The European Commission has been thinking about ways to strengthen the euro zone, and is proposing a plan for a new “sovereign bond-backed security.” Give the commission credit for putting its finger on an important defect of the euro-zone system. Unfortunately, its remedy falls far short. The defect is the so-called “doom loop” between governments and banks. Banks in Europe ...

Any rational, responsible business leader, faced with an existential threat to his enterprise, would take steps to manage the risk. With his decision to leave the Paris climate accord, President Donald Trump is putting the lie to one of his central claims: that he would run the country like a business. The Earth is threatened with rising seas, violent weather ...

European Commission President Jean-Claude Juncker stretched credulity when he told the European Parliament he had known nothing about Luxembourg’s sweet tax deals with large companies; he’d served as finance minister and then prime minister as the small country struck the deals. What Juncker knew aside, one might ask whether there is any other way for small nations to survive among ...