Italy 's banking crisis, cuts in European exports and the risk of a US recession are the "mother of all systemic threats" for EU ( EU ), says George Friedman George Friedman . He said nothing in Italy 's economy can reduce its non-performing loans, the European economy cannot help, and EU regulations make an Italian government bailout almost impossible. As much as 17 percent of Italy The German banking crisis would also impact US 's banking system and exports, slashing demand and Germany 's GDP and driving up unemployment. Finally, a US recession would hit Germany , which has shifted its exports to non-EU countries, particularly the US , as well as other European countries.
Italy 's banking crisis, cuts in European exports and the risk of a US recession are the "mother of all systemic threats" for EU ( EU ), says George Friedman George Friedman . He said nothing in Italy 's economy can reduce its non-performing loans, the European economy cannot help, and EU regulations make an Italian government bailout almost impossible. The German banking crisis would also impact US 's banking system and exports, slashing demand and Germany 's GDP and driving up unemployment. Finally, a US recession would hit Germany , which has shifted its exports to non-EU countries, particularly the US , as well as other European countries.