If growth does not return to Europe in the next two years, the political situation will become more difficult.
Although the United States weathered the global recession relatively better than its European counterparts, it is not as strong as it looks and Europe’s long-term prospects are better than its current dismal performance suggests.
The Cypriot banking crisis reveals the danger of the euro crisis incapacitating Europe and the global economy more broadly.
Expectations for the U.S.-EU free trade agreement are dangerously high. Reaching a deal is likely to take longer and produce smaller gains than optimistic figures suggest.
The euro crisis shows that more integration, not less, is indispensable for moving Europe out of the danger zone and ensuring that it remains a beacon of peace and prosperity.
The euro crisis is far from over. The best possible outcome for Europe may be years of stagnation, as the danger of a renewed financial crisis is very real indeed.
Savings rates in deficit countries in Europe had to drop once policy distortions forced up Germany’s savings rate, risking both increased political tension and rising unemployment.
Even if the euro survives, the crisis isn't over until the periphery starts growing and people start finding jobs.
The armed forces, so far, have gotten away relatively lightly among the drastic cuts that have affected health care, transportation, and education.
The global economic outlook for 2012 and 2013 is exceptionally uncertain. With the euro crisis continuing to fester, a global credit crunch, and generalized slowdown threatening emerging markets, it remains unclear where growth will come from.