Europe,Land of Anguish and Nostalgia

Three years into the protracted Eurocrisis “all choices are ugly,” as former British prime minister Tony Blair comments. Indeed, the high cost of bad options is prompting some to question whether Europe is worth saving the euro. Along with Tony Blair, the former Italian prime minister Romano Prodi as well as two of the best financial minds around—Nouriel Roubini and Mohamed el‐Erian—warn of the dire consequences of a euro breakup. One of France's most prominent philosophers, André Glucksmann, wonders whether the idea of a united Europe—a reaction to the horrors of World War II—can hold everyone together in the future when peace is the norm.     

Germany Must Shift from a Crisis Agenda to Building Europe

Three years into the protracted Eurocrisis “all choices are ugly,” as former British prime minister Tony Blair comments. Indeed, the high cost of bad options is prompting some to question whether Europe is worth saving the euro. Along with Tony Blair, the former Italian prime minister Romano Prodi as well as two of the best financial minds around—Nouriel Roubini and Mohamed el‐Erian—warn of the dire consequences of a euro breakup. One of France's most prominent philosophers, André Glucksmann, wonders whether the idea of a united Europe—a reaction to the horrors of World War II—can hold everyone together in the future when peace is the norm.     

All Choices are Ugly for Europe

Three years into the protracted Eurocrisis “all choices are ugly,” as former British prime minister Tony Blair comments. Indeed, the high cost of bad options is prompting some to question whether Europe is worth saving the euro. Along with Tony Blair, the former Italian prime minister Romano Prodi as well as two of the best financial minds around—Nouriel Roubini and Mohamed el‐Erian—warn of the dire consequences of a euro breakup. One of France's most prominent philosophers, André Glucksmann, wonders whether the idea of a united Europe—a reaction to the horrors of World War II—can hold everyone together in the future when peace is the norm.     

Turkey's Emergence as a “Center Power” Is a Game Changer

The world is rapidly evolving on many fronts. Brazil, Turkey and other emerging powers are taking their own initiatives and building their own global links outside the old frameworks of the G‐8, the United Nations Security Council and NATO. The “third way” politics of Tony Blair that embraced globalization from the left of center in Britain has given way to the Tory party once again. Just as recovery from the financial crash seemed on the horizon, Europe's sovereign debt crisis has erupted. The historically unprecedented pace and scale of urbanization in China is transforming the politics of the Communist Party. President Lula of Brazil, former US treasury secretary Henry Paulson, Singapore's foreign minister George Yeo and others take stock of these manifold developments.     

Protectionism Against China Is No Answer to America's Woes

The world is rapidly evolving on many fronts. Brazil, Turkey and other emerging powers are taking their own initiatives and building their own global links outside the old frameworks of the G‐8, the United Nations Security Council and NATO. The “third way” politics of Tony Blair that embraced globalization from the left of center in Britain has given way to the Tory party once again. Just as recovery from the financial crash seemed on the horizon, Europe's sovereign debt crisis has erupted. The historically unprecedented pace and scale of urbanization in China is transforming the politics of the Communist Party. President Lula of Brazil, former US treasury secretary Henry Paulson, Singapore's foreign minister George Yeo and others take stock of these manifold developments.     

Brazil and Turkey Shift Global Politics

The world is rapidly evolving on many fronts. Brazil, Turkey and other emerging powers are taking their own initiatives and building their own global links outside the old frameworks of the G‐8, the United Nations Security Council and NATO. The “third way” politics of Tony Blair that embraced globalization from the left of center in Britain has given way to the Tory party once again. Just as recovery from the financial crash seemed on the horizon, Europe's sovereign debt crisis has erupted. The historically unprecedented pace and scale of urbanization in China is transforming the politics of the Communist Party. President Lula of Brazil, former US treasury secretary Henry Paulson, Singapore's foreign minister George Yeo and others take stock of these manifold developments.     

