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How Europe's Crisis Could Hurt the Global Economy
While Greece is at the epicenter of the troubles right now, the economic effects of the European Union crisis could be profound and global
In Greek mythology, the prophetess Cassandra was doomed both to tell the truth and to be ignored. Our modern version is a bankrupt Greece that we seem to discount
France: Socialism Bombs Out Again
Once again, socialism has put a silver fork in itself. Standard & Poor's downgraded France's credit rating, giving the country the side-eye on its claims to have its debt under control
In Spain, two new satellite TV stations recently signed on. They won't be airing 'Judge Judy,' but instead are broadcasting Islamic theology and political propaganda
Nearly 10 years ago, Secretary of Defense Donald Rumsfeld provoked outrage by referring to 'Old Europe.' Yet the more things change in Europe, the more they stay the same
Brussels Agreements Increase German Role in EU
The great economic crisis has given birth to a smaller and tighter monetary union in Europe, under the influence of a Germany that is undergoing a certain estrangement from its European partners. This amounts to a possibly dangerous wager on what the European Union will ultimately become
Council of Europe: The Soft Power Twin
Denis MacShane looks at some of the issues raised by Martyn Bond's book, The Council of Europe: structure, history and issues in European politics
The euro should now be recognized as an experiment that failed. The political goal of creating a harmonious Europe has also failed
German Chancellor Warns Financial Crisis Solution Will Take Years
German Chancellor Angela Merkel has pushed for stronger rules against overspending as the long-term answer to Europe's debt crisis and says the fixes for the eurozone's flaws must be written into changes in the basic EU treaty
United States and Europe Threaten Their Own Energy Independence
Decisions by Europe and America in the past month have pushed away Canada and its oil overtures under the guise of environmentalism -- which is turning out to be the new protectionism. And for what? So America and Europe can explore more 'green-friendly' petroleum deals with unstable Middle Eastern and African regimes?
This time exactly 10 years ago, in December 2001, Argentina was sinking under the weight of its debts and hardly anyone was watching. In Argentina, you could feel the relentless slide towards catastrophe
Stage Set For 2012 Euro Cup Finals
The stage is set for the 2012 Euro Cup following Friday's draw that saw host Poland and Ukraine getting the top draws while Spain placed in a tougher group. Poland was drawn in Group A along with Greece, Russia, and Czech Republic
What Happens if Italy's Economy Collapses?
While Europe panicked about Greece, Italy drew closer to the brink of economic ruin. No one was paying attention while Rome was burning. Until recently
Troubled Spain Elects New Leadership
The Spanish people rejected the ruling Socialist government in favor of the center-right Popular Party, electing Mariano Rajoy as the new prime minister and handing the party an absolute majority in parliament. Yet the results of the election highlight the gap between Spain and its southern European brethren
Europe's Crisis and the Radical Right
The severe economic upheaval in Europe has not been matched by a political resurgence of the radical right. Why is this and could it still happen?
Europe's Crisis: Beyond Finance
Everyone is wondering about the next disaster to befall Europe. Italy is one focus; Spain is also a possibility. But these crises are already under way. Instead, the next crisis will be political, not in the sense of what conventional politician is going to become prime minister, but in the deeper sense of whether Europe's political elite can retain power
Public squares are the heart of Europe's cities. Squares are the perfect venue for coffee-sipping and people-watching. Here are a few of Europe's best
What's New in France and Spain for 2012
While their economies may be undergoing turbulence in 2012, positive changes in France and Spain are also in the air -- making this year a good time to touch down in these essential European destinations
The dominant view has been that the Greek debt is the creation of a clientelistic political system that has historically resulted in a bloated public sector, unable to collect taxes. This is not a serious view
The international monetary system rests on just two currencies: the dollar and the euro. They are essential to global trade and finance. Were they not widely accepted, the global economy could not sustain current levels of international trade and investment.
Globalization and the Threat to the West
Thanks to globalization, a crisis of governability has beset the Western world. The mismatch between the growing demand for good governance and its shrinking supply is one of the gravest challenges facing the West today
Balancing the East, Upgrading the West
The United States' central challenge over the next several decades is to revitalize itself, while promoting a larger West and buttressing a complex balance in the East that can accommodate China's rising global status
Uncertainty Rises as Eurozone Crisis Deepens
With no end in sight for the two-year-old euro crisis, the question now is can the EU survive it while remaining united?
