Now it's Europe after USA. The top Economies constituting the European Union are faltering. This year, Six of the single currency’s 12 member European Union states are forecast to run deficits above the 3% of GDP (Gross domestic product) ceiling set in the euro area’s stability and growth pact.

The European Commission, the guardian of the pact, was defanged by member states last November when it tried to chew into the two glaring offenders, France and Germany. Now it falls more than ever to the ECB and its governors to promote whatever possible co-ordination between the euro area’s 12 independent fiscal policies.

Atleast we have something to cheer. The talk of 'India Shining' or 'India not so shining' could well be bullshit. But our economy is indeed growing, however skewed towards the haves it may be. If Government agencies are worth their salt, India's growth for the current fiscal should cross 8% and deficit should be around 4%, a far cry from the 5 to 6% earlier predicted.