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 they 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.
Reversing Russia's annexation of Crimea is not the most urgent goal of the Western nations. The bigger challenge is to deal with the emerging fractious nationalism and prevent further breakup of Ukraine from within, writes Stephen Sestanovich.
The members of the United Nations voted on Resolution A/RES/68/262, Territorial Integrity of Ukraine, and the resolution was adopted on March 27, 2014. The resolution is the UN's response to Russia's treaty with Ukraine about Russia annexing Crimea.
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.
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.
The Foreign Policy Initiative organized fifty-two former U.S. government officials and foreign policy experts to sign a bipartisan letter to President Obama regarding policy to respond to Russia's actions in Ukraine.
With the annexation of Crimea and rhetoric about protecting Russians in the near abroad, President Vladimir Putin has helped launch a new stage of relations that poses threats to Russia's neighbors and itself, says expert Strobe Talbott.
UN High Commissioner for Refugees produces an Asylum Trends reports, which summarizes patterns in the number of individual asylum claims submitted during the previous year in Europe and selected non-European countries.
According to a press release from the European Union, EU-Ukraine Association Agreement is the "first agreement based on political association between the EU and any of the Eastern Partnership countries, and is unprecedented in its breadth (number of areas covered) and depth (detail of commitments and timelines)." After Russia presented an alternative trade agreement, the President of Ukraine, Viktor Yanukovych, did not sign the EU-Ukraine Association Agreement. Yanukovych was removed from power through revolution in February 2014 and Ukranian Prime Minister Arseniy Yatseniuk signed the political section of the agreement on March 21, 2014.
Turkey's recent ban on Twitter is yet another indication of the country's illiberal turn, writes Steven A. Cook in the New York Times Room for Debate, as Prime Minister Erdogan seeks to intimidate and silence critical journalists and observers in a move reminiscent of the Arab leaders during uprisings in their countries.
"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."
Janine Davidson discusses the lack of clear NATO countermove in response to growing Russian aggression in the Ukraine. By standing mostly idle, NATO emboldens Russian military planners, making further escalation more–not less–likely.
The Council on Foreign Relations' David Rockefeller Studies ProgramóCFR's "think tank"óis 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.
The authors argue that it is essential to begin working now to expand and establish rules and norms governing armed drones, thereby creating standards of behavior that other countries will be more likely to follow.
The author examines Pakistan's complex role in U.S. foreign policy and advocates for a two-pronged approach that works to quarantine threats while integrating Pakistan into the broader U.S. agenda in Asia.
Learn more about CFRís mission and its work over the past year in the 2014 Annual Report. The Annual Report spotlights new initiatives, high-profile events, and authoritative scholarship from CFR experts, and includes a message from CFR President Richard N. Haass. Read and download »