The Cranfield Management Development Programme is an intensive ten week course for middle management aged 23 - 38. The courses which are held twice yearly started in 1964; the second of these MDP II was held from April - June, 1965. The members of the course are drawn from a variety of businesses and have previous experience in one or more of the main fields of business activity e.g. general management, marketing, production. As part of the course two weeks are devoted to studying business conditions in Europe. For this tour the members are formed into small groups who study particular projects. MDP II were in Europe from 7th-17th June, 1965 during which period the following cities were visited; Paris, Milan, Zurich, Frankfurt and Brussels. In each city discussions were arranged with a representative cross-section of the business community. These included British Embassy Staff, British Chambers of Commerce, local bankers, industrial companies, advertising agents, Trade Union officials, management consultants and British subsidiaries. On their return from Europe a meeting was held at the Institute of Directors in London where the members of the course presented their findings to a group of businessmen, and representatives of the Export Council for Europe and the Federation of British Industries. This report is split into three parts representing the work of the three project groups who studied the effectiveness of European business, British exports and the establishment of British subsidiaries in Europe.