What exactly happened on board the Costa Concordia? How did a luxury cruise go so wrong? Expertise in the psychology of risk perception, the explanation for why our perception of and response to risk sometimes seems pretty irrational. We’re too afraid of some things, and not afraid enough of others, which sometimes leads to new risks all by itself.

Italian Prime Minister Mario Monti is to meet Thursday with his German and French counterparts to discuss euro zone issues. On Wednesday, Germany attempted to raise €6 billion in 10 year bonds, but only sold €3.6 billion. Louise Cooper, markets analyst for BGC Partners in London, has the latest.

His days as prime minister of Italy are coming to an end, but Silvio Berlusconi isn't fading away quietly. On Tuesday, his fourth album of love songs will be released to the public. Titled "Il Vero Amore" (True Love), the album features 11 ballads, which are performed with the help of his long-time collaborator Mariano Apicella. But Berlusconi is hardly the only politician with musical aspirations. Here in the States, political figures from Bill Clinton and Ted Kennedy to Orrin Hatch and Condoleezza Rice have tried their hands at music.

With Silvio Berlusconi officially submitting his resignation this weekend, the Mario Monti era begins in Italy. The interim prime minister's first task will be to form a new government to enforce the country's recently approved austerity package to get the country's debt burden under control. But who is Italy's new leader? And will his new government be enough to prevent a further crisis in the euro zone?

As the European sovereign debt crisis has spread from Greece to Italy, investors worst fears are coming true. "Contagion" is the word of the day, as Italy's precarious situation threatens to destabilize the entire euro zone, possibly posing a systemic risk to the global economy. A central member of the euro zone, and Europe's third largest economy, Italy is too large to be bailed out by Europe as was the case with Greece. Italian bond rates have skyrocketed to above 7 percent, as investor fret over whether Italy's government will be capable of dealing with the crisis, even with the departure of Prime Minister Silvio Berlusconi.

A different look at the euro zone crisis with a look at the very idea of the European Union. It grew out of the wreckage of World War II, with politicians determined to end the rivalries which had driven Europe to war twice in 25 years. Former British Prime Minister Winston Churchill, presiding at the Hague Congress in 1948, launched the call for a political, economic and monetary union of Europe. This landmark conference would eventually see six European countries coming together to sign the Treaty of Rome in 1957 which created the European Economic Community — now of course, the much larger 27-member European Union.

Interest rates on Italy's debt have soared to dangerously high levels, as bond yields hit 7.4 percent — the level that has driven other euro zone countries to seek bailouts. In comparison, Germany's interest rates stand at just 0.24 percent. Wednesday's news comes just a day after Prime Minister Silvio Berlusconi pledged to step down on the condition that Parliament pass an austerity budget required by the European Union. Uncertainty over whether Europe's third largest economy will be able to meet its fiscal challenges will continue to test world markets.

2011 has been a year of sweeping changes in leadership worldwide. The Arab Spring meant the end of decades-long dictatorships across the middle east, and now threats of default have forced Greek Prime Minister George Papandreou and Italian Prime Minister Silvio Berlusconi to resign. As the European debt crisis continues to unfold, more changes--including a shift which countries step up to deal with these problems--are assuredly ahead.

For two decades, Silvio Berlusconi has dominated Italian politics as the longest serving national leader in Europe. But in the last 24 hours, it seems his reign may finally be coming to an end — an idea unthinkable to many Italians who thought he would be in power for life. Berlusconi pledged to resign on Tuesday on the condition Parliament passes an austerity package. From his outrageous comments to his sex scandals to repeated allegations of corruption in his government, the BBC's Rome correspondent, David Willey looks back at the remarkable and colorful career of Silvio Berlusconi.

The twin political and fiscal disasters of Greece's sovereign debt crisis have spread to Italy, Europe's third largest economy. Prime Minister Silvio Berlusconi's governing coalition has crumbled ahead of a crucial budget vote scheduled for Tuesday, and a key ally has demanded his resignation. Interest rates on Italy's debt rose to 6.47 percent, the highest since the country joined the euro. As Greece negotiates a transitional government, the fate of the euro remains in question.

