In the end there was something for everybody. Britain could claim that it was still master of its monetary and labor policies. France could point to a firm timetable for establishing a single currency for the European Community's other 11 members. Germany, among the most Euro-minded of the Community states, could hail the birth of a "European union." And the most impoverished brethren in the group -- Greece, Ireland, Spain and Portugal -- had won the promise of money transfers from the rich states to the poor.
The summit in the medieval Dutch town of Maastricht last week, aimed at forging...