RUSSELS – European policymakers like to extol the strength of the eurozone: relative to the United States, it has a much lower fiscal deficit (4% of GDP, compared to almost 10% for the US). Moreover, unlike the US, the eurozone does not have an external deficit, which means that the monetary union holds enough savings to finance all of its members’ budget deficits and resolve their debt problems.

World markets celebrated a successful summit of European leaders with a substantial rally, particularly in Europe. There is no doubt that European leaders made significant progress on key issues necessary to solve the Euro Crisis. However, they also left us with many intriguing questions, especially how they intend to lever up the European Financial Stability Facility (EFSF), the fund to support governments and financial institutions that suffer problems in accessing financial markets.

Dani Rodrik, Professor of International Political Economy at Harvard University, is the author of The Globalization Paradox: Democracy and the Future of the World Economy.

BRUSSELS – Once upon a time, there was a country plagued by large deficits, high inflation, and decades of economic stagnation. When economic problems once again became particularly acute, the country’s leadership embraced a radical approach to achieving price stability.

Kenneth Rogoff is Professor of Economics and Public Policy at Harvard University, and was formerly chief economist at the IMF.

HELSINKI—European Central Bank President Jean-Claude Trichet signaled a temporary pause in the ECB's path toward higher interest rates, a sign of caution as officials confront mounting problems along Europe's periphery.

The Portuguese hope to emulate the Beatles and get by with a little help from their friends, never mind that the €80 billion-€90 billion ($115 billion-$130 billion) of help they need hardly qualifies as "little."

Yves Mersch is Governor of the Central Bank of Luxembourg and a member of the Governing Council of the European Central Bank.

Europe's finance ministers are in Brussels, trying to convince Ireland to accept a bailout from the stabilization fund established in the wake of last spring's crisis in Greece. The conventional wisdom, repeated everywhere in Europe this week, is that this is necessary to "stabilize the markets" and prevent "contagion."

MADRID – Reform of global economic governance is still firmly on the radar screens of policymakers, but there is little evidence that the European Union has developed a forward-looking or coherent approach to the new forms that the G-20 is committed to establishing.