Saving the Euro

Bending the rules of euro management, European leaders and finance ministers agreed to an unprecedented effort to guarantee the stability of the eurozone with loans adding up to nearly $1 trillion (or €750 billion) this weekend. In spite of the multibillion euro rescue package previously pledged to Greece, investors continued to worry about the unsound […]

Europe’s Crisis of Confidence

Old Europe is in something of an identity crisis. The specter of European federalism coupled with a widespread unease about Muslim immigration has many Europeans wondering about their nationhood and what it means to be “European” anyway. The financial meltdown and subsequent recession further fractured an already fragile self-image. Foreign immigration and decades of post-colonial […]

Left on the Rise in France

The Parti socialiste won France’s second round of regional elections conclusively this Sunday, gathering over half the votes nationwide while President Nicolas Sarkozy’s conservatives trailed in second place with just a third of the electorate. The socialists already controlled twenty out of France’s 22 departments in Europe, gaining the island of Corsica this weekend. The […]

Sarkozy Bids Farewell to Capitalism

Government intervention in the economy is something of a tradition in France. As the the 2010 Index of Economic Freedom published by the Washington-based Heritage Foundation and The Wall Street Journal noted, French business “remains curtailed by the pervasive presence of the state in economic activity.” Government spends more than half of GDP and owns […]

Europe’s Uneven Recovery

Europe’s massive deficit spending is finally catching up with it. As Stefan Theil writes for Newsweek, markets reacted sharply this week “after rating agencies downgraded the public debt of Greece and warned about the outlook for several others.” With a deficit running at over 12 percent of GDP, Greece runs a serious risk of becoming […]