Publisher's Synopsis
More than 5 years after the start of the worst financial crisis and recession since the great depression, 9 of the 17 Eurozone countries are in recession. The Eurozone as a whole contracted for the sixth straight quarter, the longest in the history of the euro, and the broader 27-member European Union has now also slipped back into recession. This continuing weakness in Europe clearly has implications here in the United States and not just at a macroeconomic level but for the welfare of banks, businesses, consumers, and workers. Our cooperation with the EU also has broader national security and foreign policy implications. For decades, our interdependent partnership with EU members has been a key component of efforts to counter global security threats, promote greater democracy, economic openness, human rights, and ensure nations adhere to basic norms and standards. A Europe that is economically compromised and increasingly inward-focused could have grave repercussions for these broader issues.
