• Research
  • Strategic Europe
  • About
  • Experts
Carnegie Europe logoCarnegie lettermark logo
EUUkraine
  • Donate
{
  "authors": [
    "Uri Dadush",
    "William Shaw"
  ],
  "type": "legacyinthemedia",
  "centerAffiliationAll": "",
  "centers": [
    "Carnegie Endowment for International Peace",
    "Carnegie Europe",
    "Carnegie Russia Eurasia Center"
  ],
  "collections": [
    "Transatlantic Cooperation"
  ],
  "englishNewsletterAll": "",
  "nonEnglishNewsletterAll": "",
  "primaryCenter": "Carnegie Endowment for International Peace",
  "programAffiliation": "",
  "programs": [],
  "projects": [],
  "regions": [
    "North America",
    "United States",
    "Western Europe",
    "France",
    "Germany",
    "Europe",
    "Eastern Europe"
  ],
  "topics": [
    "Economy",
    "EU"
  ]
}

Source: Getty

In The Media

How the U.S. Will Pay for the Euro Crisis

The euro crisis has grown too big for Europeans to handle alone. The United States must act to help save the euro—or risk paying a much bigger price if it collapses.

Link Copied
By Uri Dadush and William Shaw
Published on Dec 7, 2011

Source: National Interest

How the U.S. Will Pay for the Euro CrisisAs Secretary Geithner travels to Europe again this week to express America’s “deep concern” about the escalating euro crisis, his counterparts will listen politely—but here is what they will really be thinking: “We know we have a big crisis on our hands and that we have to act decisively, thank you—but what can you do to help? Yes, we appreciate the Fed’s participation in enhanced swap lines, but we all know this is just a palliative.”

His fellow finance ministers will grow impatient. “We understand that you have a fiscal mess, but we don’t have a lot of time right now. We really need to prepare for the meetings with the Chinese, Brazilian and Mexican delegations. After all, as you and your president keep repeating, this is Europe’s crisis to deal with.”

This is more than ironic. It is unreal, tragic in fact, because everyone around the conference table will know that a collapse of the euro would not only be a calamity for Europe but also a disaster for the United States.

This article was originally published by the National Interest. Click here to continue reading.

About the Authors

Uri Dadush

Former Senior Associate, International Economics Program

Dadush was a senior associate at the Carnegie Endowment for International Peace. He focuses on trends in the global economy and is currently tracking developments in the eurozone crisis.

William Shaw

Former Visiting Scholar, International Economics Program

Shaw was a visiting scholar in Carnegie’s International Economics Program. He is the co-author of Juggernaut: How Emerging Markets Are Reshaping Globalization.

Authors

Uri Dadush
Former Senior Associate, International Economics Program
Uri Dadush
William Shaw
Former Visiting Scholar, International Economics Program
EconomyEUNorth AmericaUnited StatesWestern EuropeFranceGermanyEuropeEastern Europe

Carnegie does not take institutional positions on public policy issues; the views represented herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.

More Work from Carnegie Europe

  • Commentary
    Strategic Europe
    The Fog of AI War

    In Ukraine, Gaza, and Iran, AI warfare has come to dominate, with barely any oversight or accountability. Europe must lead the charge on the responsible use of new military technologies.

      Raluca Csernatoni

  • Commentary
    Strategic Europe
    How to Join the EU in Three Easy Steps

    Montenegro and Albania are frontrunners for EU enlargement in the Western Balkans, but they can’t just sit back and wait. To meet their 2030 accession ambitions, they must make a strong positive case.

      Dimitar Bechev, Iliriana Gjoni

  • Commentary
    Strategic Europe
    Taking the Pulse: Can NATO Survive the Iran War?

    Donald Trump has repeatedly bashed NATO and European allies, threatening to annex Canada and Greenland and deploring their lack of enthusiasm for his war of choice in Iran. Is this latest round of abuse the final straw?

      • Rym Momtaz

      Rym Momtaz, ed.

  • Commentary
    Strategic Europe
    On NATO, Trump Should Embrace France Instead of Bashing It

    Donald Trump’s repudiation of NATO goes against the Make America Great Again vision of a U.S.-centered foreign policy. If the goal is to preserve the alliance by boosting Europe’s commitments, leaning into France’s vision is the most America First way forward.

      • Rym Momtaz

      Rym Momtaz

  • Commentary
    Europe Doesn’t Like War—for Good Reasons

    The wars in Ukraine and the Middle East are existential threats to Europe as a peace project. Leaders and citizens alike must reaffirm their solidarity to face up to today’s multifaceted challenges.

      Marc Pierini

Get more news and analysis from
Carnegie Europe
Carnegie Europe logo, white
Rue du Congrès, 151000 Brussels, Belgium
  • Research
  • Strategic Europe
  • About
  • Experts
  • Projects
  • Events
  • Contact
  • Careers
  • Privacy
  • For Media
  • Gender Equality Plan
Get more news and analysis from
Carnegie Europe
© 2026 Carnegie Endowment for International Peace. All rights reserved.