What made Europe a compelling political, economic, and social alternative wedged between Anglo-American free marketeers and Soviet nomenklatura is rapidly becoming a thing of the past
Balkans: EU Will Help But Countries Must Reform
Leaders in BiH, Kosovo and Serbia must take steps to put their countries on the right track and prevent the region from sliding backwards, EU parliamentarian Doris Pack says
Restructuring Euro Debt and Latin Lessons
Comparing past sovereign restructurings, William R. Cline, a senior fellow at the Peterson Institute for International Economics, says that Uruguay's orderly default in 2003 offers a constructive example for Greece. The tentative Greek plan is similar to the path Uruguay
Why Does America Defend the Weak and Small?
Only the United States seems to have an affinity for protecting tiny, vulnerable countries. Israelis, anti-communist Chinese, Kurds, Greeks and Armenians have a few things in common. They have relatively small populations, aggressive neighbors, few strong allies, many expatriates and refugees in the United States, and a tragic history of persecution and genocide
France Planning Eurozone Breakaway
The current European Union is under threat no longer just from the debt contagion caused by weaker members, but also by plans of more prosperous members to form a breakaway group
Senior Banker Lucas Papademos Named New Greek Prime Minister
Senior banker Lucas Papademos was named to be the new prime minister of an interim Greek unity government that seeks to agree upon a new European debt deal and thwart national bankruptcy for the financially ailing country
Italian Debt Reaches Unsustainable Level
With Italy's debt ballooning to over $1.5 trillion, some leaders are now asking if the country has reached a point of being beyond rescue. The offer by Italian Prime Minister Silvio Berlusconi to resign from his post had failed to slow down the financial turmoil
Changes Spice Up Northern Europe in 2012
Travelers to Germany, Switzerland, and Scandinavia will encounter their share of renovations, red tape, and reinvigorated neighborhoods and sights this year
2012 could be the make-or-break moment for the embattled eurozone. Europe could either continue on the path of ever-greater integration - or return to being a regional group of rival states.
Cyprus Gas Discovery Raises Political Stakes
The discovery of large quantities of natural gas offshore Cyprus could give a push for ending the decades-long dispute dividing the island. But it could also end up ratcheting up tensions with Turkey
Italian Prime Minister Calls For Unity to Save the Eurozone
Italian Prime Minister Mario Monti announced his new government has plans to get Italy out of its recession while calling on other nations to mount a 'united response' to the eurozone debt crisis
The Double Dilemma Facing Weaker National Economies
At the heart of this particular crisis is the unpleasant fact that the common European currency project is, in its present form, simply not working
Bank of England Warns U.K. Banks that Eurozone Crisis Poses Biggest Threat
The head of the Bank of England issued a strongly worded warning to United Kingdom banks to get their financial houses in order to shield themselves from repercussions from the eurozone credit crisis
Europe, the International System and a Generational Shift
The financial crisis had its greatest impact in Europe, where it is triggering a generational shift. Since 1991, the idea of an integrated Europe has been a driving force of the global economy. Europe also has been presented as an implicit alternative to the United States as the global center of gravity
The Perverse Side Effect of the Euro
We may be looking at the possibility of a worldwide financial meltdown
Europe's Woes Make Their Way Across the Mediterranean
Europe's seemingly intractable financial crisis is threatening to make itself felt across the Mediterranean in the economies of North Africa that can least afford another blow, economists say
Europe's Crisis Is a Global Issue
This burgeoning threat has been framed as a uniquely European problem; one Europeans should ultimately solve. However, this perceived European problem now poses a threat to the economic stability of the entire world
Europe's Economic Measures Too Little Too Late
The euro area has a real-time debt crisis already; the United States has a slow-fuse possible future debt crisis. The euro zone has unnecessarily provoked contagion from Greece to first Ireland and Portugal and now Italy and Spain
Crisis Gratuitously Self-Inflicted
In both Europe and the United States, the current public debt woes are attributable to mistakes made by political leaders going back more than a decade
Europe's Structural Reforms Are Serious
The markets are tumbling, the euro is crumbling, but I'll say it anyway: Europe is doing a better job handling its debt crisis
Europe: Cruising Through the Back Door?
