Book Description:
What started as a debt crisis in Greece in late 2009 has evolved into a broader economic crisis in the Eurozone that threatens economic stability in Europe and beyond. Many analysts consider the Eurozone crisis to be the biggest threat to the global economy, and some Members of Congress have expressed concern about the possible effects on the U.S. economic recovery. Analysts and investors are concerned that some Eurozone governments could default on their debt in a disorderly fashion; vulnerabilities in the European banking sector could trigger broad financial turmoil; the Eurozone could enter a protracted economic recession; and one or more countries could leave the Eurozone. The crisis has tested the solidarity of European Union (EU) member states and strained the capacity of EU leadership and institutional structures. This book provides a brief analysis of the Eurozone crisis and issues of particular congressional interest. (Imprint: Nova)

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Table of Contents:
Preface pp. i-ix

The Eurozone Crisis: Overview and Issues for Congress
(Rebecca M. Nelson, Paul Belkin, Derek E. Mix, Martin A. Weiss, CRS)pp. 1-28

Statement of Treasury Secretary Tim Geithner before the House Committee on Oversight and Government Reform, Hearing on "Europe's Sovereign Debt Crisis: Causes, Consequences for the United States and Lessons Learned" pp. 29-34

Statement of Federal Reserve Chairman Ben Bernanke before the House Committee on Oversight and Government Reform, Hearing on "Europe's Sovereign Debt Crisis: Causes, Consequences for the United States and Lessons Learned" pp. 35-40

Statement of C. Fred Bergsten before the Senate Budget Committee, Hearing on "Outlook for the Eurozone" pp. 41-60

Statement of Simon Johnson before the Senate Budget Committee, Hearing on "Outlook for the Eurozone" pp. 61-78

Statement of Adam Lerrick, Scholar from the American Enterprise Institute before the Senate Budget Committee, Hearing on "Outlook for the Eurozone" pp. 79-82

Testimony of Lael Brainard, Under Secretary for International Affairs, U.S. Treasury Department, before the Senate Banking Committee, Hearing on "Examining the European Debt Crisis and its Implications" pp. 83-88

Testimony of Steven B. Kamin, Director of International Finance Division, Board of Governors of the Federal Reserve System before the Senate Banking Committee, Hearing on "Examining the European Debt Crisis and its Implications" pp. 89-94

Testimony of Bert Ely before the House Committee on Oversight and Government Reform, Hearing on "What the Euro Crisis Means for Taxpayers and the U.S. Economy, Part 1" pp. 95-104

Testimony of Jacob Funk Kirkegaard before the Senate Foreign Relations Committee, Hearing on "The European Debt Crisis: Strategic Implications for the Transatlantic Alliance" pp. 105-124

Index pp. 125-134