The BRICs Come of Global Age

The world is rapidly evolving on many fronts. Brazil, Turkey and other emerging powers are taking their own initiatives and building their own global links outside the old frameworks of the G‐8, the United Nations Security Council and NATO. The “third way” politics of Tony Blair that embraced globalization from the left of center in Britain has given way to the Tory party once again. Just as recovery from the financial crash seemed on the horizon, Europe's sovereign debt crisis has erupted. The historically unprecedented pace and scale of urbanization in China is transforming the politics of the Communist Party. President Lula of Brazil, former US treasury secretary Henry Paulson, Singapore's foreign minister George Yeo and others take stock of these manifold developments.     

China's Megacity Mandarinate

The world is rapidly evolving on many fronts. Brazil, Turkey and other emerging powers are taking their own initiatives and building their own global links outside the old frameworks of the G‐8, the United Nations Security Council and NATO. The “third way” politics of Tony Blair that embraced globalization from the left of center in Britain has given way to the Tory party once again. Just as recovery from the financial crash seemed on the horizon, Europe's sovereign debt crisis has erupted. The historically unprecedented pace and scale of urbanization in China is transforming the politics of the Communist Party. President Lula of Brazil, former US treasury secretary Henry Paulson, Singapore's foreign minister George Yeo and others take stock of these manifold developments.     

The Rise and Fall of New Labour

The world is rapidly evolving on many fronts. Brazil, Turkey and other emerging powers are taking their own initiatives and building their own global links outside the old frameworks of the G‐8, the United Nations Security Council and NATO. The “third way” politics of Tony Blair that embraced globalization from the left of center in Britain has given way to the Tory party once again. Just as recovery from the financial crash seemed on the horizon, Europe's sovereign debt crisis has erupted. The historically unprecedented pace and scale of urbanization in China is transforming the politics of the Communist Party. President Lula of Brazil, former US treasury secretary Henry Paulson, Singapore's foreign minister George Yeo and others take stock of these manifold developments.     

Greece Is Tip of Sovereign Debt Iceberg

The world is rapidly evolving on many fronts. Brazil, Turkey and other emerging powers are taking their own initiatives and building their own global links outside the old frameworks of the G‐8, the United Nations Security Council and NATO. The “third way” politics of Tony Blair that embraced globalization from the left of center in Britain has given way to the Tory party once again. Just as recovery from the financial crash seemed on the horizon, Europe's sovereign debt crisis has erupted. The historically unprecedented pace and scale of urbanization in China is transforming the politics of the Communist Party. President Lula of Brazil, former US treasury secretary Henry Paulson, Singapore's foreign minister George Yeo and others take stock of these manifold developments.     

Turkey Fit EU Entry Criteria

The future of the European Union has never been more in doubt than at the very moment it has been awarded the Nobel Peace Prize for its historical accomplishments. When the heads of Europe's weakest institutions—the Commission, the Council and the Parliament—collected the prize in Oslo on December 10, 2012 they spotlighted the nub of the problem. Unless these institutions can garner the legitimacy of European citizens and transform into a real federal union with common fiscal and economic policies to complement the single currency, Europe will remain at the mercy of global financial markets and the fiscally authoritarian dictates of its strongest state, Germany. Moving beyond this state of affairs was the focus of a recent “town hall” gathering in Berlin sponsored by the Berggruen Institute on Governance. The meeting brought together current power brokers—such as the contending voices of German Finance Minister Wolfgang Schäuble and French Finance Minister Pierre Moscovici, who rarely appear in public together—as well as Europe's top former leaders, key thinkers and young people who will govern in the future. The peace‐building project of the European Union was born out of the ashes of World War II and the anguish of the Cold War. Yet, as George Soros points out, its current inability to resolve the eurocrisis by forging greater union is dividing Europe once again, this time between creditors and debtors. Former Greek premier George Papandreou has warned that this division is fomenting a new politics of fear that is giving rise to the same kind of xenophobic movements that fueled the extreme politics of the Nazi era. To avoid a repeat of the last calamitous century, Europe first of all needs a growth strategy both to escape the “debt trap” it is in—and which austerity alone will only deepen—and to create breathing space for the tough structural reforms that can make Europe as a whole competitive again in a globalized world. To sustain reform, it needs a clear path to legitimacy for the institutions that must govern a federal Europe. The proof that Europe can escape its crisis through a combination of growth, fiscal discipline and structural reform comes from the one country so many want to keep out of the union: Turkey. Prime Minister Recep Tayyip Erdogan rightfully boasts of Turkey's accomplishments that resulted from the difficult changes carried out after its crisis in 2001—ranging from quickly cleaning up the banks to liberalizing markets to trimming social benefits to make them more affordable in the long run. As a result, Turkey today is the fastest growing economy in the world alongside China with diminished deficit and debt levels that meet the eurozone criteria that many members states themselves cannot today meet. Turkey has even offered a 5 billion euro credit through the IMF for financial aid to Europe. Germany itself also provides some lessons for the rest of Europe. The obvious reason Germany rules today is because it is the most globally competitive country in the European Union. That is the result of a series of reforms that were implemented starting in 2003 under the leadership of then‐chancellor Gerhard Schröder. Aimed a bolstering Germany's industrial base and its collateral small and medium enterprises which are the foundation of its middle class society, those reforms introduced more labor flexibility and trimmed benefits to make them sustainably affordable while investing in training, maintaining skills and research and development. Even if Europe's individual nation states can shrink imbalances by following Turkey and Germany in getting their act together, the only ultimate way to save the euro, and thus Europe itself, is to build the complementary governing institutions at the European level. For those institutions to become effective, they must be empowered and legitimated by European citizens themselves. To this end, Tony Blair has suggested a bold move: the direct election of a European president. Symbolically, the Oslo ceremonies were a historical turning point for Europe. By recognizing the European Union's peace‐making past, the Nobel Prize challenged Europe to escape once and for all the destructive pull of narrow national interests and passions.     

