|By C. FRED BERGSTEN|
|Friday, 14 September 2012 12:33|
EUROPE’s financial turmoil and the impact it could have on the rest of the world are the overriding focus of international financial markets. Will the euro survive? Would its failure spark a deep global recession? How would the fallout affect the United States — even the coming presidential election? To understand Europe’s prospects, we must debunk several misconceptions that have emerged about the crisis. And we must understand that Europe’s troubles may spark a deeper union — fiscal as well as political — that could protect the continent from similar crises in the future.
1. The Europeans will never get their act together.
– Washington Post