Europe

Op-Ed

What Europe Can Learn From the U.S. Bank Crisis

Authors: Benn Steil and Dinah Walker
Wall Street Journal

Benn Steil's latest op-ed in the Wall Street Journal, co-authored with Dinah Walker, explains why the ECB's anticipated foray into more aggressive monetary stimulus next week won't have any significant effect on the availability and cost of private-sector credit. The ECB believes that its ongoing bank stress tests will help revive the eurozone's moribund banking industry, but we argue that the tests are counterproductive without a mechanism in place to assure sufficient recapitalization of banks that fall short—as there was in the United States in 2009.

See more in Europe; Banks and Banking

Primary Sources

President Obama's Remarks on Europe

President Barack Obama spoke at the Palais Des Beaux Arts in Brussels on March 26, 2014. He spoke about the history of formation of democracies in Europe and the importance of maintaining European regional security and the sovereignty of individual countries. President Obama argued for the United States and other countries to support Ukraine and to isolate the Russian government after Russia's annexation of Crimea.

See more in Europe; Russian Federation; Democratization; International Law

Primary Sources

The Hague Declaration

Leaders from Canada, France, Germany, Italy, Japan, the United Kingdom, the United States, the President of the European Council, and the President of the European Commission met in The Hague and released this statement on March 24, 2014. In the joint document, the leaders declares their support for Ukraine's sovereignty and their rejection of Russia's annexation of Crimea. The document states that the leaders will not attend the G8 meeting in Sochi in June 2014, but will convene as the G7 in Brussels.

See more in Ukraine; Russian Federation; International Organizations and Alliances; Territorial Disputes

Must Read

Foreign Policy: Russia's Invasion of Ukraine Has Big Implications for Asia's Energy Future

Author: Keith Johnson

"In a nutshell, Asia's biggest economies think they are becoming even more of a buyer's market for Russian energy, and hope to use Moscow's current turmoil to buy more gas for lower prices. If they're right, countries like China and South Korea would gain a longer-term, cheaper source of energy, while Moscow would be able to keep tapping its mineral wealth for decades to come."

See more in Ukraine; Energy Policy

Interview

NATO's Next Moves

Christopher S. Chivvis interviewed by Jonathan Masters

NATO's response to Russia's annexation of Crimea may require it to bolster eastern European members with both military and non-military actions, says expert Christopher S. Chivvis.

See more in Ukraine; NATO