Dhiraj Nayyar in Bloomberg View on why India's Prime Minister and the governor of its central bank must work together to fix the country's economy. Nayyar writes that while Narendra Modi and Raghuram Rajan have both been aided by their strong reputations, as well as an improving economic environment, they must take action to bring India's economy to life. "Reputation can go a long way, of course. In a country where nepotism and connections usually determine who occupies high public office, Modi and Rajan represent a refreshing change. Neither of them are insiders in New Delhi. To Indian businessmen, they exude a credibility and competence that is rare at the highest levels of India's government." The task before them is that Modi must reform India's bloated government while Rajan must simplify and streamline the practices of its central bank. "Time is on Modi’s side: He has four years and nine months before the next election. Rajan has two years left in a three-year term, which may be extended to five. Sooner or later, though, positive sentiment will no longer be enough to carry either man. Now is the time to start meeting the outsized hopes they've raised."
The Wall Street Journal (subscription) on why the United States must continue to pressure Vladimir Putin. Putin's latest peace proposal represents another attempt to avoid costly sanctions by keeping Western allies off guard. "It's no accident Mr. Putin has floated this plan before the NATO summit in Wales and before the EU discusses broader sanctions on Russia on Friday. Mr. Putin hopes to forestall sanctions and divide the West—a strategy that has worked before. The EU and the U.S. put off sanctions in June after a few conciliatory Kremlin statements. A month later Mr. Putin began his move on eastern Ukraine." The editors argue that now is not the time to relent on international pressure. "The U.S. and EU should take his cue by adding serious sanctions and strengthening NATO... Ukraine will not be Mr. Putin's last military destination. Last week Mr. Putin mused that Kazakhstan wasn't a real country, and on Wednesday Russia announced military exercises along the border of the oil-rich Central Asian state with a large ethnic Russian minority. He had used the same words to describe Ukraine."