Living standards fell so low, to the extent that some of the best brains with the requisite skills to drive the developmental process left in droves to other nations, and are now making substantial contributions to the economic success of their host countries.
A deepening in the integration processes of both manufacturing and services industries offers the prospects of significant gains at the economy-wide level. Europe should indeed benefit in terms of lower prices for firms and consumers, enhanced trading volumes and potentially higher levels of productivity and growth.