What’s Next For Europe?

CNN Money By Cyrus Sanati February 6, 2012 To form a strong fiscal union and
return confidence to the euro, eurozone members must be willing to give up some
degree of control of their national budgets to a central European authority.
FORTUNE — The European Central Bank has thrown cold water on the sovereign
debt crisis by injecting billions of euros into the banking system, but the
embers of the crisis are still smoldering. S&P says the eurozone has a 40%
chance of entering a severe recession this year, with the economy projected to
shrink by as much as 2%. Unless comprehensive reform creates a much tighter
fiscal union, uncertainty will continue to cast a dark cloud over Europe's
economic future. It may seem as if Europe is out of the woods. Bond yields for