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.

The International Military Education and Training (IMET) program, which provides U.S. government funds to members of foreign militaries to take classes at U.S. military facilities, has the potential …