America and the Euro GambleIssue: Fall 1998
As the American foreign policy establishment has been preoccupied in recent months with such things as the fall of Suharto, the Indian bomb, and Kosovo--all serious issues--an event of much greater long-term significance has received scant attention.
This is the adoption of a common currency--the euro--by the members of the European Union. This has the potential of changing the basic structure of world politics by bringing the brief era of the single superpower world to an abrupt end. For a common currency implies political unity. While Americans worry about the emergence of China as a rival that will challenge the supremacy of the United States, a United Europe will be a much better equipped and more convincing candidate for that role.