The Council on Foreign Relations hosts a discussion on the European economy and its effect on global fiscal health. The Citigroup's Chief Economist discussed these issues with Time magazine's economic editor.

They discussed the policy response within the Euro zone to the current fiscal crisis in Greece, which has included forced austerity measures and a bailout of the country along with Ireland, Portugal and Spain, and proposals to adopt a European-wide sovereign bond. They will also highlight parallels between Europe's economic future and the U.S. economic situation.

In recent national elections in France and Greece, European citizens have largely rejected austerity measures imposed by Germany and the European Union. French voters elected Francois Hollande of the Socialist party, denying Nicolas Sarkozy a second term and repudiating his focus on debt reduction at the cost of social supports. The Greek election, coming on the heels of protests in Athens, has failed to produce a working government because no party has a majority and a coalition government has been difficult to form.

French President Hollande met with German Chancellor Angela Merkel Tuesday evening after being sworn in as President earlier in the day, in a sign of the importance the French-German relationship plays in a unified Europe.

The Council on Foreign Relations (CFR) is an independent, nonpartisan membership organization, think tank, and publisher.