Europe is Divided Again: This Time Between Creditors and Debtors

The future of the European Union has never been more in doubt than at the very moment it has been awarded the Nobel Peace Prize for its historical accomplishments. When the heads of Europe's weakest institutions—the Commission, the Council and the Parliament—collected the prize in Oslo on December 10, 2012 they spotlighted the nub of the problem. Unless these institutions can garner the legitimacy of European citizens and transform into a real federal union with common fiscal and economic policies to complement the single currency, Europe will remain at the mercy of global financial markets and the fiscally authoritarian dictates of its strongest state, Germany. Moving beyond this state of affairs was the focus of a recent “town hall” gathering in Berlin sponsored by the Berggruen Institute on Governance. The meeting brought together current power brokers—such as the contending voices of German Finance Minister Wolfgang Schäuble and French Finance Minister Pierre Moscovici, who rarely appear in public together—as well as Europe's top former leaders, key thinkers and young people who will govern in the future. The peace‐building project of the European Union was born out of the ashes of World War II and the anguish of the Cold War. Yet, as George Soros points out, its current inability to resolve the eurocrisis by forging greater union is dividing Europe once again, this time between creditors and debtors. Former Greek premier George Papandreou has warned that this division is fomenting a new politics of fear that is giving rise to the same kind of xenophobic movements that fueled the extreme politics of the Nazi era. To avoid a repeat of the last calamitous century, Europe first of all needs a growth strategy both to escape the “debt trap” it is in—and which austerity alone will only deepen—and to create breathing space for the tough structural reforms that can make Europe as a whole competitive again in a globalized world. To sustain reform, it needs a clear path to legitimacy for the institutions that must govern a federal Europe. The proof that Europe can escape its crisis through a combination of growth, fiscal discipline and structural reform comes from the one country so many want to keep out of the union: Turkey. Prime Minister Recep Tayyip Erdogan rightfully boasts of Turkey's accomplishments that resulted from the difficult changes carried out after its crisis in 2001—ranging from quickly cleaning up the banks to liberalizing markets to trimming social benefits to make them more affordable in the long run. As a result, Turkey today is the fastest growing economy in the world alongside China with diminished deficit and debt levels that meet the eurozone criteria that many members states themselves cannot today meet. Turkey has even offered a 5 billion euro credit through the IMF for financial aid to Europe. Germany itself also provides some lessons for the rest of Europe. The obvious reason Germany rules today is because it is the most globally competitive country in the European Union. That is the result of a series of reforms that were implemented starting in 2003 under the leadership of then‐chancellor Gerhard Schröder. Aimed a bolstering Germany's industrial base and its collateral small and medium enterprises which are the foundation of its middle class society, those reforms introduced more labor flexibility and trimmed benefits to make them sustainably affordable while investing in training, maintaining skills and research and development. Even if Europe's individual nation states can shrink imbalances by following Turkey and Germany in getting their act together, the only ultimate way to save the euro, and thus Europe itself, is to build the complementary governing institutions at the European level. For those institutions to become effective, they must be empowered and legitimated by European citizens themselves. To this end, Tony Blair has suggested a bold move: the direct election of a European president. Symbolically, the Oslo ceremonies were a historical turning point for Europe. By recognizing the European Union's peace‐making past, the Nobel Prize challenged Europe to escape once and for all the destructive pull of narrow national interests and passions.     

