Download or read book The European Debt Crisis: Strategic Implications for the Transatlantic Alliance written by Committee on Foreign Relations,, Committee on Foreign Relations Subcommittee on European Affairs, United States Senate and published by . This book was released on 2011-11-02 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Foreign Relations Subcommittee on European Affairs meets today to discuss the ongoing European debt crisis. This crisis presents one of the most complex challenges to European stability since the creation of the European Union and the outcome will have lasting effects for the United States and our transatlantic partnership for decades to come.In today's global economy, Europe is by far America's most critical ally. Europe is the United States largest trading partner and our biggest export market. Together, the United States and Europe account for over half of the world's gross domestic product, one-third of world trade and three-quarters of the global financial services, all of which means jobs and economic growth here in the United States and in Europe. But it also means that what happens in Europe can have significant repercussions for the American economy. Our markets know this, our businesses know this and we ignore this reality at our own peril.