-Former British prime minister calls for ending crisis in Europe.
Global Banking News - 16 September 2011
Gordon Brown, the former prime minister of the UK, has said that if the crisis in the eurozone was not resolved immediately, the US and the UK could have to deal with 10 years of slow growth.
According to a report by Reuters, Brown said. 'Unless there is global coordination...I foresee 10 years of low growth in Europe and America, I foresee very high levels of unemployment and I foresee a failure of coordination that will lead in the end to greater protectionism. You cannot begin to solve the European problem unless you understand it is a banking problem, a growth problem, the inability of the European economies to grow out of a recession, as well as being a fiscal problem.'
Brown also hinted that the problem was not restricted to the euro zone, and added that an international agreement was needed to fully resolve the issue.
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