Only a few years ago, Western Europe seemed overwhelmed by a malady known as Europessimism. Now the mood is closer to Europhoria. And with good reason: from Scandinavia to Italy, most countries are enjoying annual economic growth in the comfortable 2%-to-4% range, stock markets are strong, and corporate profits are robust. Most impressive, West European exports have surged by 33% in the past three years, from $689 billion in 1983 to $916.4 billion in 1986. With the U.S. alone, Western Europe enjoyed a trade surplus of $18.2 billion last year, a sharp contrast to the $2.9 billion deficit of 1983.
That...
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