transition Process in Russia.

The EU Single Market and the opening up of Eastern Europe offer a chance to create a truly pan-European market economy. In this respect, many lessons can be learned from early 20th-century developments in Europe. Bearing this in mind, the authors analyze the fragility of international trade, financial investment and foreign relations in and across Europe, from both a contemporary and historical perspective. In a period of increased migration and higher capital mobility, the major OECD countries are faced with such issues as monetary integration, the role of banks and the requirement for structural adjustment. Even more complex is the integration of Russia. Policymakers and the business community alike are presented simultaneously with unique opportunities and unique challenges - with old and new pitfalls looming.