Of the many good ideas currently being discussed in Europe, the most interesting proposal is to let national unemployment schemes manage the regular business cycle, and to provide European financing to extend the duration of unemployment benefits during a crisis period.

The Great Recession presented the US with economic and political challenges that had not been experienced since the time of the Great Depression. This article provides a retrospective on the government’s response to the crisis ten years after the enactment of the Dodd-Frank Act, as the country...