Crisis Talk: How the United States Discusses Europe’s Woes
This paper analyzes the anatomy of the U.S. debate about the euro crisis. It traces why U.S. economists see the European crisis as relevant and harmful to U.S. interests. It reviews the historical skepticism in the United States about the European common currency and assesses the impact of this skepticism on current perceptions of the crisis. It examines how the historic U.S. journey toward full federalism impacts the advice U.S. officials and analysts offer to Europe. And it describes the battle of economic schools that is often mistakenly portrayed as some sort of cultural divide between the transatlantic partners. In the end, a relatively unflattering portrait of Europe emerges — the Europe perceived by U.S. analysts of the eurozone.