FOR Western Europe's factories, 1955 was the biggest postwar year. Production of steel, autos, chemicals, coal products and other goods soared to new records. In its latest report, the European Payments Union, clearinghouse of trade for 17 nations, said that free Europe's combined industrial production index went up from 127 at mid-1954 to 138 at mid-1955. For practically every E.P.U. member the story was the same: gross national product up, wages up, unemployment down. Nevertheless, in the midst of prosperity and plenty, there is one great flaw: Europe is living far beyond its means. It is dragging its feet on the...
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