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The economic and financial difficulties of Europe are well known. Big deficits and public debts in some of its member states, and a consequent need of fiscal austerity in a situation of slow growth and recession, might potentially contribute to the deterioration of the overall economic situation. While some European countries are going to face further difficulties, on average European Union member states have better deficits and public debts than the United States. At this Ash Center seminar at Harvard Kennedy School, Romano Prodi argued that the reason why financial markets have punished only European economies lies in the division that existed within Europe on what to do in Greece. Prodi is the professor-at-large at the Watson Institute for International Studies, Brown University and both the former Italian prime minister and president of the European Commission