| Summary: | <p class="FreeForm">The late 1980s witnessed a process of a radical re-design and re-launch of a large European market, a process that Joseph Schumpter would probably not have hesitated calling "creative destruction." The challenge of the "Europe 1992" process is a fascinating but very demanding mixture of static and dynamic efficiency, which invests the market together with the institutions that regulate the market. While the static efficiency comes about from the tearing down of trade barriers, it is in the internal market that an increase in dynamic efficiency comes about with competitive pressure that induces innovation in products and processes. The author focuses attention on the efficiency benefits of dynamic and innovative renovation, placing the European industrial system and its internal and international integration at the centre.</p><p class="FreeForm"> </p><p class="FreeForm"> <strong>JEL Codes: </strong>F15, L16</p><p class="FreeForm"> </p>
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