ing the lengthy nature of its development rather lucrative. The EMU facilitates the movement of goods, services, people and capital through the development of a single European currency and the removal of barriers to intra-community trade (Roubini, 1997). Essentially, European businesses are being given the opportunity to exploit the liberalization of cross-border controls, which had previously diminished their ability to trade within Europe (Harris, 1999:94). European firms will find it easier to access the 12 ‘Eurozone’ markets, creating an opportunity to introduce new or modified products for each member states, or alternatively to provide a standardized set of goods and services for ‘Euroland’ (Harris, 1999: 94). The EMU’s development also facilitates those companies who seek to derive the competitive advantage of factors of production inherent in some member states (Hill, 2001:133). The greater movement of capital and labour allows firms to establish different aspect of their business operations throughout the ‘Eurozone’ (e.g. Research and development in Germany and production in Spain) (Harris, 1999:94). The commitment of the EMU authorities to lowering transport cost specifically the abolition of restrictions on cabotage, allows ‘Euroland’ firms to develop more efficient channel to distribute goods and services throughout Europe (Duisenberg, 1998). Financial markets have also undergone considerable liberalization throughout the EMU evolution, resulting in the removal of barriers, which had limited cross-border borrowing. This commitment to reducing financial barriers, will ensure ‘Eurozone’ firms have inexpensive access to finance in all EMU member states (Duisenberg, 1998). The culmination of greater product choice, increased movements of factors of production, enhanced channels of distribution and a more liberalized financial market, guarantees ‘Eurozone&#...