Beyond the Crisis: Background Briefing from Berlin

The future of the European Union has never been more in doubt than at the very moment it has been awarded the Nobel Peace Prize for its historical accomplishments. When the heads of Europe's weakest institutions—the Commission, the Council and the Parliament—collected the prize in Oslo on December 10, 2012 they spotlighted the nub of the problem. Unless these institutions can garner the legitimacy of European citizens and transform into a real federal union with common fiscal and economic policies to complement the single currency, Europe will remain at the mercy of global financial markets and the fiscally authoritarian dictates of its strongest state, Germany. Moving beyond this state of affairs was the focus of a recent “town hall” gathering in Berlin sponsored by the Berggruen Institute on Governance. The meeting brought together current power brokers—such as the contending voices of German Finance Minister Wolfgang Schäuble and French Finance Minister Pierre Moscovici, who rarely appear in public together—as well as Europe's top former leaders, key thinkers and young people who will govern in the future. The peace‐building project of the European Union was born out of the ashes of World War II and the anguish of the Cold War. Yet, as George Soros points out, its current inability to resolve the eurocrisis by forging greater union is dividing Europe once again, this time between creditors and debtors. Former Greek premier George Papandreou has warned that this division is fomenting a new politics of fear that is giving rise to the same kind of xenophobic movements that fueled the extreme politics of the Nazi era. To avoid a repeat of the last calamitous century, Europe first of all needs a growth strategy both to escape the “debt trap” it is in—and which austerity alone will only deepen—and to create breathing space for the tough structural reforms that can make Europe as a whole competitive again in a globalized world. To sustain reform, it needs a clear path to legitimacy for the institutions that must govern a federal Europe. The proof that Europe can escape its crisis through a combination of growth, fiscal discipline and structural reform comes from the one country so many want to keep out of the union: Turkey. Prime Minister Recep Tayyip Erdogan rightfully boasts of Turkey's accomplishments that resulted from the difficult changes carried out after its crisis in 2001—ranging from quickly cleaning up the banks to liberalizing markets to trimming social benefits to make them more affordable in the long run. As a result, Turkey today is the fastest growing economy in the world alongside China with diminished deficit and debt levels that meet the eurozone criteria that many members states themselves cannot today meet. Turkey has even offered a 5 billion euro credit through the IMF for financial aid to Europe. Germany itself also provides some lessons for the rest of Europe. The obvious reason Germany rules today is because it is the most globally competitive country in the European Union. That is the result of a series of reforms that were implemented starting in 2003 under the leadership of then‐chancellor Gerhard Schröder. Aimed a bolstering Germany's industrial base and its collateral small and medium enterprises which are the foundation of its middle class society, those reforms introduced more labor flexibility and trimmed benefits to make them sustainably affordable while investing in training, maintaining skills and research and development. Even if Europe's individual nation states can shrink imbalances by following Turkey and Germany in getting their act together, the only ultimate way to save the euro, and thus Europe itself, is to build the complementary governing institutions at the European level. For those institutions to become effective, they must be empowered and legitimated by European citizens themselves. To this end, Tony Blair has suggested a bold move: the direct election of a European president. Symbolically, the Oslo ceremonies were a historical turning point for Europe. By recognizing the European Union's peace‐making past, the Nobel Prize challenged Europe to escape once and for all the destructive pull of narrow national interests and passions.     

