Bank of England Governor Mark Carney, President of the ECB Mario Draghi and Fed Chair Janet Yellen (Franziska Kraufmann/dpa)

Don't look now, but the European stock market is officially outperforming the American one, after nearly a month of sideways movement in the S&P 500. This fact highlights how underrated the European economic recovery has been as a factor in the post-election surge in economic confidence, as the whole of the European Union is the U.S.'s largest trading partner.

Why is Europe booming? Economist Anatole Kaletsky suggests that the European Central Bank should be given credit. "A dramatic change to European policy and economic conditions occurred in March 2015, when the European Central Bank belatedly launched a bond-buying program similar to America's, but on a far larger scale," he writes. Effectively, the central bank has reduced European sovereign debt loads, which has boosted confidence and the economy.

Score one for the bureaucracy: The jury is still out, but it's plausible that in ten years time, both the ECB and the Federal Reserve will be credited for dragging the world out of the Great Recession, while parliaments and congresses bickered. In this age of democratic populism, it might the unelected bureaucrats who deserve our thanks.

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Updated 26 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 1 a.m. ET: 31,245,797 — Total deaths: 963,693— Total recoveries: 21,394,593Map.
  2. U.S.: Total confirmed cases as of 1 a.m. ET: 6,856,884 — Total deaths: 199,865 — Total recoveries: 2,615,949 — Total tests: 95,841,281Map.
  3. Health: CDC says it mistakenly published guidance about COVID-19 spreading through air.
  4. Media: Conservative blogger who spread COVID-19 misinformation worked for Fauci's agency.
  5. Politics: House Democrats file legislation to fund government through Dec. 11.
  6. World: U.K. upgrades COVID alert level as Europe sees worrying rise in infections — "The Wake-Up Call" warns the West about the consequences of mishandling a pandemic.

Texas and Louisiana face fresh flood threat from Tropical Storm Beta

Tropical Storm Beta slowly approaching the Texas coast on Monday. Photo: National Weather Service/Twitter

Tropical Storm Beta crossed the Texas coast near the southern end of the Matagorda Peninsula late Monday, the National Hurricane Center said, bringing with it the risk of "life-threatening storm surge" and flooding to parts of Texas and Louisiana.

What's happening: Texas Gov. Greg Abbott (R) made a disaster declaration and Louisiana Gov. John Bel Edwards (D) declared a state of emergency, as the states began feeling the impact of the slow-moving storm — which was causing coastal flooding along the bays near Houston and Galveston in Texas, and the Gulf of Mexico Monday, per the National Weather Service.

Louisville police declare state of emergency as Breonna Taylor decision looms

A demonstrator holds up a sign of Breonna Taylor during a protest in Louisville, Kentucky. Photo: Brandon Bell/Getty Images

The Louisville police chief declared in a memo obtained by news outlets a "state of emergency" for the department on Monday to prepare for Kentucky Attorney General Daniel Cameron's expected announcement on the Breonna Taylor case.

Of note: Louisville has witnessed more than 115 days of protests over the police killing of Taylor, an unarmed Black woman, with calls for all the officers involved to be charged.

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