Europe's Biggest Issue: Trust Deficit

BERKELEY â?? There is no shortage of talk nowadays about Europeâ??s deficits and the need to correct them. Critics point to governmentsâ?? gaping budget deficits. They cite the southern European countriesâ?? chronic external deficits. They highlight the eurozoneâ??s institutional deficits â?? a single currency and a central bank but none of the other elements of a well-functioning monetary union.