It's Time for the Direct Election of a European President

The future of the European Union has never been more in doubt than at the very moment it has been awarded the Nobel Peace Prize for its historical accomplishments. When the heads of Europe's weakest institutions—the Commission, the Council and the Parliament—collected the prize in Oslo on December 10, 2012 they spotlighted the nub of the problem. Unless these institutions can garner the legitimacy of European citizens and transform into a real federal union with common fiscal and economic policies to complement the single currency, Europe will remain at the mercy of global financial markets and the fiscally authoritarian dictates of its strongest state, Germany. Moving beyond this state of affairs was the focus of a recent “town hall” gathering in Berlin sponsored by the Berggruen Institute on Governance. The meeting brought together current power brokers—such as the contending voices of German Finance Minister Wolfgang Schäuble and French Finance Minister Pierre Moscovici, who rarely appear in public together—as well as Europe's top former leaders, key thinkers and young people who will govern in the future. The peace‐building project of the European Union was born out of the ashes of World War II and the anguish of the Cold War. Yet, as George Soros points out, its current inability to resolve the eurocrisis by forging greater union is dividing Europe once again, this time between creditors and debtors. Former Greek premier George Papandreou has warned that this division is fomenting a new politics of fear that is giving rise to the same kind of xenophobic movements that fueled the extreme politics of the Nazi era. To avoid a repeat of the last calamitous century, Europe first of all needs a growth strategy both to escape the “debt trap” it is in—and which austerity alone will only deepen—and to create breathing space for the tough structural reforms that can make Europe as a whole competitive again in a globalized world. To sustain reform, it needs a clear path to legitimacy for the institutions that must govern a federal Europe. The proof that Europe can escape its crisis through a combination of growth, fiscal discipline and structural reform comes from the one country so many want to keep out of the union: Turkey. Prime Minister Recep Tayyip Erdogan rightfully boasts of Turkey's accomplishments that resulted from the difficult changes carried out after its crisis in 2001—ranging from quickly cleaning up the banks to liberalizing markets to trimming social benefits to make them more affordable in the long run. As a result, Turkey today is the fastest growing economy in the world alongside China with diminished deficit and debt levels that meet the eurozone criteria that many members states themselves cannot today meet. Turkey has even offered a 5 billion euro credit through the IMF for financial aid to Europe. Germany itself also provides some lessons for the rest of Europe. The obvious reason Germany rules today is because it is the most globally competitive country in the European Union. That is the result of a series of reforms that were implemented starting in 2003 under the leadership of then‐chancellor Gerhard Schröder. Aimed a bolstering Germany's industrial base and its collateral small and medium enterprises which are the foundation of its middle class society, those reforms introduced more labor flexibility and trimmed benefits to make them sustainably affordable while investing in training, maintaining skills and research and development. Even if Europe's individual nation states can shrink imbalances by following Turkey and Germany in getting their act together, the only ultimate way to save the euro, and thus Europe itself, is to build the complementary governing institutions at the European level. For those institutions to become effective, they must be empowered and legitimated by European citizens themselves. To this end, Tony Blair has suggested a bold move: the direct election of a European president. Symbolically, the Oslo ceremonies were a historical turning point for Europe. By recognizing the European Union's peace‐making past, the Nobel Prize challenged Europe to escape once and for all the destructive pull of narrow national interests and passions.     

