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U.S. needs to build buffers against eurozone debt turmoil: experts

(Xinhua)

12:45, December 08, 2011

WASHINGTON, Dec. 7 (Xinhua) -- The United States needs to build a set of economic buffers to combat the negative external effects triggered by the ongoing eurozone debt crisis, several U.S. experts said here on Wednesday.

The world's largest economy should take a host of policy actions to increase government spending, reinvigorate the U.S. manufacturing sector and diversify its export channels, Robert Solow, a Nobel Prize laureate, told Xinhua on the sideline of a launch event for the book "Europe's Economic Crisis" hosted by the Paul H. Nitze School of Advanced International Studies (SAIS) of Johns Hopkins University in Washington, D.C.

In the near term, "the U.S. Federal Reserve should do a little more, but I do not think it can do very much more. The Fed is doing the right thing, but it has done most what it can do," noted Solow, adding that the United States and eurozone should use more fiscal firepower to shore up economic growth.

It takes time for the eurozone financial turmoil to dissipate, while both the United States and European nations should make efforts to "preserve the innovation potential" of their societies and push forward "systemic innovation" to create long-term drivers for capital formation and economic growth, stressed Solow, a leading U.S. economist.

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