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Some maintain that Italy and Spain risk losing market access for their sovereign bonds despite drops in yields. A recent Vox column by Francesco Giavazzi suggested that Italy could and should avoid a bailout. This column argues that in…

Editor's note: The following press release was issued by Moody's in connection with yesterday's ratings action on the temporary European bailout fund, the European Financial Stability Facility.

Moody's Investors Service issued the following press release in connection with European ratings actions earlier today.

Below is the full text of the European' Commission's Memorandum of Understanding with Spain regarding the bailout of the Spanish banking sector released earlier today.

Moody's Investors Service has today downgraded Italy's government bond rating to Baa2 from A3. The outlook remains negative. Italy's Prime-2 short-term rating has not changed.

The EU Summit decision on banking union is being questioned by some economists in Germany. This column argues that a banking union is a critical step in ending the EZ crisis and building a more stable EZ financial architecture. It is a…

Editor's note: Moody's released the following press release in relation to actions it took on banks with global capital markets operations today.

The EZ rescue strategy adopted in May 2010 failed to restore debt sustainability, avoid contagion, or reduce moral hazard. This column argues that a volte face is needed. The debt of Greece, Portugal and Italy – and perhaps Ireland, Spain…

Charles Kindleberger’s classic book on the Great Depression was originally published 40 years ago. In the preface to a new edition, two leading economists argue that the lessons are as relevant as ever.

The following is the text of a much anticipated speech Fed Vice Chair Janet Yellen gave at the Boston Economic Club Dinner, in Boston, Massachusetts on monetary policy last night. Yellen emphasized the need for the Fed to remain…