Unemployment in the euro zone was at its highest ever in January, acceding to data released Friday, demonstrating just how dire the fiscal crisis and recession are in the currency bloc. European manufacturing is also still sluggish. But there was some good news: inflation fell, which could ease doubts among those at the European Central Bank about giving more support to the struggling economy.
But “we haven’t given up hope” in Europe, says Italian author and journalist Beppe Severgnini. “Germany, I hope, hasn’t given up hope. I think there will be a Europe and there will be a European Union and if we are careful and wise, there will be a Euro.” Watch Severgnini talk about what’s new in Europe when it comes to the economy, and the Euro crisis:
To make sure the world remains stable, Severgnini says, the United States, in particular, needs to lend a powerful helping hand and do what it can to encourage a solution to the European financial crisis. But the hard work must be done by the solvent countries working to figure out a solution with the debt-ridden ones.
Severgnini warns that without the Euro the world would experience an “economic disaster. But he is optimistic and promises that Europe will not go down without a fight
“No matter what,” he says, “we will cover the European debt. It’s not impossible.”
genConnect was credentialed press at the 2012 Aspen Ideas Festival in Aspen, Colo., where we interviewed the premier speakers and attendees at the conference. For more of our video interviews and articles from the Ideas Festival, click here.
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