A Fix for Italy's Banks Can't Wait

In recent years, Europe has grown accustomed to financial panic -- but the latest scare wasn't about Greece or Cyprus or Ireland. The cause for alarm was Italy's troubled banks. In case you'd forgotten, Italy is the European Union's fourth-biggest economy.

Europe as a whole has been slow to resolve its banking difficulties, but Italy especially so. The sudden selloff of Italian bank shares shows that decisive action on their nonperforming loans can't wait any longer. Italy and its partners in the European Union are discussing a plan. They need to wrap up the talking and act.