A House subcommittee looked into the effect of the European debt situation on the U.S. economy and financial markets. European Union leaders held a summit over the weekend to discuss ways to stabilize the Euro.
The hearing investigated the effect that Europe's debt problems could have on the U.S. economy - zeroing in on the potential impact on trade and employment. Members heard about some of the policy options European leaders may consider to contain the debt crisis, and whether the U.S. should have any role in these decisions.
Testifying at the hearing was Assistant Treasury Secretary Charles Collyns, whose portfolio includes international finance. An additional panel of witnesses included Douglas Elliott from the Brookings Institution and Peter Rashish of the U.S. Chamber of Commerce.
The EU meetings ended without announcing a plan, though the LA Times reported late Monday the nations were closing in on an agreement to make the bailout fund worth more than $1.4 trillion, perhaps paid for by investment from growing countries such as China and Brazil, German officials said.