Africa and the European community after 1992 by World Bank, Economic Development Institute (Washington,

By World Bank, Economic Development Institute (Washington, D.C.)

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Although the EDI's publications are designed to support its training activities, many are of interest to a much broader audience. EDI materials, including any findings, interpre- tations, and conclusions, are entirely those of the authors and should not be attributed in any manner to the World Bank, to its affiliated organizations, or to members of its Board of Executive Directors or the countries they represent. Because of the informality of this series and to make the publication available with the least possible delay, the manuscript has not been edited as fully as would be the case with a more formal document, and the World Bank accepts no responsibility for errors.

London and New York: Philip Allen and Simon & Schuster, 1990). Page 2 win agreement for trade liberalization measures affecting the developing countries and to the rapid increase in import penetration by the developing countries in the European market. Tremendous restructuring has taken place in Europe's steel, textile, clothing, footwear, and shipbuilding industries. Serious efforts have been made, albeit still insufficient, to tackle the problem of Common Agricultural Policy (CAP) surpluses.

Direct investment is, on the one hand, seen as an effective counter to the accusation that Japanese imports are "destroying" jobs in Europe. On the other hand, competition from Japanese subsidiaries is seen as a threat to established industry. ) The French, for example, threatened to ban imports of British-made Nissan Bluebird cars in 1988 because less than 80 percent of the value of the car was actually made in Europe. 6 The attention focused on Japanese trade is scarcely proportionate to its relative significance for the Community.

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