dr. adam lerrick, visiting scholar at the american enterprise institute, someone who is deeply knowledgeable on european affairs, having spent the last two years there. 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 has ramifications across the globe, certainly including the united states. here's the front page story in the "washington post" last weeks risk of major recession." the article highlights the international monetary fund's europe could have serious consequences for the global economy. yesterday, we saw reports that european leaders had agreed to new measures to address the debt concerns in their countries. here was "the new york times" headline on the agreement. "european leaders agree to new measures to enforce discipline." i'd very much like to hear the views of our witnesses on this agreement, and whether it's the right answer for europe at this moment. most economists believe the eurozone is already in recession. we can see t