Why Isn’t Germany Stepping Up to Save the Euro Zone? by Thomas Kleine-Brockhoff in the Washington Post. Kleine-Brockhoff, a member of European Affairs' editorial board, says that in the euro showdown, Europeans may call for German leadership but don’t actually want to be led by Germany -- and don't like the results of the German leadership they've seen so far. This makes Berlin a reluctant hegemon fearful of getting in over its head. Recommended by European Affairs. (12/5)

On December 5th, The European Institute presented its Transatlantic Leadership Award to The Honorable Christine Lagarde, Managing Director of the International Monetary Fund and to The Honorable Elias Zerhouni, President of Global Research and Development at Sanofi and former Director of the U.S. National Institutes of Health, at the Annual Ambassadors’ Gala Dinner. Madame Lagarde was recognized for exercising uncommon leadership in seeking to resolve the European sovereign debt crisis and stem further contagion of the global economy. Dr. Zerhouni was honored for his pivotal role in furthering translational medical innovation to the benefit of global public health.

Click here to read Christine Lagarde's remarks.

Click here to read Dr. Elias Zerhouni's remarks.

Why IS the euro so strong against the dollar when bond markets have it on its death bed? paul_horne_real

Since the onset of the crisis in Greece in late 2009, foreign exchange-traders have been forecasting that the euro will sink to dollar parity before becoming extinct.  This expectation is considered "common sense" among most Americans, including those watching the euro's fluctuations with a view to their costs for vacations or alimony or investments from dollar accounts.

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In the waning years of the last century there was great hope -- and hype -- about the “global bob_steckmarket" brought about by new technologies.  In the early years of this new century, the darker side of the global market has become more evident as economic trouble anywhere becomes economic trouble everywhere: e.g., the failure of Lehman caused a global contagion.

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Euro Crisis and the Transformation of European Democracy by Heather Horn in TheAtlantic.com.  EU governments' responses to the sovereign debt challenge have raised fundamental questions about whether Western democracy is still compatible with capitalism -- or indeed compatible with the power of bureaucracy and technocrats that is so prevalent in the EU political system. The debate has resonance in the U.S., too. Recommended by European Affairs. (12/2)