The likely result is that America's economic and financial imbalances would now look less serious.

ECONOMIST: Fiscal flexibility | The

And third, a slowdown to 2-3% will do too little to correct various economic and financial imbalances that have emerged, leaving the economy vulnerable to a future hard landing.

ECONOMIST: Slowing down, to what? | The

The Union has done a lot over the last 18 months, and we have taken decisions that were unthinkable just a year ago in the fields of economic governance, on budgets and imbalances, financial support, and financial regulation.

WHITEHOUSE: President Obama Speaks on US-EU Summit with Herman Van Rompuy and President Jos�� Manuel Barroso | The White House