Periscope.

Newsweek International, March, 2006

Byline: Karen Lowry Miller (Joe Cochrane Michael Isikoff David Gates John Ness Quindlen Krovatin)

Europe: Battle of the Borders

European politicians rarely resurrect the ghosts of the Great War, but a move by France to block an Italian bid for the utility Suez provoked Finance Minister Giulio Tremonti to warn last week of an "Aug. 14 effect"--a reference to the starting date of World War I. Was it hyperbole? Europeans probably won't start shooting each other over electricity. Yet this nationalistic "World Cup economics," says Paul Hofheinz of the pro-reform Lisbon Council, "could spin out of control if people unravel what creates prosperity, such as open markets and free trade." And the pressure is only going to get worse. Cross-border M A is booming...

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