The Global Debt Crisis: Haunting U.S. and European Federalism

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The Global Debt Crisis 00-0487-4 fm.indd 1 10/7/13 8:38 PM 00-0487-4 fm.indd 2 10/7/13 8:38 PM brookings institution press Washington, D.C. The Global Debt Crisis Haunting U.S. and European Federalism Paul E. Peterson Daniel J. Nadler editors 00-0487-4 fm.indd 3 10/7/13 8:38 PM ABOUT BROOKINGS The Brookings Institution is a private nonprofit organization devoted to research, education, and publication on important issues of domestic and foreign policy. Its principal purpose is to bring the highest quality independent research and analysis to bear on current and emerging policy problems. Interpretations or conclusions in Brookings publications should be understood to be solely those of the authors. Copyright © 2014 THE BROOKINGS INSTITUTION 1775 Massachusetts Avenue, N.W., Washington, DC 20036 www.brookings.edu All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without permission in writing from the Brookings Institution Press. Library of Congress Cataloging-in-Publication data The global debt crisis : haunting U.S. and European federalism / Paul E. Peterson and Daniel J. Nadler, editors. pages cm Includes bibliographical references and index. ISBN 978-0-8157-0487-4 (pbk. : alk. paper) 1. Debts, Public—United States. 2. Debts, Public—Europe. 3. United States—Economic policy. 4. Europe—Economic policy. 5. Financial crises—Government policy. 6. Federal government—United States. 7. Federal government—Europe. I. Peterson, Paul E. HJ8119.G56 2013 336.30973—dc23 2013034900 9 8 7 6 5 4 3 2 1 Printed on acid-free paper Typeset in Minion Composition by Cynthia Stock Silver Spring, Maryland Printed by R. R. Donnelley Harrisonburg, Virginia ...