While numerous other countries have grappled with financial
crises, none are as urgent or sweeping at this time as Europe's
debt crisis, especially as European leaders so far have been unable
to steer their economy from danger.
"It has really had a domino effect across the global economy,"
Moffatt, an Ivey Assistant Professor who is a regular
commentator in the Globe and Mail's Economy Lab feature. "Now that the European
economy is shrinking and in a recession, they're ordering less
goods from places such as China and India and China and India are
ordering less raw materials from places such as Canada and
Australia because they're not making as many goods. It has really
had a ripple effect."
For more from Mike Moffatt on the euro crisis, please see his
recent Economy Lab article and Globe and Mail video
or for information on the Canadian economy, please see his Canadian
economics blog, Worthwhile Canadian Initiative.
Issues of Faculty Focus