Europeans need to respect what non-Western powers think, and that includes their militaries. Europe's Asian, African and Latin American counterparts are already playing a more vital role on the world stage; once Europe's defence budget cuts start to bite, this role will only increase.

The EU's bank stress tests were flawed. The methodology suffered fundamental problems and was designed to fix the results. As ECFR council member Wolfgang Münchau argues in the Financial Times, if you tried to test the safety of cars using the same method, you would end up in jail.

Spain's footballing triumph at the World Cup came as a welcome distraction for the Spanish people. Their economy is a shambles; their politicians are struggling to do their jobs; and the Spanish presidency of the EU badly damaged their international reputation. But at least Spain's football team offer lessons as well as hope.

The Political West (the US, Europe and Japan) are in the doldrums while the BRICs keep growing. A third of world economic growth in the last decade has taken place in BRIC countries. So far, so good for the BRICs. But what next?

The euro crisis seems to have revealed a more inward-looking and nationalistic Germany. But Germany’s shift towards the domestic is more subtle than it appears. And it is certainly not just a recent development.