What a difference a decade makes. Back in September 2010, Guido Mantega, Brazil’s then-finance minister, was complaining bitterly about “currency wars,” and claiming the Federal Reserve’s ultra-loose monetary policy of the time was unfairly hurting his economy. “We’re in the midst of an international currency war, a general weakening of currency,” he said then. “This threatens us because it takes ...

The European Central Bank (ECB) has infuriated bankers because of its policy of negative interest rates. It now looks like some euro zone governments are unhappy too. Christine Lagarde, the ECB president, would be wise to keep calm and carry on. Her bank is meant to be independent of political interference and its only objective must be to fulfill its ...

Jean Pierre Mustier’s new four-year plan for Italy’s UniCredit SpA marks a victorious milestone for the chief executive officer. He’s managed to turn a sprawling European bank laden with bad loans into a simpler entity that promises to improve its returns to shareholders. It leaves him well-placed to plot his biggest move yet (should he so choose): cross-border M&A. The ...