The lagging regions of the EC in the face of economic and monetary union

Nationwide economic policies required to satisfy the Treaty of Maastricht will have a deep regional impact. This paper reflects on the trade‐offs, possibilities and transformations which the process leading towards economic and monetary union imposes on the development policies of peripheral regions. The space left for regional policy is reduced. Regional governments of peripheral regions should decode the pseudo‐modernizing language of neo‐liberal positions, press for greater fiscal resources and propose supply strategies within the framework of industrial policies on a regional basis.