What Should Europe's Crisis Teach the U.S.? Nothing

A tourist explores the ruins on the site of Roman Agoran in Athens, Greece Photograph by Oli Scarff/Getty Images

As European Commission President Jose Manuel Barroso arrived at the Los Cabos meeting of the G-20 last week, he made one thing clear: “We’re not coming here to receive lessons … in terms of how to handle the economy.” That’s because “the European Union has a model that we may be very proud of.” After all, Barroso noted, the crisis in the euro system all started because of “unorthodox practices” in the U.S. financial sector.

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