Creating institutions to enhance border security and resettle refugees will require Europe to take another step toward deeper political integration, with decisions made at the EU, not the national, level.
China should start developing stable and liquid financial markets that are not subject to official manipulation. Only then will the international community embrace the renminbi as a proper international and reserve currency.
Around the world, central banks' balance sheets are becoming an increasingly serious concern. Yet, balance-sheet considerations rank, at best, a distant fourth on the list of worthy monetary-policy goals.