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Reports on the decision of United States president George W. Bush to lift tariffs on imported steel. Citation of an improving economy and cost-cutting efforts by domestic steel makers as reasons behind the decision; Aversion of a trade war with Europe; Risk of losing votes from industrial states heading into the 2004 election; Failure of President Bush to announce any new steps to aid or protect steel makers and workers; Failure of Bush to mention the threat from Europe or the ruling against the tariffs by the World Trade Organization.

Reports on the dispute between United States President George W. Bush and European countries concerning the role of the United Nations in rebuilding Iraq. Bush who feels the UN should provide food and medicine; Countries that are pressuring British Prime minister Tony Blair to ensure the UN a central role in post war Iraq; Question of when U.S. will leave Iraq.

Discusses the December 3, 1998 interest rate cut by European monetary union countries. Reaction to concern about the effect of the global economic downturn; Shift of attention from fighting inflation to nurturing growth; Effect of the European rate reductions on United States economic policy makers; Scheduled meeting of the US Federal Reserve.

Discusses the European challenge to United States approaches to the world financial crisis. Views expressed at October 1998 annual meetings of the International Monetary Fund (IMF) and the World Bank in Washington, D.C.; Proposals for shifting power into an existing policy-setting committee within the IMF; European criticisms of US domestic politics and policy; Their objection to the unwillingness of the Republican-controlled US Congress to provide IMF funding.

Considers the possibility that the euro, Europe's planned single currency, will rival the United States dollar as a world currency. The European Union countries' locking of their exchange rates in 1998, in preparation for the euro's formal start on January 1, 1999; Benefits that the euro could bring to the United States' economy, including greater ease of entry for American businesses in Europe; Possible loss of prestige for United States from the euro.

States that Europe's central banks battled to head off another full-fledged currency crisis. Spain, Ireland and Norway all raised interest rates to bolster their currencies, and Denmark said it will raise rates if necessary. Even the Bank of France felt compelled to intervene in the markets to support the franc. German officials explicitly rejected calls over the weekend for a realignment of currencies to be accompanied by a rate cut by the Bundesbank.

Reports that Europe's weaker currencies continue to erode in value in a clear sign that France's narrow approval of the European unification treaty has not ended the economic upheaval of the last week. The French franc, the British pound, the Italian lira and the Spanish peseta all dropped relative to the German mark. Details. (Also, a short item on page A1: Weak currencies keep falling.)

Says that the currency markets in Europe remained relatively calm in the wake of the narrow `yes' vote in France on European unification. The lira did not disintegrate, the franc did not plummet, and only the British pound, which has been sinking in the last week, continued to fall. The outcome of the French vote increased the chances that the battered European monetary system can be held together. However, the underlying economic strains remain.

Reports that, after a futile try at defending the value of the pound, Britain dropped at least temporarily out of the European Monetary System, leaving the program of economic coordination in tatters. British efforts; Struggle in Italy and Sweden. (Related article on page D9: In politics and finance, a devaluation is costly, by William E. Schmidt.)

Reports that, on the day after the near-collapse of Europe's system of economic coordination, the currency markets stabilized and European officials reiterated their pledges to seek closer monetary cooperation. But by keeping interest rates high, Germany is making it difficult for other countries to fight recession. (Related article on page D5: Germans reject blame for the currency upheaval, by Stephen Kinzer.)

Discusses the issue of European unification. Says that, in the effort by most European nations to link the value of their currencies by maintaining relatively stable exchange rates amid a worldwide recession, they have increasingly been torn between their short-term domestic economic needs and their long-range goal of creating a single European market with stable prices and steady growth. Uncertainty of the French vote; Pressure to devalue the pound.

Reports that a decision by Finland to devalue its currency rippled through the world's financial markets, setting off yet another surge in the value of the German mark and pushing most European stock prices lower. The rise in the mark sent the dollar down again in trading in London. Fears that the corresponding decline of most other currencies would force Italy, Britain and other nations to raise interest rates rattled equity markets in Europe.

Informs about slip in stocks and bond prices in European market following a turmoil in currency status. Details on the matter.

Looks at the European market trends in 1994. Trends of the Financial Times-Stock Exchange index of London; Prospects for 1995.

Reports on the shift of investments from stocks to bonds in European markets. Following of United States markets by the European markets; Information on market and economic situation in Europe; Interest rates in the European countries; Comparison of the European markets with Wall Street.

Focuses on the unemployment problem besetting the growing Spanish economy. Data on unemployment in Spain; Factors for rising unemployment in Europe; Legislative efforts by the Spanish government to solve the unemployment problem; Projection on unemployment rate for 1995 and 1996 by Natwest Markets; Details about deregulation of labor force.

States that the United States and the European Union have decided to liberalize trade in information technology, creating a way for a broader pact, incorporating most of the world's big trading nations. Information on the agreement between the United States and Europe; Countries in support of the agreement; Attempts to link issues unrelated to technology to the trade pact; Statements from the chief European negotiator, Leon Brittan.

States that Volvo of Sweden abandoned a planned merger with Renault of France, prompting Volvo's longtime chairman to resign and throwing the future of the two big car makers into disarray. Likelihood that the plan would have been rejected; Reasons for opposition.

Says that although Europe is mired in recession, investors there (as well as from the US, Japan and other parts of the world) seem to be pouring money into stocks in the belief that interest rates across the Continent are about to begin a steady decline--a development that would help speed economic recovery and improve the prospects of European industry. London's record high; European stock markets soaring. (Related article on page D6: Dow above 3,600 in wide rally for stocks.)

Reports the raising of benchmark interest rate by Britain as a check against inflation. Previous increases by Italy and Sweden; Implications of Britain's move for rest of Europe; Change in analysts' outlook on rate cuts by Bundesbank in Germany; Description of economic scenario in Britain; Previous rate cuts by Britain; Business leaders' opinion of rate cuts; Implications of move for British Prime Minister John Major.

Reports on delays in inauguration of Channel Tunnel between England and France. Account of postponement of Eurostar, nonstop passenger rail service between London and Paris; Previous postponement of Le Shuttle passenger rail service and its reasons; Tunnel's construction cost; Financial losses to Eurotunnel due to postponement of passenger service; Reasons for delay in Eurostar's start.

Tells of the Eurofrigate program, under which European governments and weapons makers are abandoning their go-it-alone approach to arms programs and are consolidating their efforts. The pooling of technologies; Saving money for taxpayers; Efforts to remain a strong competitor to the United States; Europe's largest military contractors.

Examines how United States media giants, such as Capital Cities/ABC Inc., Time Warner, Turner Broadcasting, Walt Disney, NBC and Viacom are building networks, stations and production alliances in Europe. American investment in Latin America; European broadcasting changing from era of state ownership to commercial television and ever-increasing choices; Not a mature marketplace; Joint ventures; Examples.

Compares how government deregulation has affected the cost of airfare in the United States and Europe. Flights within Europe costing roughly twice as much as flights of similar distance within the United States; EBA Express, a low-cost alternative to Europe's higher-priced state-owned airlines. INSET: Flight patterns.

Considers European governments' deficits between 1978 and 1995, and what these governments are doing to lower them. The different deficit-reduction approach taken by European nations, as compared to the United States; Reason for this; Deficits of various nations including the United States, Britain, Canada, France, Germany, Italy and Japan.