The Greek crisis taught the European authorities the art of muddling through one crisis after another. This practice is popularly known as kicking the can down the road, although it would be more accurate to describe it as kicking a ball uphill so that it keeps rolling back down.
At the beginning of 2015 Ukraine faced a plethora of obstacles and enemies, first and foremost Russian President Vladimir Putin, who was determined to destabilize the country and use the might of the Russian army to crush it. He violated Russian law by using conscripts outside the borders of the …
Because of the structural defects of the euro, the European authorities have had to become masters of the art of muddling through one crisis after another. This practice is popularly known as kicking the can down the road although it would be more accurate to describe it as kicking the can uphill so that it keeps coming back.
The future course of history will greatly depend on how China tackles its economic transition from investment and export-led growth to greater dependence on domestic demand, and how the US reacts to it. A strategic partnership between the US and China could prevent the evolution of two power blocks that may be drawn into military conflict.
If the international authorities fail to come up with an impressive assistance program in response to an aggressive Ukrainian reform program, the new Ukraine will probably fail, Europe will be left on its own to defend itself against Russian aggression, and Europe will have abandoned the values and principles on which the European Union was founded. That would be an irreparable loss.
A humanitarian catastrophe is in the making in Greece. The asylum seekers are desperate. Most of the building blocks for an effective asylum system in Europe are available. It is Europe’s political capacity that is lacking, at least at the moment—its ability to make effective unified decisions about such an urgent matter.
Following the election of a pro-bailout party in Greece on June 17, the new Greek government being formed this week will try once more to negotiate a solution to its intractable debt crisis that will keep it in the eurozone. But how did Greece get into this situation in the first place? Are other countries at risk of falling into the same predicament? In a panel discussion at the Metropolitan Museum of Art earlier this year sponsored by the Review and Fritt Ord, these and other questions were explored by Paul Krugman, Edmund Phelps, Jeffrey Sachs, and George Soros. —The Editors