Among European travelers, more and more people are cruising. Of course, cruising is -- in many ways -- an anathema to the 'back door travel' philosophy that I've been preaching for 30 years. But I've learned it can be done thoughtfully and independently
Assessing the Damage of the European Banking Crisis
Europe faces a banking crisis it has not wanted to admit even exists
Global Financial Regulation:
Goal Many Espouse But Can It Be Done?
Calls for a more coordinated system of international financial regulation have been growing as the Occupy Wall Street protests in New York inspire similar demonstrations around the world
Democracy in Revolution: the Mediterranean Moment
By showing us the possibility of democracy in revolution, the Mediterranean has ignited a revolution in democracy, one that is redefining the meaning of both terms
Eurozone exit rules would decrease the probability of a breakup of the Eurozone by enhancing market discipline, increasing the political bargaining power of EZ members vis-a-vis the profligate countries, enhancing internal discipline in the profligate countries, and reducing market uncertainty
Riots and Revolutions in the Digital Age
For the Arab Spring it was Twitter; for the summer riots in London it was BlackBerry Messenger. The latest technology is helping to accelerate 'information cascades', where people make decisions based on what they see other people doing -- and getting away with
Eurozone Rescue or Recession? Fallout of the October Package
It was short-term good news in that it defused 'the bomb' -- the possible catastrophe vortex of failing banks and defaulting sovereigns. The bad news is that it will induce a recession. Banks will create a credit crunch in trying to meet capital adequacy ratios, and the new austerity will create a fiscal contraction
When Do You Know You Have Crossed a Watershed?
Each age becomes mesmerized by its own technological revolutions, so I am going to focus upon something rather different: indicators of changes which suggest that we are approaching, or may even have crossed, certain historical watersheds in the hard worlds of economics and politics
Behind Europe's Debt Crisis Lurks Another Wall Street Bailout
If you want the real reason for concern in the United States about what's happening in Europe, follow the money. A Greek (or Irish or Spanish or Italian or Portuguese) default would have roughly the same effect on our financial system as the implosion of Lehman Brothers in 2008. That is, financial chaos
Sluggish America Can Still Be a World Leader
A new survey shows that a majority of Europeans want the United States to continue exerting 'strong leadership in world affairs.' One wonders why Europe holds so much faith in America right now when Americans, trapped in a deep national malaise, have so little faith in themselves
Solving A Deadly Eurozone Sovereign Debt Crisis
Time is running out for EU leaders to put an end to the Eurozone crisis. This column explains how leaders could find a definitive solution to Greece insolvency, isolate solvent countries from possible Greek contagion, improve EU governance by creating a true European parliament, and refocus on a pro-growth policy mix
Recession Fears Fade But Euro Debt Crisis Still Looms
After a shaky start to the third quarter, the economy has found firmer footing, avoiding the double-dip recession that seemed imminent this summer. But don't celebrate just yet -- economists still expect a long, hard slog to a sustained economic recovery
Animal Spirits: Shaping Patterns of Economic Growth
'Birds of a feather flock together,' the old saying goes. So, too, do investors. Increasingly, talk is of a 'double-dip recession', 'Euro zone collapse' and the United States and Europe 'turning into Japan' -- that is, experiencing years of economic stagnation
Better Ways Forward for the European Union
The European Union is presently a source of great instability that leaders have yet to tackle. This column argues the current policy response is misguided. The adjustment programmes are bound to fail to achieve sustainable budget deficits, and may result in an unprecedented destruction of economic activity
Preserving the Past at Europe's Folk Museums
Many people travel across the Atlantic in search of 'Old World' Europe and to witness traditional culture in action. These days, the easiest way to experience traditional culture is by exploring Europe's great open-air folk museums
Euro Zone Rescue: Deja Vu All Over Again
The crisis won't be over until the underlying flaw of the euro is fixed -- namely the separation of monetary and fiscal policy. German public opinion has to realise that the euro was built on imperfect foundations and that these imperfections must be corrected. Meanwhile, the Italian president of the ECB will need all his technical and political expertise to keep the Eurozone together
European Union Leaders Reach Deal on Greece, but Worries Remain
European Union leaders have brokered a deal to reduce Greece's debt and hopefully stem the continent's lingering debt crisis. The deal is a major move forward, but it is still only one step in restoring stability on a continent beset by economic woes
Can Europe's Divided House Stand?
