JAN 11, 2018

Europe Can't Afford a Leaderless Germany


More than three months after its federal election, Germany still has no new government. Oddly enough, this may be less of a problem for Germany, which continues to enjoy a strong economic run, than it is for the European Union. The euro zone needs reform, and that won't happen without German leadership.

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DEC 26, 2017

Catalonia Goes Back to Square One


After Thursday's election in Catalonia, the long-simmering dispute between the region and the government of Spain is about where it was to begin with. Pro-independence parties won a slender majority in parliament, with slightly less than half the popular vote. Neither side in this quarrel can legitimately claim a mandate for anything.

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DEC 17, 2017

Basel III Is Too Kind to Europe's Banks


After years of talks, central banks and financial regulators have finally agreed on the Basel III rules for bank capital. That's a good thing, mostly. The deal improves the regulatory framework and will give banks greater clarity about what's required. It's also a timely reminder that international policy cooperation can work.

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DEC 09, 2017

The Brexit Border Blunder


The usual Brexit disclaimer -- the U.K. has no good options, only less-bad ones -- applies with extra force when it comes to the dilemma over the Irish border. Nevertheless, the issue will be easier to address, if not resolve, once the U.K. and European Union start trade negotiations in earnest.

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