MONEY: A Floating Fellowship

One crucial question raised by the latest monetary crisis was less financial than political: Could the nine members of Europe's Common Market agree on a joint solution to the speculative assault on the dollar and some of their own currencies? If the answer turned out to be no, the drive toward a more tightly knit Continent would have been dealt a major blow. But last week six of the nine worked out a plan that they could accept—and the other three eventually may join. As a result, official currency exchanges are scheduled to reopen this week, after an extraordinary...

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