Conventional wisdom has it that the eurozone cannot have a monetary union without also having a fiscal union. Euro-enthusiasts see the single currency as the first steppingstone toward a broader economic union, which is their dream. Euroskeptics do, too, but they see that endgame as hell -- and would prefer the single currency to be dismantled
EU Leaders Announce New Eurozone Rescue Deal
EU leaders announced a new plan to contain the debt crisis in the euro area, after private banks and investors agreed to write off 50% of Greek debt from their books
Crowds and Constitutions: Insights from Iceland
Iceland's economic meltdown has led to a change in its constitution. This can be a lesson for other countries
Exporters Armed Arab Spring Crackdown
Repressive regimes of the Middle East and North Africa had all the equipment they needed to quash Arab Spring protests, thanks to arms exporters
Dexia Bank's Collapse and the European Financial Crisis
Peter Zeihan discusses the collapse of the Franco-Belgian bank Dexia and examines its effects on the European debt crisis
Slovakia Thumbs Down on Euro Bailout Fund Hike
Slovakia rejected the proposed expansion of the European Financial Stability Facility. The measure was defeated by 21 votes after eight hours of debate by Slovakian parliament members
European Crisis: Precise Solutions in an Imprecise Reality
The plans all are financial solutions to a particular set of financial problems. But regardless of whether they are realistic in addressing the financial problem, the question of whether the financial issue really addresses the fundamental dilemma of Europe -- which is political and geopolitical -- remains
Greek Anger and Greece's Survival
As Greece teeters on the brink of bankruptcy, the simmering resentment by workers, pensioners, the poor and youth for carrying the weight of the country's recovery seems to be boiling over
A Win-Win Strategy for Investors in Greece
This column outlines a 'win-win' strategy for restructuring Greek debt that it argues would minimise the impact of a default and buy Greece and the rest of Europe some precious time
United Kingdom Riots: State of Denial
However kindly you look at it, the United Kingdom's economy is broken and so are significant parts of our society. How worried should we be? Just over twenty years after that infamous 'end of history' and triumph of western capitalism moment, have we now reached the nemesis point?
German Parliament Approves Hike in EU Loan Guarantees
The Bundestag, Germany's Parliament, agreed to increase the country's guarantees on European Union loans to $284 billion from $167 billion
Preparing for Greece's Failure
Peter Zeihan examines the obstacles to Greek prosperity and the challenges in ejecting Greece from the eurozone. Find out why Greece isn't salvageable, and why Europeans need at least 2 trillion euro to kick it out of the eurozone without triggering financial catastrophe
France Teetering on Edge of Financial Precipice
France, like all of Europe, is caught in an economic tsunami, and France is teetering at the edge of the precipice. Every week, it seems, presidents and prime ministers hold urgent meetings searching for a solution, culminating with the G-20 convocation recently. Still, the problem grows only worse
Why Care About the French Presidential Race
For most people, the knee-jerk reaction to an event on the other side of the world is, 'Why should I give a toss what happens in France?' While such foreign-policy prowess might be a hit at the local pub, would it really be smart to ignore an election that will impact everything in your life for which you pay or require borrowed money? Bear with me as I explain
Greece's Youth: 'I Have No Hope'
Degrees in hand but no jobs and few prospects, many of Greece's young say they'll reluctantly abandon their near-bankrupt country and look for work and a new life in other countries. Others are just resigned
Was the IMF Program in Iceland Successful?
According to the IMF, Iceland has graduated from its Fund-supported programme with unqualified success. This column begs to differ
Study Estimates 3 Million British Children in Poverty by 2013
The falling standard of living, coupled with the economic slowdown and government reduction of tax breaks and social benefits, will lead to 3 million children in the United Kingdom living in poverty by 2013, the Institute for Fiscal Studies forecast
NATO and Russia: Missile Defense Sticking Point?
