Europe, heal thyself

Moreover, unlike the US, the eurozone does not have an external deficit, which means that the monetary union holds enough savings to finance all of its members' budget deficits and resolve their debt problems.

But, despite this relative strength, the European Union's leaders seem incapable of resolving the eurozone's sovereign-debt crisis. In spite of meeting after meeting, heads of state and finance ministers have failed to reassure markets. Now, Europe's policymakers are appealing for help from the International Monetary Fund and Asian investors.