Europe warns of 'dangerous downward spiral'
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Europe has options but they are limited and not easy to co-ordinate. The 27 members of the European Union, plus Britain, Norway, Iceland and war-torn Ukraine, need a plan they can all live with. The initial question was whether to respond at all.
“European countries own $8 trillion of US bonds and equities, almost twice as much as the rest of the world combined,” Saravelos pointed out. “In an environment where the geoeconomic stability of the western alliance is being disrupted existentially, it is not clear why Europeans would be as willing to play this part.”
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