The Londoner

 thanks to Ft.com By Tony Barber in Brussels Published: January 22 2008 20:33 | Last updated: January 22 2008 20:33 European policymakers on Tuesday blamed the turmoil in global equity markets on US economic and fiscal policy and said Europe’s economy was resilient enough to emerge without great damage. “The main reason [for the turbulence] is the risk of a recession in the US,” said Joaquín Almunia, the European Union’s monetary affairs commissioner. “It’s not about a global recession. It’s about a recession in the US, because big imbalances have built up over the years in the US economy – a big current account deficit, a big fiscal deficit and a lack of savings.” EDITOR’S CHOICE Pressure on ECB to soften tough line - Jan-22Trichet discounts productivity gain - Jan-17Eurozone warned of excessive wage deals - Jan-10UK Daily View: BoE and ECB hold rates - Jan-10ECB leaves rates unchanged - Jan-10Bank holds rates as mortgage data emerge - Jan-11He was speaking in Brussels as t