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European Debt Crisis Navigator A list of resources from around the Web about the European debt crisis as selected by Journalist's Resource, a project of the Shorenstein Center at Harvard.

The Eurozone Crisis: How Banks and Sovereigns Came to Be Joined at the Hip International Monetary Fund, November 2011

No miracles in southern Eurozone without resource reallocation

At the heart of the new global economy are what Prof Nolan calls “systems integrator” companies – businesses with dominant brands and superior technologies, which are at the apex of value chains that serve the global middle classes. These global businesses, in turn, exert enormous pressure on their supply chains, creating ever-rising consolidation there, as well.

Using data from 2006-09, Prof Nolan concludes that the number of globally dominant businesses in the manufacture of large commercial aircraft and carbonated drinks was two; of mobile telecommunications infrastructure and smart phones, just three; of beer, elevators, heavy-duty trucks and personal computers, four; of digital cameras, six; and of motor vehicles and pharmaceuticals, 10. In these cases, dominant businesses supplied between half and all of the world market. Similar degrees of concentration have emerged, after consolidation, in many industries

Why Government Doesn't—and Can't—Manage Resources Like a Private Business

relatively small size,

The free online mini MBA is a condensed version of a full fledged MBA & is aimed at providing a solid foundation in current business theory and practices.

Online video lectures and case studies by top management faculty will cover subjects like Fundamentals of Accounting, Principles of Marketing, Managing Human Resource, Essentials of Business Communication and Business Strategy.

“The pedagogy involves pre-recorded video learning modules with fully interactive and collaborative features like the discussion forums, online chats, quizzes and live virtual classrooms. The entire course content will be made available on an anytime, anywhere learning mode using the “portable classroom” model.

But the debate about austerity and the cost of high public-debt levels misses a key point: Public debt owed to foreigners is different from debt owed to residents.

If foreign debt matters more than public debt, the key variable requiring adjustment is the external deficit, not the fiscal deficit. A country that has a balanced current account does not need any additional foreign capital. That is why risk premiums are continuing to fall in the eurozone, despite high political uncertainty in Italy and continuing large fiscal deficits elsewhere. The peripheral countries’ external deficits are falling rapidly, thus diminishing the need for foreign financing.

And the evidence confirms that the euro crisis is not really about sovereign debt, but about foreign debt.

Early work on optimum currency areas by Robert Mundell had emphasised the symmetry or asymmetry of disturbances hitting different regional economies as a key criterion on which to gauge their suitability for sharing a common currency.

We now know that Kenen flagged a problem for which the Eurozone could have been better prepared. With an outsized capital-goods producing sector, Germany benefitted from a strong positive shock as a result of China’s emergence onto the global stage, given the Chinese economy’s voracious appetite for capital goods.

but what would in normal times be a boon for the region may not help as much now, experts say.

Before the crisis, actions such as the European Central Bank rate cuts two weeks ago would have had a twofold effect in reviving the economy: Banks would have passed the lower rate on to their clients, while foreign-exchange markets would have marked the currency down, giving exporters better chances to sell their products abroad.

In today's polarized euro zone, it isn't that simple. For one thing, tThere is no certainty that euro-zone banks will pass on the cut in borrowing costs.

Crippled eurozone to face fresh debt crisis this year, warns ex-ECB strongman Axel Weber

Harvard professor Kenneth Rogoff said the launch of the euro had been a "giant historic mistake, done to soon" that now requires a degree of fiscal union and a common bank resolution fund to make it work, but EMU leaders are still refusing to take these steps.

"People are no longer talking about the euro falling apart but youth unemployment is really horrific. They can't leave this twisting in wind for another five years," he said.

Sixty-four percent of the population lives on less than $1 per day, 14 percent have HIV, 40 percent don’t have access to clean drinking water. Almost 90 percent of women in rural areas cannot read or write. Name a category—schools, health care, environment—and I’ll give you statistics that will depress the shit out of you.

For more than 150 years, the only reason to come to Kitwe—to Zambia, really—was the copper.

Most of the buildings in Kitwe, the roads, the health clinics, the schools, were built by the national mining company

Fishermen currently discard nearly a quarter of Europe's total catch on average, and as much as 70% of the hauls in some areas, European Commission data show

"The law has been made by someone who doesn't know fisheries," said fisherman Geert Luickx as he painted his boat here in this North Sea port. Without financial assistance, more crew, and a bigger boat, he said, he won't be able to comply with the new law.

Commission data show 80% of stocks in the Mediterranean, including swordfish, and 47% of stocks in the Atlantic, including whiting off Scotland's western coast, are being exploited at levels that will lead to extinction.

In a typical day, Mr. Durgin tells me, 21 trains depart the mine, pulling 135 cars each. Each car bears 120 tons of coal. At this pace, he says, there is more than 20 years’ worth of coal ready to mine under my feet.

North Antelope Rochelle is among the biggest coal mines in the world. It produced 108 million tons last year — about 10 percent of all the coal burned by the nation’s power plants.

North Antelope Rochelle and the other vast strip mines cutting through the plains of Wyoming’s Powder River Basin — whose low-sulfur carbon met standards imposed by the Clean Air Act — were the result

The Global Economy’s Tale Risks

Fluctuations in the world’s economies are largely due to the stories we hear and tell about them. These popular, emotionally relevant narratives sometimes inspire us to go out and spend, start businesses, build new factories and office buildings, and hire employees; at other times, they put fear in our hearts and impel us to sit tight, save our resources, curtail spending, and reduce risk. They either stimulate our “animal spirits” or muffle them.

The output gap for the world’s major advanced economies, as calculated by the IMF, remains disappointing, at -3.2% in 2013, which is less than half-way back to normal from 2009, the worst year of the global financial crisis, when the gap was -5.3%.

Pupils in Finland, Korea, Japan and Canada consistently score much higher than their peers in Germany, Britain, America and France.

In each country, the Americans are startled by how hard their new peers work and how seriously they take their studies. Maths classes tend to be more sophisticated, with lessons that show the often fascinating ways that geometry, trigonometry and calculus work together in the real world.

Classrooms tend to be understated, free of the high-tech gadgetry of their schools back home. And teachers in every subject exhibit the authority of professionals held in high regard.

A European Energy Executive’s Delicate Dance Over Ukraine

Major Western oil companies like BP and Exxon Mobil have extensive exploration deals in Russia that they fear could be jeopardized if the United States and European Union impose stiffer sanctions on the Putin regime.

“This is by far the toughest time for European energy security that I have seen,” said Mr. Scaroni. “This issue might stop the supply of Russian gas.”