Sebastian Mallaby argues that Spain is unlikely to get control of its debt dynamics without more aggressive action from European leaders.

Sebastian Mallaby argues that the European Central Bank should embrace a weighted-vote governance structure in its plans for a new bank supervisory board.

Sebastian Mallaby considers how economic forecasters should adapt their methods to reflect today's high levels of policy uncertainty.

Benn Steil's column in Dow Jones' Financial News, co-authored with Dinah Walker, analyzes Mitt Romney's budget math. Without questioning the candidate's assumptions on growth or available sources of revenue, they estimate a roughly $1 trillion annual budget gap.

Despite an ongoing threat from North Korea, South Korea has emerged as a producer rather than a consumer of international security goods. As a newly elected member of the UN Security Council, South Korea has the opportunity to use these investments as a "middle power" and responsible leader in the international community, says Scott A. Snyder.

Benn Steil's Wall Street Journal op-ed, co-authored with Dinah Walker, shows that the Fed has effectively been targeting "risk on, risk off"—prodding investors into and out of risky financial assets—for over a decade now. He derives a rule that predicts the Fed's behavior since 2000 even better than the "Taylor Rule" did from 1987 to 1999.

Michael Spence examines the causes of recent distress in both advanced and developing economies and evaluates potential policy responses.

Gideon Rachman comments that while European Central Bank President Mario Draghi's recent promise of "unlimited" purchases of sovereign bonds will help save the beleaguered euro, it will also bring increased political and economic unhappiness in Europe.

Wolfgang Münchau writes that despite isolating himself from his peers in the European Central Bank, Jens Weidmann, president of the Deutsche Bundesbank, is actually winning the debate about future ECB policy.

George Soros explains the events that led to the recent bond purchase announcement by the European Central Bank solidifying its commitment to do whatever it takes to save the euro, and discusses the larger political implications this decision will have for the future of the European Union.

Experts analyze the current state of world economies.

This series is presented by the Maurice R. Greenberg Center for Geoeconomic Studies.

Sebastian Mallaby argues that simplicity should trump complexity as finanical regulators seek new defenses against risk.

Robert Rubin writes that the ECB would risk losing its credibility and stoking inflation if it did not impose conditionality on its bond-buying program.

Peter Orszag calls for the revival of Build America Bonds to channel tax subsidies to state and local governments for infrastructure investment.

Sebastian Mallaby argues that the conditionality of the ECB plan to resume sovereign bond purchases will blunt the intervention's effectiveness.

Sebastian Mallaby argues that policymakers must decide whether the federal government will ensure the stability of the shadow banking system.

Benn Steil's column in Dow Jones' Financial News, co-authored with Dinah Walker, provides new evidence highlighting the endemic flaws in LIBOR as both a benchmark for setting market lending rates and a central-bank metric for judging policy effectiveness.

Sebastian Mallaby argues that equity investors would prefer to have big banks broken up than forced to raise more capital.

A proposed centralized banking supervisor could help stabilize Europe's struggling banks and increase vital capital flows within the euro area, says expert Domenico Lombardi.

Controversies over too-big-to-fail financial institutions continue to mount. The Basel Accords represent the latest effort to ease risk and restore confidence, as this Backgrounder explains.