NATO, Russia and Missile Defense mark a triangle which contains political promises but also the danger of failure and friction
Russia's Arctic Embrace: Cold War Reloaded
Welcome, world, to 'Cold War Reloaded: The Arctic Frontier.' Time to pull the pin out of the top of that dusty globe you have on your desk and have a look at the battle line of the future -- rife with oil and high-value raw minerals
Cyprus: Waters Roil in Eastern Mediterranean
Once the preserve of fishing boats and yachts, in the space of just a few weeks the serene waters of the Eastern Mediterranean have become a field of contention. As Greek Cyprus begins exploiting its potentially vast gas and oil reserves, Turkey asserts its growing role as a regional power, and a worried Israel is pushing back
Pot Calls Kettle Risky: The Wit and Wisdom of Tim Geithner
Just the other day, Mr. Geithner was solemnly lecturing European policymakers on the dangers of not getting their financial house in order. That's right: The American secretary of the Treasury was telling other governments to beware of out-of-control spending
Why Europe Still Deserves a Place in Your Portfolio
Europe might seem too treacherous for investors just now. The region's broader stock market is down more than 20 percent so far this year. But some asset allocation advisers and fund managers believe there is a place for European exposure in a diverse portfolio that can tolerate at least some level of risk
EC Recommends Serbia Gain EU Candidate Status
The European Commission has recommended Serbia to win EU candidate status, assuring it to grant EU entry to the Balkan state once it makes necessary progress in its relations with Kosovo, which has declared itself as an independent state
European Union Carbon Cap on Airlines Legal
European Court of Justice Advocate General Juliane Kokott ruled that the European Union proposed cap on airlines, which applies even to North American carriers, is legal
Fiscal Union for the Euro: Some Lessons from History
The single European currency is the first of its kind, something that many argue is the root cause of its troubles. The chief lesson, however, from the history of the next best thing, federal states with common currencies, is clear : no bailouts
Despite Austerity Measures Greece Will Still Miss EU Budget Cut Targets
Despite drastically cutting its national budgets for 2011 and 2012, Greece will still miss the targets set by the European Union and the International Monetary Fund. Greece, which adopted the 2012 draft budget, blamed the failure to the worsening recession
Greek Workers and Pensioners: The Damage Is Done
EU Candidate Status Rejection Means Less Money for Albania
Albania-Kosovo Agreement Rekindles Old Suspicions
EU Urges Kosovo to Plan New Strategy for North
Greeks to Face Further Tough Measures
Greece Working to Convince EU it Can Meet Austerity Demands
Erdogan Pushes for Common Future with Balkan States
Turkey's Sinking Lira Defies Soaring Economy
Germany and the US: Toward a 'Special Relationship'?
Britain - Russia: Beyond Politics
Eurozone Pushes Greece to Speed Up Economic Reforms
Turkey's Neo-Ottoman Foreign Policy
The Crisis of Europe and European Nationalism
Merkel: Europe Must Avoid 'Uncontrolled' Greek Default
Kosovo an Obstacle to Serbia's EU Bid
Germany: The Beleaguered European Island
The Eurozone Debt Crisis: Why the IMF Proposal is Flawed
Should We Break Up Britain's Banks?
Innovation and Foreign Ownership: New Evidence from Spain
European Union Spending Cuts and Tax Hikes Hurt GDP Growth
Eurozone Manufacturing Slowing
Who's Worse Off: Europe or the United States?
German Tiger or European Growth Engine?
Eastern Mediterranean Olive Oil Producers Seek Markets in Far East
Collateral Deals will Have Negative Impact on Greece
Greece Forecasts Economic Contraction to be Worse than Expected
The Politics of the London Riots
Multiculturalism and Dutch Political Culture
Is Germany the New Safe Haven?
Norway Attacks a Tragic Result of Failed Immigration Policies
Norway: Breivik's Real Enemy: Himself
Eurozone Crisis: Greek Tragedy
Is Italy on the Brink of Debacle?
Italy: Barbarians -- in Suits -- at the Gates
European Debt Crisis: Could Italy Be Next?
