According to the most recent National Threat Assessment, the global financial crisis and its geopolitical implications pose the primary near-term security concern of the United States. Over the short run, both the EU and the United States are attempting to resolve the financial crisis while stimulating domestic demand to stem the economic downturn. These efforts have born little progress so far as the economic recession and the financial crisis have become reinforcing events, causing EU governments to forge policy responses to both crises. This report discusses this situation in detail and also discusses individual efforts by both the U.S. and EU to combat the effects of the crisis.

This report briefly examines the ramifications of a British exit from the EU (often referred to as "Brexit"). Nearly 52% of British voters in the June 23 referendum on European Union (EU) membership answered that the United Kingdom (UK) should leave the EU.