The Politics of Fear

The future of the European Union has never been more in doubt than at the very moment it has been awarded the Nobel Peace Prize for its historical accomplishments. When the heads of Europe's weakest institutions—the Commission, the Council and the Parliament—collected the prize in Oslo on December 10, 2012 they spotlighted the nub of the problem. Unless these institutions can garner the legitimacy of European citizens and transform into a real federal union with common fiscal and economic policies to complement the single currency, Europe will remain at the mercy of global financial markets and the fiscally authoritarian dictates of its strongest state, Germany. Moving beyond this state of affairs was the focus of a recent “town hall” gathering in Berlin sponsored by the Berggruen Institute on Governance. The meeting brought together current power brokers—such as the contending voices of German Finance Minister Wolfgang Schäuble and French Finance Minister Pierre Moscovici, who rarely appear in public together—as well as Europe's top former leaders, key thinkers and young people who will govern in the future. The peace‐building project of the European Union was born out of the ashes of World War II and the anguish of the Cold War. Yet, as George Soros points out, its current inability to resolve the eurocrisis by forging greater union is dividing Europe once again, this time between creditors and debtors. Former Greek premier George Papandreou has warned that this division is fomenting a new politics of fear that is giving rise to the same kind of xenophobic movements that fueled the extreme politics of the Nazi era. To avoid a repeat of the last calamitous century, Europe first of all needs a growth strategy both to escape the “debt trap” it is in—and which austerity alone will only deepen—and to create breathing space for the tough structural reforms that can make Europe as a whole competitive again in a globalized world. To sustain reform, it needs a clear path to legitimacy for the institutions that must govern a federal Europe. The proof that Europe can escape its crisis through a combination of growth, fiscal discipline and structural reform comes from the one country so many want to keep out of the union: Turkey. Prime Minister Recep Tayyip Erdogan rightfully boasts of Turkey's accomplishments that resulted from the difficult changes carried out after its crisis in 2001—ranging from quickly cleaning up the banks to liberalizing markets to trimming social benefits to make them more affordable in the long run. As a result, Turkey today is the fastest growing economy in the world alongside China with diminished deficit and debt levels that meet the eurozone criteria that many members states themselves cannot today meet. Turkey has even offered a 5 billion euro credit through the IMF for financial aid to Europe. Germany itself also provides some lessons for the rest of Europe. The obvious reason Germany rules today is because it is the most globally competitive country in the European Union. That is the result of a series of reforms that were implemented starting in 2003 under the leadership of then‐chancellor Gerhard Schröder. Aimed a bolstering Germany's industrial base and its collateral small and medium enterprises which are the foundation of its middle class society, those reforms introduced more labor flexibility and trimmed benefits to make them sustainably affordable while investing in training, maintaining skills and research and development. Even if Europe's individual nation states can shrink imbalances by following Turkey and Germany in getting their act together, the only ultimate way to save the euro, and thus Europe itself, is to build the complementary governing institutions at the European level. For those institutions to become effective, they must be empowered and legitimated by European citizens themselves. To this end, Tony Blair has suggested a bold move: the direct election of a European president. Symbolically, the Oslo ceremonies were a historical turning point for Europe. By recognizing the European Union's peace‐making past, the Nobel Prize challenged Europe to escape once and for all the destructive pull of narrow national interests and passions.     

If You Want a Middle Class Keep Your Industrial Base

The future of the European Union has never been more in doubt than at the very moment it has been awarded the Nobel Peace Prize for its historical accomplishments. When the heads of Europe's weakest institutions—the Commission, the Council and the Parliament—collected the prize in Oslo on December 10, 2012 they spotlighted the nub of the problem. Unless these institutions can garner the legitimacy of European citizens and transform into a real federal union with common fiscal and economic policies to complement the single currency, Europe will remain at the mercy of global financial markets and the fiscally authoritarian dictates of its strongest state, Germany. Moving beyond this state of affairs was the focus of a recent “town hall” gathering in Berlin sponsored by the Berggruen Institute on Governance. The meeting brought together current power brokers—such as the contending voices of German Finance Minister Wolfgang Schäuble and French Finance Minister Pierre Moscovici, who rarely appear in public together—as well as Europe's top former leaders, key thinkers and young people who will govern in the future. The peace‐building project of the European Union was born out of the ashes of World War II and the anguish of the Cold War. Yet, as George Soros points out, its current inability to resolve the eurocrisis by forging greater union is dividing Europe once again, this time between creditors and debtors. Former Greek premier George Papandreou has warned that this division is fomenting a new politics of fear that is giving rise to the same kind of xenophobic movements that fueled the extreme politics of the Nazi era. To avoid a repeat of the last calamitous century, Europe first of all needs a growth strategy both to escape the “debt trap” it is in—and which austerity alone will only deepen—and to create breathing space for the tough structural reforms that can make Europe as a whole competitive again in a globalized world. To sustain reform, it needs a clear path to legitimacy for the institutions that must govern a federal Europe. The proof that Europe can escape its crisis through a combination of growth, fiscal discipline and structural reform comes from the one country so many want to keep out of the union: Turkey. Prime Minister Recep Tayyip Erdogan rightfully boasts of Turkey's accomplishments that resulted from the difficult changes carried out after its crisis in 2001—ranging from quickly cleaning up the banks to liberalizing markets to trimming social benefits to make them more affordable in the long run. As a result, Turkey today is the fastest growing economy in the world alongside China with diminished deficit and debt levels that meet the eurozone criteria that many members states themselves cannot today meet. Turkey has even offered a 5 billion euro credit through the IMF for financial aid to Europe. Germany itself also provides some lessons for the rest of Europe. The obvious reason Germany rules today is because it is the most globally competitive country in the European Union. That is the result of a series of reforms that were implemented starting in 2003 under the leadership of then‐chancellor Gerhard Schröder. Aimed a bolstering Germany's industrial base and its collateral small and medium enterprises which are the foundation of its middle class society, those reforms introduced more labor flexibility and trimmed benefits to make them sustainably affordable while investing in training, maintaining skills and research and development. Even if Europe's individual nation states can shrink imbalances by following Turkey and Germany in getting their act together, the only ultimate way to save the euro, and thus Europe itself, is to build the complementary governing institutions at the European level. For those institutions to become effective, they must be empowered and legitimated by European citizens themselves. To this end, Tony Blair has suggested a bold move: the direct election of a European president. Symbolically, the Oslo ceremonies were a historical turning point for Europe. By recognizing the European Union's peace‐making past, the Nobel Prize challenged Europe to escape once and for all the destructive pull of narrow national interests and passions.     

