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The last two decades have seen Australian international business education focus increasingly on the Asia-Pacific region. Basic reasons for this include the rapid growth and economic development of courtries in the region as well as a realisation that Australia is part of the Asia-Pacific rim and not a European outpost. Indeed, a greatly increased proportion of Australian trade is with countries in the Asia-Pacific area. The Gamaut report on Australia and North-East Asia is a further recent statement of the apparent importance of the area for Australia. The economic and political face of Europe, however, is changing rapidly. Western Europe is moving to economic integration through 1992. Countries in eastern Europe are adopting more market-based economic structures to match new political forms. Hence, the 1990's may prove to be the "European decade". In this paper, we examine some impacts of these changes in Europe on prospects for Australian business and particularly reflect on Ihe potetial for a refocusing of Australian international business education on Europe.