Summer makes it easier for migrants to cross the Mediterranean, so Italy is struggling to cope with another influx of refugees. And like before, its European partners are doing too little to help. The Italian government is asking for a new approach, and it’s right: The EU should see this as a pan-European issue, requiring a pan-European response. More than ...

Checking out of a hotel in Kerala this week took so long that I almost missed my flight. It wasn’t the hotel staff’s fault; their work, temporarily, had been doubled. As a polite note in my room reminded me when I checked in, they would have to present two invoices to me when I left—one for the days prior to ...

The global bond and stock selloff has revived unhappy memories of the 2013 taper tantrum, when the Federal Reserve’s rumblings about removing stimulus shaved 17 percent off the value of emerging market stocks in less than two months. For the current difficulties you can partly blame risk-parity funds, which buy benchmark government bonds to hedge against stock portfolios. When bond ...