Merkel and Sarkozy Propose New Economic Government

Sarkozy told reporters that he and Merkel want a "true European economic government" that would consist of the heads of state and government of all eurozone nations. The leaders of France and Germany called Tuesday for greater economic discipline and unity among European nations but declined to take immediate financial measures seen by many investors as the only way to halt the continent's spiraling debt crisis.The Dow Jones industrial average fell,...

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S&P Downgrades US Credit Rating to AA-Plus

The United States lost its top-notch triple-A credit rating from Standard & Poor's Friday, in a dramatic reversal of fortune for the world's largest economy. S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about growing budget deficits. "The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the administration recently agreed to falls short of what, in our view, would be necessary...

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Europe’s resurgent far right focuses on immigration, multiculturalism

The far right in Europe has enjoyed a renaissance over the past 30 years, driven by resentment of the growing powers of the European Union and by rejection of the “multiculturalism” that has accompanied rapid immigration from the developing world. Political parties opposing immigration and integration have done well in elections in recent years — and beyond them, neo-fascist and “national socialist” groups have become well-established across the...

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