EC: Back to the EC drawing board.

After the debacles of 1992, EC architects need to cast a cold eye on policies.

The collapse of the exchange rate mechanism (ERM), even if only temporary, has left a pile of tangled wreckage cluttering Europe's unification track, and a clear Non from the French voters on Maastricht would unquestionably have put the locomotive itself into rapid reverse. But although Mitterrand's fellow-citizens finally decided against rejection, lack of enthusiasm has thrown the whole future direction and destination of the single market project into profound doubt.