Europe
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Snapshot,
January 12, 2012
The problem isn't weak EU economic policy, it is that no country has reason to live up to its obligations or to force its partners to do the same. What Europe really needs is a sovereign credit club; at the cost of accepting certain performance standards, countries would join to get access to low-cost capital.
Intelligent observers of Europe in the 1930s thought its future belonged to communism or fascism and would have ridiculed the notion that decades later the entire continent would be democratic. New books by Jan-Werner Müller and Eric Hobsbawm illuminate the changing fortunes of the continent’s great ideologies.
Essay,
Jan/Feb
2012
The collapse of the euro is no accident; the seeds of the crisis were planted before the monetary union even began, argues a former chair of the Council of Economic Advisers. It never made sense to yoke so many different economies and cultures together—yet they now find themselves trapped in a union that leaves no means of escape.
Letter From,
December 13, 2011
Ireland's economic turnaround in the 1980s is generally credited to fiscal measures similar to the ones other European countries are now implementing. But those policies were painful and won't even work this time.
Letter From,
December 13, 2011
Before the first World War, Greek cities successfully managed their own affairs. Then modernization brought centralization, which paved the way for the current crisis. Now the country needs to get back to its roots.
Snapshot,
November 28, 2011
Markets are reeling because Europe's leaders have only offered up half-measures to resolve the crisis. Not until Brussels, Paris, and Berlin realize the fundamental flaw in their current approach -- a lack of real political and economic integration across the eurozone -- will there be an end in sight.
Snapshot,
November 21, 2011
Monti’s appointment fits an established Italian pattern: fiscal laxity under populist center-right governments followed by brief emergency periods of technocratic austerity under the center-left and EU. To make fiscal responsibility stick this time, Brussels should back Monti as he builds up a popular mandate for gradual reform.
Snapshot,
November 17, 2011
The national election turned over Spain's government, but the remedy on the way -- fiscal austerity as pushed by Berlin and the European Central Bank -- will only make Madrid's problems worse. Cutting will not save the euro.
Snapshot,
November 17, 2011
As the eurozone's biggest economy, it was Germany's job to stabilize the system when the first signs of financial trouble appeared. Instead, it did precisely the opposite. Whether the euro survives depends on Frankfurt finally assuming its role as leader.
Snapshot,
November 15, 2011
The new government must quickly enact unpopular reforms to right the country's economy. This may cost its leaders their careers, but a consensus plan would be toothless and would come too late.
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