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The Boston Globe


Opinion | Catherine L. Mann

Disciplined borrowing needed to fix European crisis

The euro crisis affects the United States through three channels: It hurts exports, increases the exchange rate of the dollar, and keeps the eyes of financial markets off our own fiscal issues.

US exports have been hurt directly by European sovereign debt and banking crises, which have tipped Italy, Spain, Greece, and others into recession. As a result, the growth of US exports to the eurozone, which accounts for 18 percent of American exports, has slowed in each of the last six quarters.

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