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- This paper is based on research work undertaken by the author within the content of the ACE‐PHARE projects: ‘Cross‐border cooperation between Albania, Bulgaria and Greece’ (Contract No. ACE‐92–0391‐R), Athens University of Economics and Business, and ‘Economic cooperation in the Balkans: a regional approach to European integration’ (Contract No. ACE‐94–0760‐R), Institute of Economics, Bulgarian Academy of Sciences.