The failure of three banks in less than a month has led the European Central Bank to wonder whether it needs fresh powers to deal with struggling lenders. Some new tools might prove useful, but they aren’t the main thing. What the ECB needs most is the will to resist political pressure and act promptly when necessary. The recent crisis ...

After years of horrific fighting in Syria — including several failed cease-fires — it’s hard to get too excited about a limited agreement to stop hostilities in a tiny corner of the country. Yet the modest ‘de-escalation’ deal in Syria’s southwest is a promising sign. IS is not yet defeated. But the cease-fire, reached by Jordan, Russia and the US, ...

At this point, blanket critiques of the economics (or “econ”)discipline have been standardized to the point where it’s pretty easy to predict how they’ll proceed. Economists will be castigated for their failure to foresee the Great Recession. Some unrealistic assumptions in mainstream macroeconomic models will be mentioned. Economists will be cast as priests of free-market ideology, whose shortcomings will be ...