Economies in Crisis, Societies in Transition
Five years after the start of the financial crisis, discussions on both sides of the Atlantic have shifted toward broader questions over the role of government in the economy and the limits of political integration. There is now a greater understanding that, both in the United States and Europe, gaps in the making of economic policy led to and exacerbated the economic and banking crises. In Europe, the debt crisis has continuously challenged policymakers to balance between crisis management and the long-term reform of governance structures. And while the United States' economy has grown steadily in recent months, unemployment has remained high and structural questions about the country's fiscal situation have thus far been left unanswered. The economic outlook on both sides of the Atlantic remains fragile.