Uncertainty in the global economy continues to be a challenge for recovery in the U.S., as MDM recently discussed in our 2012 Economic Outlook Webcast (available on DVD here). Our financial systems do not operate in a bubble and what happens in Europe will have an impact on the markets here. And, according the Kris Bledowski, economist for the Manufacturers Alliance for Productivity and Innovation (MAPI), the Eurozone crisis is far from over.
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In the latest economic update from MAPI, Bledowski analyzes the outcome of two recent meetings in Europe about this ongoing issue – and the analysis is somewhat bleak. \”The summit gave no reason to be optimistic,\” he said. Approved funding is not large enough to bailout Spain or Italy alone, let alone prop up multiple countries.
In particular, he says two crucial things were missing from the meetings \”to assuage the growing panic\” about the health of the European financial system: a willingness of the European Central Bank to be a lender of last resort and strong leadership at the top of the EU.
Until members of the EU can come to some sort of agreement on how to restore growth across the members nations, there is little chance for resolution of the ongoing crisis.
Listen to the entire MAPI Economic Update at mdm.com/economic-update.
