Amartya Sen writes: "Europe has been extraordinarily important for the world, which has learned so much from it. It can remain globally important by setting its own house in order--economically, politically, and socially. The first step is to understand properly, with some clarity, the policy challenges that Europe faces today. A failure to do so will reverberate far beyond Europe's own borders."
Sebastian Mallaby examines the Spanish experience with countercyclical capital buffers to argue that even the most innovative banking regulations will never take taxpayers completely off the hook when banks go bust.
Peter Orszag calls for a "combo deal" of upfront stimulus and long-term deficit reduction because it would be less risky, offer more growth, and be more likely to be enacted than a stimulus-only approach.
Charles A. Kupchan argues that though it is not too late to save the euro, it is growing too late to save the E.U, as restoring confidence in Europe's integration will prove both more decisive and more elusive.
The EU Fiscal Compact, also known as the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, was signed on March 2, 2012 by EU member states except the UK and Czech Republic.
The Council on Foreign Relations' David Rockefeller Studies Program—CFR's "think tank"—is home to more than seventy full-time, adjunct, and visiting scholars and practitioners (called "fellows"). Their expertise covers the world's major regions as well as the critical issues shaping today's global agenda. Download the printable CFR Experts Guide.