Europe’s heads of state or government have launched a new conversation about reforming the financial structures of the European Union in order to prevent another economic and financial crisis like the one that consumed the last decade. They have a number of ambitious proposals on the table — to complete the European Banking Union, to strengthen the European Stability Mechanism, and to enhance political accountability at the European level. Not all of these proposals are sure to be adopted, and progress is likely to be incremental. The goal of ensuring financial market stability is nevertheless apparent.
Donald Trump is torn between two ambitions. One is to challenge the conventions that have underpinned U.S. foreign policy by replacing a commitment to global leadership with a determination to put America first. The other is to undo the legacy of Barack Obama. Neither ambition is easy to accomplish; taken together, the two ambitions constitute an enormous task. Sometimes they overlap. Sometimes they point in different directions. And sometimes they interact in a dizzying manner. Trump’s policy toward Asia is of the dizzying sort. Where Barack Obama pivoted to Asia from the Middle in a manner that both confirmed and defied U.S. foreign policy convention, Trump seems to twirl around Asia in an accelerating pirouette.