As the U.K.’s new prime minister, Theresa May, met with Chancellor Angela Merkel of Germany on Wednesday to open informal Brexit talks that European Union leaders insisted would not take place, the key question concerns the strength of the negotiating positions. Both May and Merkel are no-nonsense leaders, and their interaction won’t be driven by emotion: It’ll be about …

The U.K. decision to quit the European Union appears to be slowing the global recovery. But the government’s policy response put the domestic economy on a stronger footing than before, limiting Brexit’s negative impact on the rest of the world. Britain, previously Europe’s poster child for austerity, has an opportunity to augment the Bank of England’s monetary-policy efforts with some …

  “Black money” — the colloquial name for a vast network of off-the-book cash transactions and unbanked savings — is one of India’s biggest scourges. Amounting to as much as $460 billion a year, bigger than the GDP of Argentina, all that money lies beyond the reach of the tax authorities, creditors and anti-corruption investigators. Efforts to bring it into …