The idea that Europe and the US represent two faces of the same crisis has been slow to sink in because, for many years, elites on either side of the Atlantic have stressed the differences between US and European models As a result, exports rose. The political implications of the crisis were enormous.
Combine apprenticeships with vocational education targeted toward youth unemployment. While the possibility of a default or an exit of one of the eurozone countries is much lower now than it was early inthe fundamental problem in the region high government debt remains in place.
German voters wouldn't be too happy about paying higher taxes to fund the bailout.