`United States Of Europe'? Don't Hold Your Breath

As Dec. 31, 1992, nears, the European Community is growing nervous about building a monetary and political union on top of its free-trade plans. Recession and political tensions are dogging much of Europe, and it's getting harder and harder to persuade the EC's 12 members to make tough decisions on what lies beyond 1992. "The closer we get to the actual date of unification," says Carlo De Benedetti, chairman of Italy's Olivetti, "the more problems seem to arise."

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