The editors (of the Directorate-General for Economic and Financial Affairs of the European Commission and the U. of Brussels, Belgium) present eight essays exploring both macro- and microeconomic issues of the impact of the Single Market Programme (SMP) on product market functioning in the European Union. The microeconomic contributions discuss the impact of the increase in price transparency associated with the arrival of the Euro on product markets, the SMP's impact on industrial and geographical diversification of leading manufacturing firms, the impact of market integration on industrial concentration and performance, and changes in country specialization and location of industry. Macroeconomic aspects of the SMP discussed include the employment and growth impact of product market reforms, the impact of euro/dollar fluctuations on manufacturing, the possibilities of asymmetric shocks arising from euro/dollar fluctuations and other aspects of EU integration.