Commentary
Depleted financial reserves and a shrinking tax base mean it is no longer possible to simultaneously deliver high defense spending, price stability, and economic growth.
Alexandra Prokopenko
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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.
Published on Dec 7, 2011
Source: National Interest
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.
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.
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