meeting in Cannes as the world's financial leaders again were

preoccupied by the European debt debacle. Within days of the meeting,

both Italy and Greece had new prime ministers charged with tackling

their countries' economic woes. Fariborz Moshirian, a professor of

finance at the Australian School of Business, says sorting out the more

immediate debt problems in the Eurozone and the focus on austerity is

obscuring the big issue, the absence of European fiscal policy union. He

predicts further volatility ahead.