The European financial crisis also has an impact on American well-being. One aspect of the problem is that the United Kingdom and Switzerland are not in the eurozone. Both the pound sterling and the Swiss franc could have had a positive impact on the European debt crisis if they had joined. Nevertheless, the central economic problem causing the problem are the Mediterranean countries, which have weak economic structures.
Those north of the Alps are in much better shape. Germany is the prime example, with France being a close second.
Given the core difficulty with the southern countries having the problems is found in their lack of sufficient production and even not paying taxes, as in the case of Greece. The causal factor is found in the very structure of the European Union. It is an idealistic undertaking, which has now proven to be unworkable.
Germany has been, and still is, the milk cow of Europe; it repeatedly has bailed out other economies in dire need. This is patently unfair to German taxpayers. There needs to be an economic mechanism with all countries having discipline with shared pain, so as to weather this unwelcome economic storm.