Cold Feet on the Dance Floor

With Britain joining Europe's monetary club, the partners may squabble even louder about how closely to embrace one another

It had to happen. The euphoria felt by a continent awakening to its full potential after 45 years of cold war could not last. In the rush toward a united Europe in 1992, the European Community's toughest problems had been pushed to the sidelines, and the excitement over communism's collapse obscured the new dilemmas posed for the West by the political and economic needs of Eastern Europe. What no one could have anticipated was the speed with which the gulf crisis, and its attendant threat of recession, made matters worse by exposing some of Europe's illusions and sharpening some of its...

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