"...[N]ow there is a new trade horizon. At the Group of 8 summit meeting, official talks were launched for an E.U.-U.S. free-trade agreement....On the surface, this is good news for everyone. The collective interests of the world's first- and second-largest markets would be served by an agreement that would boost combined G.D.P. by almost 1 percent. There is great hope that cooperation would reduce unnecessary regulation on both sides of the Atlantic."

"With all its imperfections, Europe today is the largest single market in the world, featuring effective anti-trust regulations, curtailing economic nationalism, and promoting free trade agreements with counties as far away as Asia and Latin America. New potential members are eager to join, from booming Turkey to crisis-ridden Iceland. Despite all the talk of stalling, Turkish membership will eventually come to pass."

"As the U.S. gears up for an important presidential election, Argentina is a sad reminder of how crony capitalism is the enemy of genuine development."