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  • European Union

    Will America Catch the Eurovirus?

    In a new Backgrounder, “How Contagious Is Europe’s Economic Crisis?”, we discuss several channels through which a European crisis could be transmitted to the U.S. economy and note the key policy responses needed in the U.S. and in Europe. Current effects. The U.S. is already affected by lower demand for … More

    Italian Prime Minister Warns of EU Collapse

    In an interview with Germany’s Der Spiegel magazine on Sunday, Italian Prime Minister Mario Monti warned of the “psychological break-up” of Europe if the euro crisis is not soon resolved. To which there is only one thing to say: The European Union has been a schizophrenic construct from the very … More

    Is Austerity Crushing Europe?

    Numerous governments across Europe have embarked on strict austerity programs. Europe is also sliding into a deep recession, with some countries already essentially in deep depression. Are the two phenomena related? Is the austerity exacerbating the economic downturn? Yes and no, and the yes should be no surprise. For context, … More

    Morning Bell: Socialism Rises Again

    Last weekend, the people of France took a sharp turn to the left, and the rest of Europe may be on the brink of rebuking its recent tack toward fiscal responsibility. With Sunday’s election of French Socialist leader Francois Hollande, France has leapt backward toward the policies that have helped … More

    French Socialist's Victory Is A Symbol of the EU's Decline

    Nicolas Sarkozy’s defeat at the hands of French Socialist leader Francois Hollande has sent shock waves throughout Europe, and will significantly challenge the fragile austerity consensus across the EU. Jean-Marc Ayrault, the likely next prime minister of France, puts it in uncompromising terms: We must get out of this austerity … More

    NATO Summit Is No Place for Unaccountable Eurocrats

    It was reported last week that Turkey has blocked the European Commission President, José Manuel Barroso, and the EU’s President of the European Council, Herman van Rompuy, from attending the upcoming NATO Summit in Chicago. Neither has any business attending the Summit, and Turkey was correct in blocking their attendance. … More

    Why Won’t the Euro Crisis Just Go Away?

    The European euro/debt/growth/banking/identity crisis is entering its third year. With so many summits, toasts, tense conference calls, and self-congratulatory pronouncements of ultimate success by Europe’s brightest lights, why won’t the crisis just go away? Instead, it is ramping up as interest rates on Spanish and Italian debt rise to critical … More

    Ireland Embraces What the EU Fears: Democracy

    Earlier this week, Irish Prime Minister Enda Kenny shocked Europe when he announced that Ireland will hold a referendum on the Fiscal Stability Treaty. This will make Ireland the only member of the European Union that will allow its citizens to vote on the controversial treaty. There are many in … More

    EU Should Act Quickly on Syria

    You can tell how serious the situation in Syria is getting by looking at the recent actions taken by its neighbors. Earlier this week, the Gulf Cooperation Council—a regional intergovernmental grouping consisting of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates—released a condemning proclamation against the Assad … More

    EU Imposes Oil Sanctions on Iran

    The European Union yesterday imposed an embargo on future oil imports from Iran in an unprecedented escalation of sanctions aimed at forcing Tehran into negotiations on its uranium enrichment program. Foreign ministers from the EU’s 27 member states agreed to ban new purchases of Iranian oil and phase out oil … More