It turns out that North Korea isn’t just a nuclear threat. It’s also a cyberthreat, and in some ways, this may be more frightening. Launched largely anonymously, cyberattacks can cripple essential infrastructure — power grids, financial networks, transportation systems — and inflict social disorder and political anarchy. Immediate retaliation is difficult. All this now seems plausible. Until recently, cybersecurity experts ...

The big lesson for emerging markets from the taper crisis of 2013 was this: Don’t go into a US tightening cycle without your exporters bringing home truckloads of dollars. That’s why the most recent trade figures from India are both important and encouraging. Clubbed together with Indonesia, Turkey, Russia and South Africa on Morgan Stanley’s “Fragile Five” list four summers ...

As part of its plan to complete the euro zone’s so-called banking union, the European Commission has presented a new proposal for collectively insuring bank deposits. Such a scheme is badly needed — but the new idea falls short. By leaving too much risk with national governments, it fails to address a critical weakness of the system. The commission is ...