THE feeling of déjà vu can be oppressive. In Dublin last
December, a European summit was meant to mark a decisive step in
the inter-governmental conference (IGC) that began in spring a
year ago and was meant to revise the Maastricht treaty. But the
Dublin meeting was dominated by a squabble between France and
Germany over a “stability pact” to restrict borrowing by
countries that join the single currency, the euro. The row
eventually blew over. To reassure everybody that the euro really
was likely to be launched on January 1st 1999, the first euro
banknote designs were, with much ado, unveiled.  The Amsterdam
summit on June 16th and 17th is meant, even more momentously,
actually to adopt a new treaty. Yet this summit too may be
dominated by the stability pact, which the new Socialist
government in France has refused to endorse. A deal may well yet
be struck. This time, the first shiny designs for euro coins
will be revealed. None of this will impress the markets, who
fear—or perhaps even hope—that the single-