The eurozone, once seen as a crowning achievement in the decades-long path of European integration, is buffeted by a sovereign debt crisis of nations whose membership in the currency union has been poorly policed.

Even as Greek leaders agree to new austerity measures, the IMF is calling on Greece's official creditors to take losses on its bond holdings. Analysts and policymakers increasingly question the wisdom of EU-mandated austerity measures at the expense of growth.

President Obama gave these remarks on February 9, 2012 regarding the "landmark settlement with the nation's largest banks that will speed relief to the hardest-hit homeowners, end some of the most abusive practices of the mortgage industry, and begin to turn the page on an era of recklessness that has left so much damage in its wake".

Peter Orszag wants the United States to rely more on automatic stabilizers to stem the shocks from recessions.

Sebastian Mallaby proposes that Mitt Romney declare war on America's addiction to debt.

The White House describes this January 2012 document: "In his State of the Union address, President Obama laid out a Blueprint for an America Built to Last, calling for action to help responsible borrowers and support a housing market recovery. While the government cannot fix the housing market on its own, the President believes that responsible homeowners should not have to sit and wait for the market to hit bottom to get relief when there are measures at hand that can make a meaningful difference, including allowing these homeowners to save thousands of dollars by refinancing at today's low interest rates. That's why the President is putting forward a plan that uses the broad range of tools to help homeowners, supporting middle-class families and the economy."

The treaty establishing the European Stabilisation Mechanism was signed by the Eurozone states on February 2, 2012. It awaits ratification to enter into force.

Political and business leaders at the World Economic Forum in Davos are focused on the ongoing eurozone sovereign debt crisis, with some cautioning that Germany is not doing enough to resolve the crisis and facilitate growth.

The ECB and EFSF could do what the ECB alone cannot, writes George Soros.

Fears of a U.S. sovereign debt crisis akin to some eurozone economies may be overblown, but a large deficit poses serious challenges for policymakers struggling to balance short-term economic recovery with debt reduction in the long term.

Peter Orszag examines recent U.S. trends in retirement to better understand how the weak economy is affecting older workers.

U.S.-based rating agencies--still reeling from a loss of credibility for being too lenient with risky financial institutions in the run-up to the global financial crisis--are once again under intense scrutiny following S&P's unprecedented downgrade of U.S. debt. The move comes on the heels of intense criticism by EU officials, who contend the raters have accelerated the European sovereign debt crisis.

Policymakers and market actors are increasingly concerned about a disorderly Greek default, while many analysts question the wisdom of Germany's strict austerity approach to the escalating eurozone sovereign debt crisis.

In addressing capitalism's critics, Sebastian Mallaby champions hedge funds as appealing alternatives to too-big-to-fail institutions.

Senator Rob Portman (R-OH) and Stone Point Capital Chairman Stephen Friedman discuss rebooting the American economy and global economic challenges in this CFR meeting.

Another eurozone mini-summit is underway today but investors continue to doubt EU leaders' ability to address the sovereign debt crisis, even as banks face a liquidity crunch.

Peter Orszag writes that investment in equipment and software is likely to remain a bright spot in the U.S. economy in 2012.

EU leaders are moving forward with a new fiscal compact, but doubts persist over the agreement's legality and its ability to stem the tide of eurozone sovereign debt contagion.

Michael Spence says too much blame has been heaped upon currencies for the West's economic woes.

This report explains why U.S. policymakers must reduce all three deficits, not just the budget deficit, through targeted public investment in innovation, productivity, and competitiveness.