The presidential elections in France, the legislative elections in Greece, and the regional elections in Germany together mark a turning point for the EU. The results make clear that, despite their differences, European voters all share a common view that current leaders are not delivering. In France and Greece, voters want an end [...]

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. The agreement is good in that the pact on fiscal union gives the ECB what it [...]

Merkel’s modus vivendi has always been to go slowly, to wear her opposition out, and to wait. This strategy, which enabled her to become Chancellor, will be her undoing.  The markets don’t wait.  Treaty reform and even the idea of deeper fiscal union are sideshows to the real event.  Unless Merkel agrees to the ECB [...]

Finally, Italy has a chance to get out of the impasse, and the morass, that it has been in under Berlusconi. Elected in 2008 with the large majority needed to produce the major structural reforms needed for an economy in decline, Berlusconi did nothing—which was a replay of his previous term in office. [...]

As the eurozone crisis rolls on, with world finance ministers urging swift action, eurozone countries seemingly dither.  But there may be method behind the madness.  The banks need to be in the best shape possible before a likely restructuring of Greek debt.   Moreover, the eurozone countries themselves need to work behind the scenes politically [...]