ABSTRACT
The European Community (EC) is a grouping of states which have consented to surrender a portion of their sovereignty in the economic sphere to supranational institutions as a means of enhancing their mutual prosperity. European leaders have been engaged in a spirited debate over the European economy and industrial competitiveness since the early 1980s. With the adoption of the Single European Act in 1987 the EC sought to reverse a long pattern of stagnation and competitive decline. The most dramatic effects of European integration will be felt later in the 1990s and are a source of some apprehension on the part of the EC’s trading partners, notwithstanding the reassurances offered by its leadership. The Treaty of Rome vests jurisdiction in the EC over many aspects of external trade policy, including tariffs, the conclusion of association and trade agreements with nonmembers, export policy, negotiations with international economic organizations, and antidumping and countervailing duties.
