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Much recent research has been devoted to the consequences of the completion of the internal market in 1992. Existing estimates of the effects of market integration remain very preliminary, however, and many important issues have yet to be adequately addressed. These formed the subject of a conference on "The Impact of 1992 on European Trade and Industry" held by the Centre for Economic Policy Research. This book reports the proceedings of that conference. The contributors to the volume address such issues as the gains to be expected from both "internal" and "external" economies of scale following integration, and the implications of 1992 for the Community's trade with both its traditional EFTA partners, the potentially valuable new East European markets, and the rest of the world. The volume also contains papers considering the effects of the completion of the internal market on the design of appropriate technology and taxation policies and a study of the role of Japanese foreign direct investment in European manufacturing.