ABSTRACT
The shock of globalization deeply affected Western Europe after 1973, not only nationally, but also in terms of European and of global governance. The period between 1973 and 1983 was a transformative decade for Western Europe as globalization clearly became a threat due to the rising price of oil and the growing clout of new exporters of industrial goods. The European Economic Community was clearly strengthened between 1973 and 1986 because it was deliberately chosen by the main Western European officials as the main forum to regulate globalization. The pressure of globalization became even more daunting, with new competitors outside Europe and within Europe. The definition of industrial policy has changed, with a stronger emphasis on need to encourage structural adjustment rather than to prevent it. Institutionally, the strengthening of the European monetary and financial institutions had led to calls for a more formal separation between the Eurozone and non-Eurozone states, an evolution which could certainly be fostered by Brexit.