The Occupy Wall Street movement went global over the weekend, with protests held in 950 cities in 80 countries around the world. While the majority of the demonstrations were peaceful, protests in Rome turned violent, with 135 people injured and over €1 million in damage. Cars were burned, bank windows were shattered, and a church was desecrated as the protests over austerity measures and irresponsible banking practices degraded into violence. BBC correspondent Hugh Sykes has the latest on the aftermath. 

After four years in prison, Amanda Knox walked free on Monday. The 24-year-old American woman, and her former boyfriend, Raffaele Sollecito, were convicted of murdering her roommate, Meredith Kercher in 2009. Sollecito's conviction was also overturned by an Italian appeals court in Perugia. The story of sex, drug-using, exchange students, and murder became a media sensation around the world. The prosecution's case against Knox was derided as based on circumstantial evidence doubted by independent experts.

Credit ratings agency Standard & Poor's downgraded Italy's debt one notch late on Monday. The Italian government is furious this morning at S&P's decision to lower the rating from A+ to A. S&P defended its decision, citing Italy's weak economic growth and high levels of government debt. The agency also expressed doubts over the government of Prime Minister Silvio Berlusconi and Parliament's ability to manage the growing crisis.

According to a report in The Guardian, Italy's prime minister, Silvio Berlusconi has been dealing with Libya on a major scale. He was licensed to do $156 million in business with the country, mostly dealing in with military aircraft. This may seem surprising now that Europe is trying to stop Col. Gadhafi, but the two countries have a long and tangled relationships. Libya is a former Italian colony and the two countries still have very close ties. Rachel Donadio, Rome bureau chief for The New York Times looks back at the relationship between the two countries.

Silvio Berlusconi has found himself in hot water, yet again. The Italian Prime Minister was officially indicated yesterday on charges of paying for sex with an under-aged prostitute and abusing the power of his office to cover it up. Berlusconi said he was told the girl was the granddaughter of then-Egyptian president Hosni Mubarak — and he was doing the world leader a favor when he tried to get her out of jail. We talk with Duncan Kennedy, BBC reporter in Rome, for the latest in the story.

An Italian judge indicted Prime Minister Silvio Berlusconi on charges that he paid for sex with a 17-year-old girl. He has been ordered to stand trial in April. The prime minister has denied any wrongdoing and is fighting back against charges in the media. Despite the scandal, Berlusconi has refused to step down. The New York Times' Rachel Donadio reports from Rome.

Italian Prime Minister Silvio Berlusconi faced two votes of confidence today in his country's government. The Italian parliament in Rome conducted a vote of confidence on Berlusconi in the lower house last, and if the votes didn't come down in his favor, he could have been forced to resign as Prime Minister. Berlusconi has escaped such situations before, however, and squeaked this morning by three votes. But what does it mean for his political future? 

Another day, another sex scandal for Italian Prime Minister Silvio Berlusconi — only this time he faces an angry electorate and challenges from former allies in his own party. Will his political career live to see another day? We explore this question and more with the help of some audio from our partners at the BBC. 

The Obamas arrived back home this weekend after a two-week trip through Europe and Africa. Michelle Obama with her mom and two kids joined the president in Moscow, and from there went to Italy and Ghana. While the president's schedule was widely publicized, The Takeaway looks at what the rest of the family was up to. Lynn Sweet, who writes the column The Daily Flotus for Politics Daily and is Washington Bureau Chief for the Chicago Sun-Times, talks about what the first family did on the trip.

President Barack Obama will meet with Pope Benedict XVI at the Vatican today. Catholics supported President Obama in the U.S. during the elections— he won the majority of their votes. But there continues to be friction between Catholics and the president over the issue of abortion. Joining The Takeaway is BBC Rome Correspondent David Willey who is at the Vatican today. Also joining the conversation is Cathleen Kaveny, the John P. Murphy Foundation Professor of Law and Theology at Notre Dame University.