Credit rating agencies (CRAs) bear some responsibility for the financial crisis that started in 2007 and remains ongoing. This is acknowledged by policymakers, market participants, and by the agencies themselves. It soon became clear that, given the depth of the crisis, CRAs would not be able to...

The planned broadening of the common internal market into an economic and monetary union as proposed in the Delors Plan means a significant qualitative leap in the process of European integration, which should ultimately lead to political union in Europe. Is this objective realistic? In what...