Some of the articles I have read recently in the European press question whether Europe needs to worry about what happens in the US economy. In fact EU central bankers are thinking of raising interest rates over there to make sure inflation doesn't get going strong.
Some in the financial markets are asking why the EU central bankers are planning on doing the complete opposite of the US Federal Reserve system. The usual answer is that the European economy isn't dependent upon the US economy since Europe exports so much to Asia these days.
My feeling is that if some of the major European banks have huge write-downs based on what is happening in the US, such as this commercial property bankruptcy, then there may be some concern for what those banks can lend to support the EU economy.
Just a thought.
Interesting story about the health of some EU banks...
http://www.freerepublic.com/focus/f-news/1955533/posts