Europe's Growth Woes
The continent sliding into a recession underscores the need for immediate action from eurozone leaders.
This week in unsurprising economic news, the European Union announced that the eurozone's gross domestic product contracted in the second quarter. It wasn't a catastrophic report. Growth was off by 0.2% from the first quarter, and France and Germany managed to stay out of negative territory. But the fact that things could have been worse is cold comfort.
Growth is and will remain one of the biggest challenges to Europe truly fixing its debt crisis. Unfortunately, growth will be one of the trickiest problems to solve. The crisis is shrinking growth, but growth is needed to truly solve the debt crisis. To break this cycle, Europe will need to stop kicking the can down the road and act decisively to stem the crisis.