China's Economy Is in Balance

The United States accuses China of subsidizing its entire export economy through artificially undervaluing its currency. China accuses the United States of fiscal profligacy while flooding the world with easy credit to keep its economy afloat. This dispute reflects the reality that the world's two largest economies are built on opposite dynamics of production and savings vs. consumerism and debt. In Europe, the wages of unsustainable debt that financed the welfare state have also come due. Rebalancing the global economy in this context is not only a matter of fixing exchange or interest rates and extending the retirement age. It must also involve a recalibration of democracy in both East and West. Two Nobel economists, the Greek prime minister, a ranking Chinese economist and the former chief economist of the IMF address these issues.     

Short‐termism Is Undermining America

The United States accuses China of subsidizing its entire export economy through artificially undervaluing its currency. China accuses the United States of fiscal profligacy while flooding the world with easy credit to keep its economy afloat. This dispute reflects the reality that the world's two largest economies are built on opposite dynamics of production and savings vs. consumerism and debt. In Europe, the wages of unsustainable debt that financed the welfare state have also come due. Rebalancing the global economy in this context is not only a matter of fixing exchange or interest rates and extending the retirement age. It must also involve a recalibration of democracy in both East and West. Two Nobel economists, the Greek prime minister, a ranking Chinese economist and the former chief economist of the IMF address these issues.     

The Danger of Global Austerity

The United States accuses China of subsidizing its entire export economy through artificially undervaluing its currency. China accuses the United States of fiscal profligacy while flooding the world with easy credit to keep its economy afloat. This dispute reflects the reality that the world's two largest economies are built on opposite dynamics of production and savings vs. consumerism and debt. In Europe, the wages of unsustainable debt that financed the welfare state have also come due. Rebalancing the global economy in this context is not only a matter of fixing exchange or interest rates and extending the retirement age. It must also involve a recalibration of democracy in both East and West. Two Nobel economists, the Greek prime minister, a ranking Chinese economist and the former chief economist of the IMF address these issues.     

Chinese Prosperity Doesn't Bring Democracy

The United States accuses China of subsidizing its entire export economy through artificially undervaluing its currency. China accuses the United States of fiscal profligacy while flooding the world with easy credit to keep its economy afloat. This dispute reflects the reality that the world's two largest economies are built on opposite dynamics of production and savings vs. consumerism and debt. In Europe, the wages of unsustainable debt that financed the welfare state have also come due. Rebalancing the global economy in this context is not only a matter of fixing exchange or interest rates and extending the retirement age. It must also involve a recalibration of democracy in both East and West. Two Nobel economists, the Greek prime minister, a ranking Chinese economist and the former chief economist of the IMF address these issues.