Europe is expanding. May 2004 saw the number of member states of the European Union grow by twothirds, from 15 to 25, with a further group of eastern European countries queuing up behind them. The expansion of the European Union was bound to bring with it a major change to the way in which EU business has been conducted, but what effects will it have on the activities of European corporates? After all, the development of a single European market is one of the cornerstones of the whole European project, and the arrival of ten new members, at different levels of economic sophistication but all significantly below the major western economies in terms of size and regulation, was bound to impact upon financial, commercial and economic activity.
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