Courtesy Reuters

What is "Europe?" The answer remains to be seen, but "smaller than it seemed last year" is one quick response, given what is happening on the edges—the disintegration of the Soviet Union and open warring in Yugoslavia. In Europe’s center the future becomes less of a guessing game. Indeed the treaties on European monetary and political union (EMU and EPU) signed December 1991 at the Maastricht summit mark a stunning success in light of the "Europessimism" of the mid-1980s. A new federation, anchored by a single currency and a central bank, is thus mandated for the end of

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