Looking at Greece in the Argentinean Mirror
A Cyprus Solution By The End of The Year?
The Rise of Turkey in the Balkans
German Unions Seek Return of Midday Napping Tradition
Russia Has Syrian Blood on Its Hands
Turkey: Constitutional Overhaul?
The Secrets of Germany's Economic Success
Greece and EU Attempt to Avoid Disastrous Default
Greece Passes Second Austerity Legislation
Greece Should Not Be About Austerity, It's About The Future Of Democracy
Greek Crisis: Brace for More Volatility in Financial Markets
Violence Mars Strikes in Greece
Papandreou Seeks Greek MPs Support For Austerity Plan
Saab Unable To Pay Employee Wages
KLM To Power European Flights With Used Cooking Oil
Spaniards Protest Against Euro-Pact and Austerity Measures
Greece Is The World's Least Credit Worthy Nation
2 Bright Spots in Europe: Denmark and Norway
Exploring Europe's Natural Wonders
Turkey's Dilemma: Economy or Constitution
Turkey: Elections and Strained U.S. Relations
Libyan Intervention Displays Complexities of a United European Foreign Policy
Serbo - Croat Relations: Addressing Injustice
Visegrad: A New European Military Force
IMF's Crisis-Management Challenge
Dominique Strauss-Kahn Scandal an Embarrassment for France
NATO: Lessons From Libya [Continue ...]
United Kingdom: Forged In The Crucible Of Austerity
United Kingdom: Democracy As Conflict Prevention
United Kingdom: Military Defense Test Case
British Defense Policy: MoD Mess
5 Economies Worse Off Than the United States
How to Save the Euro and the European Union
Unexpected Revelations in Libyan Intervention
The Case for (and Against) European Stocks
A G-Zero World: New Economic Club Will Produce Conflict Not Cooperation
The Euro: Until Death Do Us Part
Who Do You Call If You Want to Divide Europe?
NATO Summit Unlikely to Answer the Most Important Questions
Franco-German Call for Change in the EU Meets with Much Opposition
Religion's Growing Influence in International Politics
Moscow's Modernization Dilemma: Is Russia Charting a New Foreign Policy?
Pax Ottomana? The Mixed Success of Turkey's New Foreign Policy
Verdun, France: A Lesson About War
French Demonstrations Tell a Familiar Tale
Fools Rush in Where Europe Rushes Out
Can NATO Nudge Russia Westward?
A Divided and Insular European Union
'Europe Looks East' Hints at the Future
United States Could Be Alone as Europe Turns Inward
A French Leftist Ritual Takes on Sarkozy
The Power of Being Multilingual
New Russia Takes Root in Saint Petersburg and Moscow
Interdependency Theory: China, India and the West
Germany's Good Fortune Tips the Scales Against its Neighbors
NATO's Future Involves More Global Partnerships
Reality and Reform for How the EU Keeps Its Peace
Chancellor Angela Merkel's Sinking Support
Managing a More Assertive Turkey
European Union Funding Proposal Is Only the Beginning
France Offers Lesson in How Not to Integrate Immigrants
European Debt Crisis Affects Investments
Euro Crisis has American Fingerprints
Greece: Model of Socialistic Excess
European Union: A Fragile Partnership
The Brussels Wall: Tearing Down the EU-NATO Barrier
Bigger Is Better: Case for Transatlantic Economic Union
Muddling through Greece's Tremors
Greece Financial Crisis Raises Doubts About European Union
Pivot to Foreign Policy: American-Russian Cooperation
Greek Financial Debt Crisis Only Part of EU's Woes
Euro's Fiscal Policy Will Give Pause to Reserve-Currency Allocators
U.S. Allies in Europe Begin to Pull Back
Europe's Chance to Punch Its Weight: New Treaty New Influence
Europe Needs to Lose Belief in Its Own Inadequacy
Who Will Be the New Global King of the Hill
Economic Risk Spooking Investors
For Europe, U.S. Is Country That Cries Wolf
Spain Nudging European Union to Ease Cuba Stand
For a Change, Western Europe Doesn't Want to Change
Obama's Missile Defense Concession Holds Opportunity for European Security