The story of 2011? The crisis in the Euro.
Of all the events of the year, this is the story that carries the most direct danger or hope to the most people. If regarded as a single economy, the Eurozone is larger even than the economy of the United States. If the Eurozone cracks apart --if southern European countries begin defaulting on their Euro-denominated debt--we'd see a financial crisis and recession in Europe. That crisis and recession would surely spread to the rest of the world, including Canada and the United States.
If on the other hand the Euro is rescued through meaningful reforms, we can hope for more growth in Europe--and a more positive outlook for North America. Everything is at stake. The fate of the world economy, and very likely the outcome of the U.S. election, now depends on decisions made across the Atlantic. Which means the biggest story of 2011 will likely expand into an even bigger story in 2012.
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Andrew Harrop: Nine Paradoxes of the Euro Veto Crisis
One week later, as we enter the hangover phase of the euro veto crisis, clouds of paradox hang thick in the air. The last week has thrown up contortions, contradictions and ambiguities which have left heads spinning on all sides. Here are nine paradoxes to emerge from the chain of events.
Bessma Momani: Putting a Human Face on the Euro Crisis
Let's face it, either we have had resentment or a hint of jealousy toward southern Europeans for their relaxed lifestyle. To no surprise then, many Canadians have holier-than-thou attitudes about the euro crisis. Then, Elsa Fornero reminded me of what the euro crisis is really about: people.
Andrew Pyle: Euro Crisis Comes to Us
While last week ended on a positive note in terms of Europe's handling of its fiscal crisis, Canadians need to focus their concern on the so-called indirect effects from Europe's woes. The reality is that Europe has a very small footprint when it comes to Canadian trade abroad.