American workers continue to struggle with lost livelihoods and wasted opportunities amid the most sluggish recovery since the Great Depression. The United States needs new policies designed to help …

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.

Read Edward Alden's accompanying blog post. Each year, U.S. state and local governments spend tens of billions of dollars to lure or retain business investment. The subsidies waste scarce taxpayer…