One European Market, One Step At A Time

The Jan. 1 ritual of ringing out the old and ringing in the new was supposed to have had more than the usual significance in Europe this holiday season. Europeans expected to unveil a unified economic and political superpower to rival the U.S. and Japan. Instead, 1992 turned into a year of fragmentation. That has cast a pall over the cork-popping, but Europe is probably better off building its dream one step at a time.

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