Harold James is Professor of History and International Affairs and the Claude and Lore Kelly Professor of European Studies at Princeton University. His latest book (with Markus Brunnermeier and Jean-Pierre Landau) is The Euro and the Battle of Ideas (Princeton University Press).
talian Interior Minister Matteo Salvini attends a press conference at the Italian Embassy in Bucharest, Romania, on Oct. 23. (Daniel Mihailescu/AFP/Getty Images)
CLEVELAND, OH - JULY 21: Republican presidential candidate Donald Trump delivers a speech during the evening session on the fourth day of the Republican National Convention on July 21, 2016 at the Quicken Loans Arena in Cleveland, Ohio. Republican presidential candidate Donald Trump received the number of votes needed to secure the party's nomination. An estimated 50,000 people are expected in Cleveland, including hundreds of protesters and members of the media. The four-day Republican National Convention kicked off on July 18. (Photo by Alex Wong/Getty Images)
This picture shows the headquarters of the Monte dei Paschi di Siena bank on July 2, 2016 in Siena, in the Italian region of Tuscany.
Italy's number-three bank, Banca Monte dei Paschi di Siena, took a hammering on the stock market on July 4 as the European Central Bank told it to slash its large bad-debt burden. Investors, many of them shaken by Britain's vote to leave the European Union, are fretting over the fragile balance sheets of debt-laden Italian banks. Banca Monte dei Paschi di Siena, or BMPS, is among the banks at the forefront of those concerns with gross bad loans amounting to 46.9 billion euros ($52 billion).
/ AFP / GIUSEPPE CACACE (Photo credit should read )
391781 03: The Deutsche Bank headquarters sign is on display July 11, 2001 in New York City. (Photo by Mario Tama/Getty Images)
PAUL J. RICHARDS/AFP/Getty Images