European Debt and Financial Crisis: Origins, Options, and Implications for the U.S. and Global Economy, Hearing Before the Subcommittee on Security and International Trade and Finance of the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Twelfth Congress, First Session on Examining the Dimensions of the European Economic Crisis, Including Options for Resolving it, and Implications for the U.S. and Global Economy, September 22, 2011   [open pdf - 2MB]

From the opening statement of Mark R. Warner: "Now, when we proposed this date with my good friend Senator Johanns, I am not sure we anticipated that this hearing would be, unfortunately, quite so timely as it appears to be today with the U.S. equity markets down, at last glance a moment or two ago, about 4 percent. With the Fed actions yesterday, with the continuing fears of what is happening in Europe, it is very, very appropriate, I believe, to have this hearing and to make sure that we recognize and fully appreciate how inexorably linked all of our economies are and how clearly what is happening in Europe affects the United States and our fiscal challenges directly. […] Watching the markets, again, not only over the last couple of months but particularly today, it is clear that as U.S. policymakers I believe we need a greater and better understanding of both the interconnectedness and the implications of what is happening throughout the euro zone and, again, how it affects America. I think it is important, at least for the record, to restate some of the things that are obvious but that sometimes we do not focus on. We oftentimes in the Senate look at our growing challenges and imbalances, particularly with China and Asia, but, you know, Europe still remains America's largest trading partner. We exported $398 billion in goods and services to the EU in 2009 and imported more than $419 billion in goods and services, so while slight deficit, a relative balance. In addition to these trade flows, in 2009 a net $114 billion flowed from U.S. residents to EU countries in direct investments, and on the other side of the ledger, over $82 billion flowed from EU residents into direct investments in the United States. Our economies, again, are inexorably linked." Statements, letters, and materials submitted for the record include those of the following: Mark R. Warner, Mike Johanns, Michael F. Bennet, Nicolas Veron, Joachim Fels, Domenico Lombardi and J.D. Foster.

Report Number:
S. Hrg. 112-327; Senate Hearing 112-327
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