America becalmed in European waters

America does not face the break-up of its currency or political disintegration, as many fear for Europe. But in many respects the structural 'Europeanisation' of its economy is almost complete.

None of this should be much of a surprise. There are plenty of external factors to blame – the crisis in the eurozone, the persistence of relatively high global oil prices and expectations of a slowdown in China and India. To a greater extent than before, the US economy is affected by what happens to demand elsewhere. US domestic spending power is no longer the prime mover in today’s global economy. That era is unlikely to return.

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