If you'd asked me a few days ago what my biggest worry about the global economy was, I wouldn't have said Europe. It's not that the situation there is good. It's not, and it hasn't been for years. But its trajectory at least seemed pretty clear: a year or two of recession followed by several more of slow growth, as Europe inched its way toward real fiscal and political union, which everyone agrees is a must in the long term if the euro zone is to remain intact.
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