What is the name of the shortcut from Europe to Asia through North America?

Panama Canal

Another AnswerThere is another interesting answer. In the days of exploration, there was postulated a short cut. After all, there had to be a way for the water to get from one point to another, so a "Northwest Passage" was thought to exist. This passage would have been a water route that cut through the continent of North America. However it was never found because it did not exist.

Until the Panama Canal was cut, there was no way other than around the Horn of Africa, or the Horn of South America to get from Europe to Asia.