President Donald Trump’s first budget is truly remarkable in its unseriousness. To see why, try for a moment to take it seriously. The plan purports to be fiscally responsible, saying that the national debt will fall from 77 percent now to 60 percent in 2027. A worthy goal, to be sure. At the same time, it calls for tax cuts ...

Talk to critics of the European Central Bank’s ultra-loose monetary policy and a common theme emerges: concern about financial stability. Quantitative easing is seen as creating dangerous asset bubbles. Negative interest rates are said to hurt bank profitability, making the financial system more vulnerable to shocks. These concerns are widely misplaced. In fact, the real worry should be the risks ...

For the past two decades, the EU has grappled with a productivity slowdown that has kept wages and economic growth in check. Politicians are increasingly mentioning infrastructure as a possible solution: The hope is that building more roads and better bridges can help companies improve efficiency and re-start growth. However, while infrastructure may indeed provide a much-needed stimulus to Europe’s ...