At a Brussels summit, EU leaders agreed to develop a new fiscal union in an effort to preserve the indebted eurozone. Analysts say Britain's decision to opt out of the plan could dramatically reshape the path of European integration.

An agreement by EU leaders to create a new fiscal union signals a political commitment to the future of the euro. Economist Iain Begg explains why it will not immediately solve the eurozone sovereign debt crisis.

Benn Steil's Forbes op-ed explains why central banks, in spite of their money-printing powers, ultimately need real capital.

After EU Council summit talks in Brussels, at which France and Germany urged EU member states to overhaul EU treaties in an attempt to remedy the debt crisis, the UK opted out, citing the proposed financial services tax. The 17 Eurozone members and six other states agreed instead on this pact, reached on December 9, 2011, without the UK's participation.

Experts analyze the current economic conditions around the world and discuss potential threats in 2012.

CFR's Sebastian Mallaby discusses the EU summit's potential for stemming the tide of the eurozone debt crisis.

Kenneth I. Chenault, chairman and chief executive officer of American Express, discusses the upheaval in the Eurozone, the struggling U.S. economy, and the role of business in foreign policy.

Italy's budget may matter more than ineffectual Franco-German summitry, but the new agreement between France and Germany on reforming EU rules remains a reckless distraction, says CFR's Sebastian Mallaby.

This editorial discusses the advantages and pitfalls of three possible scenarios for returning Detroit to solvency.

The euro crisis could trigger another American bank failure. Wall Street is better prepared this time, but U.S. regulators still haven't mapped the new financial universe, written rules for it, or ramped up enforcement.

Janet L. Yellen, Vice Chair of the Board of Governors of the Federal Reserve System, gave this speech at the Federal Reserve Bank in San Francisco on November 29, 2011.

The National Governors Association (NGA) and the National Association of State Budget Officers (NASBO) released this November 2011 report on the fiscal condition of states.

Experts discuss policy steps taken by central banks in the United States, Brazil, and Europe, and analyze the challenges ahead.

Benn Steil's Financial News column explains why the ECB is incapable of taking Fed-size risks to its balance sheet as long as Germany is willing to contemplate its ultimate liquidation.

Experts discuss the economic, political, and social conditions in Europe and analyze what is next for Italy, France, and Germany.

Sebastian Mallaby explains why Germany should pay more to keep the eurozone intact.

The failure of the bipartisan supercommittee adds to a pattern of legislative gridlock that has left critics and international investors doubting Congress's ability to address the nation's looming fiscal challenges.

Michael Spence says Italy can be saved only if both it and the European Union commit boldly and unconditionally to aggressive action on stabilization and reform.

Edmund S. Phelps, professor of political economy at Columbia University, discusses the causes of the economic slump in the United States.

Despite the failure of a supercommittee deficit deal, budget expert Peter Orszag says there will still be opportunity for policies, such as more economic stimulus and cutting healthcare costs, to avert a U.S. fiscal crisis.