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A careful selection and summary of editorials, commentaries, and analyses from the world’s leading newspapers and magazines to help you stay on top of the latest debates and developments in the transatlantic agenda. See list of monitoring sources.
Readers can also see how the perspectives and priorities diverge in different regions.

No Money Left for Change

The US has done the right thing when it launched a rescue plan. ++ Those who argue how vast the initiative is are wrong because they underestimate the extensiveness of the US economy. ++ However, the true impact of the expansion of public spending lies in politics, because there is simply not much money left over for areas such as health care or alternative energy. ++ So even if Obama is elected in November, "he will find his fiscal hands tied a lot tighter than he may have hoped, even with a Democratic Congress alongside him."

"A Peace From the Bottom Up"

The Bush administration’s attempt at reconciling the Palestinian problem has been a dismal failure. ++ The peace process is unlikely to restart anytime soon; a plethora of elections, scandals, and spoilers will preclude a substantive, top-down agreement from taking shape. ++ A different approach is needed – one that works towards the “construction of a healthy and vibrant Palestinian civil society.” ++ Likewise, steadfast support for Palestinian leaders has stifled civil society growth and funneled Western largesse to the wrong organizations.

Mission Impossible: Victory in Afghanistan

NATO is facing a wily and pitiless enemy in Afghanistan. ++ Taliban forces have reconstituted themselves into a formidable foe. ++ The transfer of nearly 5,000 troops from Iraq - where the situation is more dire than the Bush administration admits - to Afghanistan is “too few, too late, too slow.” ++ The British were unable to control Afghanistan in the 19th century, the Russians in the 20th, and now, NATO in the 21st. ++ It’s “fantasy” to think of victory as possible, as “we have lost after we won.”

Hard Landing for Eurozone

The demise of the shadow banking system began last week. ++ This is the financial crisis of the century. ++ Shadow banks are not protected from bank runs, as commercial banks are. ++ A run on hedge funds is highly probable. ++ If these institutions are to be government-insured, they will need regulation in order to avoid any moral dilemma implications. ++ A “severe” US recession is imminent. ++ The eurozone is in bad position; a host of negative variables will lead to a “hard landing” for European financial institutions.

History Repeats its Financial Self

Historically, reformers have always tried to stabilize activity through control of interest rates and money supply, but these are not consistently correlated. ++ The current crisis was foreseeable; booms cannot be eternal. ++ The world's central bankers should first save the system. ++ Many want to raise the expansion rate as soon as possible, but the US election may make stabilization unfeasible. ++ The US was overconfident and created fake bonuses. ++ However, Europe and Britain understand inflation and are much more careful.

Pakistan: "Running Out of Time"

President Bush's decision to allow US military operations within Pakistan shows how desperate the situation is becoming. ++ But, if the Taliban and other extremists are to be permanently subdued, it must be done by Pakistan itself. ++ The US must convince Pakistan that the fight against extremism is their fight, not just America's; Pakistan's leaders must persuade their citizens of the same. ++ US strategy must bolster the new civilian government led by Pres. Zardari. ++ Congress should pass a $7.5 billion aid package to strengthen Pakistan.

Questioning Export Led Growth

It has been unchallenged that export-led growth is the way to go for developing countries. ++ In light of the global slowdown, however, it is likely that the EU and US will become less hospitable to developing nations’ exports. ++ South-south trade cannot help, because emerging economies trade similar products and countries such as Brazil already struggle in the race with China. ++ Future economic stability depends on developing states’ ability to improve their domestic demand, while the US should avoid all-out protectionism.

EU Should Say No to Syria

The EU's plan to reward Syria with an "Association Agreement" is worrisome for several reasons. ++ Damascus not only sponsors Hezbollah and Hamas, it also follows Iran's approach to nuclear weapons in spite of its commitment to the Nuclear Non-Proliferation Treaty. ++ "European leaders should cease all further action toward an Association Agreement." ++ If the EU ignores the lesson of inaction, as it has in the case of the Caucasus conflict, Syria might one day deliver nuclear and chemical weapons to Islamist terrorist organizations.

Uncle Sam's Unsolved Problem

Immigration remains an open problem in the US and is now on the campaign agendas. ++ Obama still supports the three pillars of extensive reform: tougher enforcement, expanded legal immigration and a path to citizenship to illegal immigrants who are already in the US. ++ McCain, on the other hand, is leading a party whose members mainly oppose the path to citizenship and give priority to border security. ++ People in the US as well as in neighboring countries deserve honest and thoughtful answers.

Greater Transparency is Not a Fiscal Panacea

The G7 finance ministers endorsed an approach to regulation in April, which stipulated transparency, disclosure, and strict risk management, i.e., nothing new. ++ This hackneyed approach will fail again. ++ Regulation hasn’t kept up with the last 30 years of market changes and is not needed except to enforce best practice. ++ Regulators must begin to use a system-wide approach, financial institutions must raise buffer reserves, and regulation must be targeted on highly leveraged institutions. ++ Transparency is not a cure-all.