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  Europe is far from lapsing into its former sluggishness or even into
  self-pity.
  Even so, we must make sure that the economic forces released by the
  internal market remain under control.
  Let us not forget after all: no other part of the world has ever seen
  such a radical experiment in the unleashing of free market forces.
  No business sector or profession will remain completely untouched.
  It is primarily a unilateral measure to strengthen the principle of
  free trade  in the world.
  But the United States and Japan too must follow suit in the opening up
  of markets and the observance of multilateral trade regulations.
  We are not prepared to carry alone the burden of adjusting to free
  world trade, which we support and wish to improve.
  Blacklists with supposed and actual "trade sinners" - as have just
  been proposed by the US government - may well be politically popular
  at home, but they do nothing to help the cause of free world trade.
  How can we explain to our firms in Europe and their employees that we
  are opening up our markets while others are closing them?
  Thinking too much in terms of trading blocs cannot therefore be
  reconciled with the principle of free world trade.
  Of course the completion of the internal market is also designed to
  make our companies more competitive.
  But this does not mean that there is a strategy aimed at conquest or
  re-conquest.
  With the defences being lowered even in the military sphere, we should
  strike such words out of our economic vocabulary once and for all.
  Because anyone talking of "conquest" risks provoking "hostile
  countermeasures" and thereby an escalating protectionist spiral.
  We are not afraid of free trade, but we will defend ourselves
  vigourously against unfair trading practices or concerted campaigns
  for taking over the market.
                                - 2 -
        The single market : advantages for Japan and USA
  Completion of the internal market in 1992 will boost Europe's economy
  and lead to increased growth and employment.
  However, there will not only be winners in the twelve Member States.
  The harsh winds of competition will blow through all economic sectors
  in the Community.
  This is something that some players, who up to now have largely been
  shielded from foreign competition, will have to get used to.
  In spite of his considerable benefits, the internal market will have
  its losers too.
  This restructuring is taking place only in the European Community
  itself.
  Companies from outside the Community however such as American and
  Japanese companies will be able to exploit fully the advantages of the
  internal market, without having the problem of adjusting to it.
  In fact they will be able to choose from the outset the best location
  for their business activities, for sales outlets and for their own
  factory.
  It is much more difficult for European companies to make the most
  rational and effective structural adjustments, because 1992 for them
  does not mean starting from scratch.
  It is not so easy for our firms to find the best location in the
  Community for the most cost-effective production. This adjustment
  process costs them time and a great deal of consideration, towards
  their employees, for example, of whom they must not ask too much
  either.
  This is because the success of 1992 depends on its being socially
  acceptable.
        Japanese investments in Europe are welcome
  I am aware that one of the main reason for direct Japanese investment
  in the Community is the fear of "Fortress Europe". In 1987 alone,
  Japanese firms invested over 6.5 billion dollars in the Community
  Member States. That was one third more than Japan invested in Asia in
  the same year.
  A lot of Japanese investment in the European Community is made simply
  in anticipation of some feared protectionism. Those fears are
  unfounded. Nevertheless we do welcome the fact that Japanese firms are
  setting up to a greater extent in the European Community.
  We do not want to create a "Fortress Europe" but instead a lively
  market place with Europe as an open world trading partner.
  Japanese exports will therefore remain as welcome in the Community as
  direct Japanese investment since they provide our own companies with
  an incentive not to ease up in their competition for customers.
  Internationalization of production strengthens the multilateral
  trading system, since protectionism hardly makes sense if foreign
  competitors also manufacture in one's own country and create new jobs
  there.After 1992, the Community will not be changing course and going
  in for protectionism, if only out of self interest.
  Worldwide around 21% of exports originate in the European Community
  compared with 13% from the USA and 12% from Japan.
  We therefore have a vital self-interest in keeping the frontiers open
  throughout the world and not provoking a protectionist spiral.
                                -3-
        We cannot leave everything to market forces only :
                 the HDTV and the car cases
  The prospects opened up by the single market are already fuelling
  investment and in the opinion of experts, about one third of growth in
  the Community is attributable to this anticipation effect.
  Only the quickest and most agile will be able to assert themselves in
  the competition for the best starting position in the internal market
  race.
  Europeans are self-confident enough to be able to cope with this
  intense competition. Europe will emerge strengthened from the process.
  However we cannot leave everything entirely to market forces, since in
  a few cases the starting conditions are too difficult: for instance as
  far as High Definition TV and cars are concerned.
  As to HDTV, we should try to reach agreement on a uniform world
  standard in 1990. There are two crucial points for the Europeans in
  this matter.
  Firstly, the system adopted must be fully compatible with existing TV
  set. It will take time to change over the 600 million or so television
  sets already in use throughout the world. Secondly, the international
  exchange of programmes must remain possible, i.e. production standards
  and transmission standards must as far as possible be compatible
  worldwide.
  HDTV is of strategic importance to the competitiveness of the European
  film and TV industry. By its decision to introduce the European
  standard for commercial applicances and HD-capable transmission
  services by 1992 at the latest, the Community has demonstrated its
  will to retain its competitiveness in this promising market.
  There is still time to compromise.
  However, we cannot allow this important question of standards to be
  decided by market forces alone as the stakes in terms of industrial
  policy and culture are too high.
  As far as motor cars are concerned, there will be a single market in
  the Community after 1992.
  Existing national import restrictions will be abolished by then.
  It has already been decided that vehicles produced within the
  Community can be imported into all Member States.
  It will not be permitted to use rules on local content to justify
  trade restrictions within the Community.
  In other words the internal market will also fully deregulate trade in
  motor cars.
  On the whole, the European motor industry is well prepared for stiffer
  competition.
  However, some manufacturers will be obliged to undertake substantial
  reorganization and rationalization.
  We should therefore jointly monitor the trend in exports for a
  transitional period to avoid serious disruptions of markets. This does
  not affect our firm will to liberalize the European automobile market
  completely as soon as possible after 1992.
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