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With Greece struggling and the possibility of default and an exit from the monetary union looming, is the eurozone crisis reaching a new level? And with Italy and other nations experiencing similarly serious problems, fears of a domino effect and its impact on member nations and beyond are growing. In search of perspective and possible solutions, we spoke with Wilson Center Senior Scholar, George Kopits, a former chairman of the Fiscal Council of the Republic of Hungary. George Kopits is a senior scholar at the Wilson Center. Between 2009 and 2011, elected unanimously by Parliament, he served as chairman of the Fiscal Council, Republic of Hungary. He also was a member of the Monetary Council, National Bank of Hungary (2004-2009). Kopits began his professional career at the Office of the Secretary, U.S. Treasury Department. In 1974, he joined the International Monetary Fund, where he served as assistant director until 2003. At present, he is editing a volume on Restoring Public Debt Sustainability: the Role of Independent Fiscal Institutions, under a contract with Oxford University Press.

Every day, the U.S. stock market rises and falls in reaction to hopes and fears over what is happening in Europe.