News Summary: Europe's year ahead

Head of European Central Bank sees recovery; US economist sees risk ahead for European Union

Associated Press

GLASS HALF FULL: European Central Bank chief Mario Draghi forecast a recovery for European Union countries during the second half of the year, and spoke of a "restored sense of relative tranquility." He acknowledged that none of that is being realized right now in Europe.

GLASS HALF EMPTY: A leading U.S. economist, Barry Eichengreen, warned that the debt crisis that has shaken Europe to its core. The professor at the University of California, Berkeley, who studied the possibility of a eurozone breakup long before the crisis began in 2009, warns that the debt crisis in Europe is going to heat up again this year.

SWISS MIX: Pressures in Europe have clouded this year's World Economic Forum in Davos, Switzerland. There is a debate in Britain over whether to one day pull out of the European Union, which consists of 27 nations.

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