Following the stress tests, the European Central Bank concluded that 25 institutions, nine of them Italian, would need to add a total of €25 billion in capital. Photograph: Ralph Orlowski/Reuters

Tests are not a complete fix for banking sector, still less for economy’s wider problems

Bundesbank president Jens Weidmann. With conventional monetary policy at its limits, the choice is between unconventional monetary policy or expansionary fiscal policy. Germany is extremely uncomfortable with both. Photograph: Ciro De Luca/Reuters

Opinion: zone needs to reach deal between more reform and more demand

The People’s Bank of China headquarters in Beijing. Photograph: Petar Kujundzic/Reuters

Opinion: we need to escape from this apparently relentless cycle

The Federal Reserve’s policies have also benefited the relatively well off; it is trying to raise the prices of assets which are overwhelmingly owned by the rich

A debt-addicted economy with stagnant levels of education is likely to fare ill in future

 People rally for  greater action against climate change during the People’s Climate March on Sunday, September 21st, in New York City. Photograph: Andrew Burton/Getty Images

All but most obdurate sceptics must recognise probability of irreversible climate change is much greater than zero

Russian soldiers dressed in Soviet WWII uniform march through  Red Square in Moscow.

West must shed its post cold-war illusions and act according to its principles

 Photograph: Mike Kemp/Rubberball/Getty

The European project is a failed marriage, and only a radical reappraisal of the union – political and, above all, fiscal – can pr(...)

Marine Le Pen of France’s National Front: the capacity of member states to tolerate unemployment and deep slumps cannot be unlimited. Photograph: Benoit Tessier

If the powers continue on the same course, the result will probably be a populist reaction

A woman walks past a currency exchange store with an Argentine national flag on display in Buenos Aires’ financial district. REUTERS/Marcos Brindicci

Sovereign issuers should shift from reliance on standard debt contracts towards ones with risk-sharing elements built in

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