ACROSS EUROPE, THE ANGRY VOTERS OF 1992 HAVE been mounting ballot-box rebellions against their governments. In France's regional elections last month, the ruling Socialists won a paltry 18% of the vote. In Italy last week the Christian Democrats and their three coalition partners lost their governing majority. In Germany xenophobic rightists slithered into two state parliaments, breaking the single-party control of the Christian Democrats in Baden-Wurttemberg. The opposition Social Democrats barely avoided the same fate in Schleswig-Holstein.
But once again Britain refused to follow the European Community's lead. The recession was as bad there as it was on the Continent, and...