Bottom Line: The European Central Bank's (ECB) recent asset-quality review (AQR) and stress test of eurozone banks was an important step. But restarting growth requires stronger macro policies if Eur…

Steven A. Tananbaum Senior Fellow for International Economics Robert Kahn argues that the decisions the Greek government will now face over who to pay will change the course of its crisis.

Bottom Line: Eurozone countries that need to ease fiscal policy cannot afford to take on more debt, while those that have the capacity to stimulate their economies do not want to. Advocates of aus…

Steven A. Tananbaum Senior Fellow for International Economics Robert Kahn argues that unless Japan begins to undertake structural economic reforms, its growth will be almost entirely dependent on easy money, increasing global economic tensions in 2015.