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This is also where Obama finds himself at Europe's mercy. The U.S. economy is currently on autopilot. A sharply polarized Congress and a tapped out Federal Reserve can't do much more to stimulate the economy this year. European policymakers, however, could take a number of steps felt in the United States, not all of them positive from Obama's perspective.

Depending on your point of view, harsh austerity measures or debt-driven market jitters are suffocating one of America's most critical economic partners. Unemployment in the eurozone is north of 10%, and many economists expect it to climb higher this year....