Citation

Martens W. Eur. View 2010; 9(2): 129-131.

Copyright

(Copyright © 2010)

DOI

10.1007/s12290-010-0147-x

PMID

unavailable

Abstract

It has been a rough decade for Europe and North America. The economic crisis has brought with it negative economic growth for the first time in decades. Government budgets are being balanced through far-reaching cuts in public expenditure. Weaknesses in the functioning of labour markets have been clearly exposed as unemployment has risen sharply in the last two years. As a result of ineffective regulation, trust in financial institutions in the West has diminished. The possibility that a Eurozone member will default on its debts is being openly discussed. The crisis has reached such proportions that many have begun to question the very institution of the market economy.On the international relations front, the Iraq intervention earlier in the 2000s has reduced the West's confidence in dealing with rogue regimes. Seeds of mistrust between Europe and the United States have been sown, with some Europeans accusing the US of attempts to divide the continent, and the US complaining about Eur...

Language: en