President Obama is hosting European Union leaders at the White House for this year’s US-EU summit. Dominating discussions will be the issue of the European debt crisis. Eighteen months into its sovereign debt crisis, Europe is running out of time to find a real solution, and fears of contagion are growing. Financial panic now threatens to spread from Italy and Spain to Belgium, France and even Germany. President Obama is expected to offer advice to European leaders and also, to demand a bolder response to the crisis in the euro zone.
Peter Morici is an economist and business professor at the University of Maryland.