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.

A global fight over access to medicines is brewing. In the past year, India, China, and Indonesia have undertaken measures to circumvent patents on medicines for diabetes, cancer, and cardiovascular …

See CFR Senior Fellow and Renewing America Director Edward Alden's accompanying blog post here. Changes in the way the world trades have increased the importance of regulation in international com…