dr. adam larrick, visiting scholar and someone deeply knowledgeable on european affairs having spent the last two years there. we look forward very much to your testimony and welcome you to the senate budget committee this morning as well. i'd like to begin by briefly reviewing the situation as i see it in europe. to be clear, what is happening in europe to be clear, what is happening in europe has ramifications across the globe, certainly including the united states. here's the front page story in the washington post last week. imf fears european crisis poses risk of major recession. the article highlights the international monetary fund's concern that the turmoil in europe could have serious consequences for the global economy. yesterday, we saw reports that european leaders had agreed to new measures to dads the debt concerns in their -- to address the debt concerns in their countries. "the new york times" headline on the agreement. european leaders agree to they measures to enforce discipline. i'd very much like to hear the views of our witnesses on this agreement, and whether it's t