Common Market: Proceed with Caution

Carried away by present prosperity, some Common Market businessmen see no ceiling to consumer demand in Europe. In sharp contrast to this rosy view is a still-unpublished report on the European auto industry, which was prepared by a group of Common Market economists and recently leaked to the French financial press. The gist of the report: Unless they recognize that European demand for cars is not inexhaustible, Europe's automakers are headed for trouble.

At the moment, the European auto industry could hardly be healthier. Since 1953, its sales have been rising at an average 16.8% annually; last year a decline...

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