Europe has little time left to address the underlying weaknesses in its monetary union in order to prevent economic collapse.
Although tempting in the short run, a sudden influx of foreign capital into the European Union would raise both unemployment and debt without addressing the root of Europe's economic woes.
The European Commission’s newly released White Paper on Energy outlines a strategy that calls for an increased, consolidated role for Brussels to resolve tensions on energy supply security.
Angela Merkel hopes that the Eurozone crisis will bring about greater economic and political union for Europe, and she is acting to drive public debate to reach the same conclusion.
As Europe struggles to pull out of its current financial crisis, it is useful to look back at the five most common tactics that countries have historically used to climb out of debt.
Leaders in Germany and other eurozone countries are starting to recognize that dealing with the euro’s problems requires not just austerity and structural reforms in the periphery but also a much closer fiscal union.
The current cycle of globalization could end in a painful period of debt adjustment and payment imbalances across the globe, with a likely slowdown of growth in China, a possible abandonment of the euro, and the risk of increasing U.S. protectionism.
A failure by Italy to finance its debt could cause a massive banking crisis that could spell the end of the euro, but Italy's problems are too severe to be remedied by any simple solutions.
Financial market turmoil and U.S. debt woes threaten to undermine the global recovery, but the biggest danger to the world economy comes from Europe and its worsening debt crisis.
The G20 should consider a bailout of Italy, which would also serve as an intervention for the euro and euro zone itself.