The Dutch have a severe balance-of-payments deficit, and with wages up 36.5% in three years and living costs climbing 5% annually, inflation is higher than any European neighbor.

Hans Brinker, Holland’s storybook skating whiz, needn’t hock the silver skates — not yet. But the way the Dutch economy is going, the occasion may arise. Holland has a severe balance-of-payments deficit, and with wages up 36.5% in three years and living costs climbing at an annual rate of 5%, the…