Negative impact on the economic situation has, and low saving rate ** in the U.S. was only 0.4%, which is the lowest in the world (for comparison: in the UK – 2,9%, in Japan – 3.1% in Italy – 6,8%, Germany – 10,9%, France – 12.7%, China – 24%, while in India – 28%). Household spending, which in the past 15 years, steadily increasing and in 2007 reached 9.7 trillion dollars (70% of U.S. GDP) in the third quarter of 2008, suffered the largest drop since 1980 year. Evaluating all the above, we can conclude that the U.S. is gradually losing the role of locomotive of world economy and has come finest hour in Europe and the single European currency, which was put into circulation in 1999 What now happening with the economy the major European countries? Europe also had a recession since the pace of eurozone economic growth could not but affect the stagnation of the U.S.
economy, which is the world's largest consumer of goods and services, and lack of liquidity. Purchasing power of populations in most EU countries has been steadily falling, a decline in consumer activity causes serious harm to both the service and financial sector, becoming an additional obstacle to European economies. According to economists, the IMF, the direct losses of the banking system of Europe from the financial crisis was 123 billion dollars "We believe that the loss of large European banks on derivatives will be comparable with losses of U.S. banks ", – said Neven Mates.