January 1,1993, anda common monetary policy, a single European currency, and an independent central bank were to be es- tablished the end of the decade. Today, how- ever, it isdear that that schedule willnot be kept. Europe's borders are now largely open, but the rest of the ambitious project is shrouded in doubt.
Monnet's heirs reached the depths of de- spond in early August when EC finance rninis- ters took a giant step away from monetary union. Seeking to stop frenzied selling of the French...