'The Lesson Of Europe Is, Don't Wait Until You're In A Crisis To Act'

'The Lesson Of Europe Is...'
FRANKFURT AM MAIN, GERMANY - NOVEMBER 05: The giant Euro symbol is reflected outside the headquarters of the European Central Bank (ECB) on November 5, 2012 in Frankfurt, Germany. Analysts are predicting that ECB President Mario Draghi will announce in a press conference scheduled for November 8 that he will leave ECB interest rates unchanged despite continued weak economic data coming from many Eurozone economies. (Photo by Hannelore Foerster/Getty Images)
FRANKFURT AM MAIN, GERMANY - NOVEMBER 05: The giant Euro symbol is reflected outside the headquarters of the European Central Bank (ECB) on November 5, 2012 in Frankfurt, Germany. Analysts are predicting that ECB President Mario Draghi will announce in a press conference scheduled for November 8 that he will leave ECB interest rates unchanged despite continued weak economic data coming from many Eurozone economies. (Photo by Hannelore Foerster/Getty Images)

When the housing bubble burst in 2006, U.S. policy makers looked to Japan for clues about what to do -- and not do -- in response. Now their attention is shifting to Europe as America gets set to follow that region with a concerted attack on its budget deficit.

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