For the past year, euro-zone leaders have vowed to take steps to complete Europe’s monetary union. The 19 countries share a single currency and a central bank, but they still lack all the necessary mechanisms to deal with major imbalances and shocks. While some members would like to have more fiscal transfers and a common safety net for the banks, ...

There are big changes at the Reserve Bank of New Zealand (RBNZ), most of which are welcome. The new governor should consider another break with the past: Drop the hubris. Adrian Orr, who took the central bank’s helm last month, is to explicitly aim for maximum employment as well as price stability. That’s a break from the previous regime that ...

The guests are starting to arrive, but the house isn’t quite ready for this party. That’s the way to view a slew of recent measures to open China’s $40 trillion financial industry to outsiders. This week, Beijing granted additional quotas for domestic funds to invest in overseas securities under the QDII plan, the first time it has done so in ...