Partial EU Pact Reached
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Partial EU Pact Reached

There's a joke told about Gorbachev who, when asked to say one word about the state of the Soviet economy responded: GOOD. When asked for two words: NOT GOOD. The same could be said about the agreement reached Friday.

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Saving the Euro Will Mean Worse Choices for Europe
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Saving the Euro Will Mean Worse Choices for Europe

Markets are reeling because Europe's leaders have only offered up half-measures to resolve the crisis. Not until Brussels, Paris, and Berlin realize the fundamental flaw in their current approach—a lack of real political and economic integration across the eurozone—will there be an end in sight.

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Europe's Leaders Pursue New Pact
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Europe's Leaders Pursue New Pact

Agreement on a fiscal pact that brings deeper economic integration by making budget discipline legally binding and enforceable by European authorities is a welcome move, so long as the European Central Bank takes the next move: to become a lender of last resort.

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European Debt Crisis: Euro Deal
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European Debt Crisis: Euro Deal

There is a French sign at all railway stations: Caution—one train hides another. The problem for the Eurozone is that even if the action this Wednesday resolves the sovereign debt crisis, there will still be the competitiveness crisis.

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