Post-Austerity Europe Gropes for a Game Plan
In Spain, King Juan Carlos proposes to give up his 136–foot yacht (although there is bickering over who should get it). In France, President Francois Hollande just raised $390,000 by selling 1,200 bottles of wine from the Élysée Palace cellars…
Europe’s New Path: Austerity with a Human Face
It did not take long for those flying the flag of fiscal austerity in Europe to turn tail. A week ago in this space I asserted that it was the beginning of the end for the “austerians.” I was too…
European Austerity Does a 180 as Lagarde Weighs In
It will not be long before we look back on this year’s meetings of the International Monetary Fund and the World Bank, which conclude Monday, and see a turning point in the global economic crisis. Europeans, who have suffered the…
Cameron Rolls the Dice on Britain’s EU Future
Let there be no question about Britain. After Prime Minister David Cameron’s speech last week, there is a strong chance that the UK will abandon the European Union. Indeed, if a vote were held tomorrow Britons would choose by a considerable…
EU Crisis: Protect the Euro or Ensure Stability?
Most of us thought the crisis in Europe had to do with holding the euro together. It is not so simple after last week’s tumult—in Greece, in Portugal, in Spain, even in Germany. What is at issue now is not…
As Merkel Goes, So Goes the European Union
The European Union is likely to take a step to finalize the Continent’s economic and financial recovery strategy. And make no mistake: We all have an interest in this phase of Europe’s protracted struggle to reshape itself. This Thursday, Mario…
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…
Save the Euro! The Risky Option that Could Work
Last week was miserable for those hoping the eurozone holds together and its 17 members remain part of the world’s first common-currency union. The bad news kept coming straight through Thanksgiving. But does it all add up to the collapse…
Merkel’s Bold Rejection of Nuclear Power
The continuing fallout from Japan’s Fukushima nuclear disaster has taken us well beyond disrupted supply chains. Case in point: Chancellor Angela Merkel’s just-announced decision to turn Germany into a nuclear-free economy within a decade. The move by Merkel, who is meeting…
The Deficit: Congress Fiddles as America Loses Ground
The recent news from Germany is encouraging for Europe—and sobering for the U.S. Beating all forecasts, unemployment has plunged to its lowest level in nearly 20 years. Business and consumer confidence is hitting records. It is getting hard to flinch…
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