One powerful symbol of the single market after 1992 was going to be elimination of duty-free shops for travelers on trips within Europe. But like the auto and steel industries, duty-free shops now seem likely to win a stay of execution from the European Community--until at least 1996. They will offer passengers exemptions from value-added tax and excise taxes on Dom Perignon champagne, Toblerone chocolate, and other goodies. The shops will owe their survival to heavy lobbying from European governments, which depend on their revenues to finance money-losing airports.

Before it's here, it's on the Bloomberg Terminal.