Chapter
Outlook for the Eurozone: What’s Next?
Impact on the U.S. Economy
Exposure of the U.S. Financial System
U.S.-EU Trade and Investment
U.S. Government Involvement
Role of the International Monetary Fund (IMF)
The Eurozone Crisis, the IMF, and Legislation in the 111th and 112th Congress
Implications for Broader U.S.-European Cooperation
Supplemental Figures and Charts
Chapter 2 STATEMENT OF TREASURY SECRETARY TIM GEITHNER. HEARING ON “EUROPE’S SOVEREIGN DEBT CRISIS: CAUSES, CONSEQUENCES FOR THE UNITED STATES AND LESSONS LEARNED”
The European Policy Response
Chapter 3 STATEMENT OF FEDERAL RESERVE CHAIRMAN BEN BERNANKE. HEARING ON “EUROPE’S SOVEREIGN DEBT CRISIS: CAUSES, CONSEQUENCES FOR THE UNITED STATES AND LESSONS LEARNED”
Developments in Europe and Their Effects on the U.S. Economy
Actions Taken by the Federal Reserve
Chapter 4 STATEMENT OF C. FRED BERGSTEN DIRECTOR, PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICS1. HEARING ON “OUTLOOK FOR THE EUROZONE”
The European Intergration Project
The Political Battle to Save the Euro
The Role of the International Monetary Fund
Moving toward Fiscal Union
The Implications for the United States and US Policy
Chapter 5 STATEMENT OF SIMON JOHNSON. HEARING ON “OUTLOOK FOR THE EUROZONE”
1. The Euro Area’s Last Stand
2. Key Systemic Problems in the Euro Area
2.1. European Sovereign Bonds are Now Deeply Subordinated Claims on Recessionary Economies
2.2. Crisis Spreads into Europe’s Core Banks and Incites Capital Flight from the Periphery
2.3. Macroeconomic Programs: Too Timid to Restore Confidence or Growth
3.2. A More Comprehensive Solution
4. Playing with Fire: Ways the Euro Area Could Come to an End
4.1. A Unilateral Exit, or the Credible Threat of One
4.2. The Weak Periphery Lashes Out against Germany, while Germany Fights Back
4.3. Economics of Austerity May Fail
4.4. Markets Lose Patience
Chapter 6 STATEMENT OF ADAM LERRICK, SCHOLAR FROM THE AMERICAN ENTERPRISE INSTITUTE. HEARING ON “OUTLOOK FOR THE EUROZONE”
I. Self-Inflicted Crisis: No Discipline and Credulous Markets
II. Disagreement over the Responsibility of Members: Accountability versus Solidarity
III. The Monetary Printing Press: Mimicking the Federal Reserve
IV. Stable Monetary Union and Collectivized Euro-bonds
V. Germany’s Vision: The Next Level of Europe
VI. Europe’s Long Term Problem
Chapter 7 TESTIMONY OF LAEL BRAINARD, UNDER SECRETARY FOR INTERNATIONAL AFFAIRS. HEARING ON “EXAMINING THE EUROPEAN DEBT CRISIS AND ITS IMPLICATIONS”
The European Policy Response
Chapter 8 TESTIMONY OF STEVEN B. KAMIN, DIRECTOR OF INTERNATIONAL FINANCE DIVISION. HEARING ON “EXAMINING THE EUROPEAN DEBT CRISIS AND ITS IMPLICATIONS”
Swap Lines with Other Central Banks
Chapter 9 TESTIMONY OF BERT ELY. HEARING ON “WHAT THE EURO CRISIS MEANS FOR TAXPAYERS AND THE U.S. ECONOMY, PART 1”
The Economic Situation in Europe
Excessive Public Debt Rapidly Expanding due to Huge Budget Deficits
Banks Weakened by Excessive Holdings of Sovereign Debt
Demographics — An Aging Population and the Entitlements Challenge
Labor Market Rigidities and Other Economic Impediments
How a Euro Crisis Could Impact the U.S. Economy and U.S. Taxpayers
Possible U.S. Policy Responses to a Euro Crisis
Chapter 10 TESTIMONY OF JACOB FUNK KIRKEGAARD. HEARING ON “THE EUROPEAN DEBT CRISIS: STRATEGIC IMPLICATIONS FOR THE TRANSATLANTIC ALLIANCE”
The Origin of the Euro Area’s Four Different Crises, their Overlaps and Mutual Reinforcement
The Euro Area Design Challenge
The Euro Area Fiscal Challenge
The Euro Area Competitiveness Challenge
The Euro Area Banking Crisis
Economic Crisis in the Eurozone: Overview, Outlook and Analyses
( European Economic and Political Issues )
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