When the G8 major economies convened at Camp David last weekend, the continuing crisis of the euro, common currency of 17 European Union (EU) members, dominated the economic discussions. The agonies of Greece, badly divided in recent parliamentary elections, and forced to vote again on 17 June, were at the forefront.

While markets are again correctly obsessing over Italy and Spain’s poor economic growth prospects, as reflected in markedly higher government bond yields for those two countries, they seem to have taken their eye off two upcoming political events that could usher in a new and more serious phase of the...

Sunday’s elections results in six European countries, particularly France, Greece and Germany, bode poorly for satisfactorily resolving the European Union’s ongoing financial and political crisis.

Europe’s proposed financial firewall around Spain and Italy will prove any more effective in protecting those countries from another market onslaught than was the Maginot line in protecting France. The very design of the proposed firewall appears to be basically flawed in dealing with a renewed loss of market confidence in the euro’s long-run sustainability.

As NATO summits go, this weekend's meeting of the alliance's members in Chicago may be memorable if only for being the least memorable one in recent history. Of course, quiet summits are not necessarily bad summits. 

Attempts at austerity and deleveraging in Europe have converted an economic problem into a political dilemma, with leftist governments rising against Germany's austerity-laced rescue packages. Germany now faces a tough economic decision that will involve choosing between a breakup of the current euro system and a movement toward a common fiscal policy in Europe.

With Europe collapsing, China stumbling, and India and Brazil retreating from full free market reform, we’re the last stable, pro-growth economy left.  

The European financial crisis and the ineffective effort to stop Iran’s nuclear-weapons program are crashing into each other. As the European Union adopts new restrictions on importing Iranian oil, the most-troubled EU economies will continue to seek delays and exceptions.