France has signed an agreement with Google, under which the search firm will set up a development fund to aid French publishers in creating digital content, in exchange for which the publishers will not attempt to charge Google for links to their on-line offerings. Everybody is happy--except the rest of Europe, which for some reason doesn't like the deal. When cooperation fails, is vigorous independence the answer? It depends. The arrangement with Google is a good idea, I think. By contrast, a French-capitalized investment bank in lieu of a satisfactory European one would not be. EU member states can go it alone only where they retain sufficient power to achieve decent results on their own.