The Euro-Train Is Late

E.C. leaders paper over differences with outdated Maastricht timetables

COULD IT BE THAT THE EPIPHANY OF MAASTRICHT was only a year ago? As the heads of the European Community's 12 members convened in Edinburgh's royal Palace of Holyroodhouse, the issue was no longer whether the visionary 1991 draft treaty calling for political and monetary union by 1999 was off course. That much had been amply certified, first by Denmark's rejection, then by severe strains in an interim currency mechanism, by a festering budget crisis and finally, less than a week earlier, by a referendum in nonmember Switzerland that came down against experimenting even with a customs affiliation. The question facing...

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