As US debt rises, Europe controls its own

As US debt rises, Europe controls its own

Updated October 22, 2023 at 12:09 a.m. ET

Throughout the Covid-19 pandemic and then Russia’s invasion of Ukraine, the United States and Europe borrowed heavily. Now that these emergencies are behind us, a divergence has emerged: even if the United States continues to allow its deficits to widen, Europe’s is on the verge of reducing considerably.

This contrasts with what was happening a decade ago, when deficits following the global financial crisis pushed some eurozone members to the brink of default. The lessons of this episode, combined with Eurozone rules, have served to impose on European governments a discipline that, for now, is completely absent in the United States.

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With a penchant for words, Eleon Smith began writing at an early age. As editor-in-chief of his high school newspaper, he honed his skills telling impactful stories. Smith went on to study journalism at Columbia University, where he graduated top of his class. After interning at the New York Times, Smith landed a role as a news writer. Over the past decade, he has covered major events like presidential elections and natural disasters. His ability to craft compelling narratives that capture the human experience has earned him acclaim. Though writing is his passion, Eleon also enjoys hiking, cooking and reading historical fiction in his free time. With an eye for detail and knack for storytelling, he continues making his mark at the forefront of journalism.
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