dr. fred berkston, director of the the peterson institute. he recently announced after 13 years of ably leading the peterson institute, he steps down as director and focusing more of his time on research and writing and i commend him for his year of leading at the institute and wish him well in his further endeavors ppd he's testified many times before the budget committee as well. we also have with us this morning, 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 monet