In an interview, the former president of Chile, Ricardo Lagos, says that today’s global financial crisis is mainly a political failure rather than an economic one. The US will probably do much better in its financial recovery because its central bank, unlike Europe’s, has the powers it needs.
The enforced austerity of the eurozone crisis has roused surprising public anger. European governments are falling. The US need not follow this path if Washington finds a consensus over fiscal issues like 'the sequester.'
Morsi visited with a business delegation in hopes of boosting economic ties. But Germany issued a travel warning about Egypt, and Chancellor Merkel said nothing about loan forgiveness.