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Europe is currently the biggest risk to the global economy. At this point, the dissolution of the eurozone is a remote possibility. The cost of disintegration, relative to the benefit, would be too high for the member countries and the world. The European debt crisis has more to do with the lack of fiscal union than it has to do with debt. The proposals presented at the December 9 EU summit are positive steps toward a fiscal union and necessary for survival of the region.
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