At Last, a Smart Life-Saving Plan for Europe
Whatever it takes” seems to have acquired a totemic meaning among the world’s central bankers. It has long been among the favored market-calming phrases uttered by Ben Bernanke, chairman of the U.S. Federal Reserve. Now Mario Draghi, head of the…
Europe’s Juggling Act: Cuts, Tax Hikes, Bailouts
On the face of it, last week did not look like a very good one for Europe—not if you think it is time to push growth as well as fiscal discipline. Just days after Spain announced a $79 billion package…
How the EU Got Its Mojo Back–19 Summits Later
LONDON— By my count it took 19 European Union summits since the Greek economy began to crack three years ago, but EU leaders have finally finished dithering. At the summit in Brussels last week, we can now look forward to…
EU Crisis: This Week Could Change the Global Economy
LONDON—This looks like “the week that was” for Europe, as it prepares for a European Council summit in Brussels this Thursday and Friday. As of Monday evening, a 10-page draft document will begin circulating among EU leaders, outlining a new,…
After Greece: Radical Overhaul of EU is Next
LONDON—Most of Europe breathed an almost audible sigh of relief late Sunday evening, when the results of the most important elections in modern Greek history became clear. The center-right New Democrats, which took 29.7 percent of the vote, are firmly…
Spain Cuts a Deal: How Short is the Leash?
LONDON—As recently as last Friday Spanish officials, including Finance Minister Luis de Guindos, were offering investors and the markets sanguine reassurance that, no, there would be no need for a European rescue plan for Spain’s ailing banks. Spain could handle…
EU Crisis: How to Avert a Global Economic Depression
Remember back in the 1990s, when globalization was supposed to be the greatest thing since Saran Wrap? Maybe someday it will prove to be so, but right now we are walking on the dark side of the moon. Everything seems…
The Eurozone’s Biggest Challenge: Fear and Panic
It did not take long for the euroskeptics and lemmings to re-emerge in Europe. In a matter of days after the Group of 8 industrial nations met to pledge growth as the Continent’s “imperative,” we now seem to be a…
Will Germany Swallow Inflation to Save the EU?
This weekend’s G-8 summit at Camp David, the U.S. president’s retreat, marks a big step for Europe in several different ways. After a couple of weeks of waffling, German Chancellor Angela Merkel now appears ready to deal on a new…
Will Europe Lose the War Between the States?
The Greeks did something interesting Tuesday morning. In a highly controversial decision, Athens announced that it would pay those bondholders who refused to participate in last March’s debt swap. Just 3 percent of Greece’s private creditors hold $552 million in bonds…
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