Benn Steil and Dinah Walker argue that the ECB's bank stress tests will roil rather than calm markets if recapitalization funds are not set aside in advance, as they were in the case of the highly successful U.S. tests in 2009.

On January 5, President Barack Obama initiated the Defense Strategy Review, identifying Asia as a priority in future U.S. military strategy. North Korea's nuclear proliferation and China's growing mi…

U.S.-Pakistan relations are in crisis. For Washington, Osama bin Laden's safe haven in Abbottabad raises questions about Pakistan's complicity and/or incompetence. For Islamabad, bin Laden's killing …