THE ECONOMY: Soaring Growth, Spiraling Inflation

FIRST-TIME visitors to Europe are usually impressed by something that its citizens now take for granted—the pervasive signs of economic growth and prosperity. London, Paris, Milan and Frankfurt are cacophonous with construction and clogged with cars. An international network of autostradas, Autobahnen and autoroutes links the Continent's major (and even minor) cities. In winter, such fashionable ski resorts as Gstaad, Chamonix and St. Moritz are booked solid; in summer, there is a mass migration from Europe's colder climes to such resorts as the Costa Brava and the Costa del Sol, as well...

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