By mid-2012 it is clear that the global recovery is at risk. By increasing uncertainty, while depressing demand in an important part of the world economy, the eurozone crisis is dangerously slowing growth in the US and emerging economies.
This is particularly worrying since the US economy could easily be pushed close to the recession zone. This would be worrisome since if the US engine were to stall, it will be very difficult to restart – given the constraints weighing on both fiscal and monetary policy.
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