"A unification of fiscal policy" is what European leaders and banks need to find in order to assuage the European debt crisis, says economist and author David Levy. Levy, chairman of the Jerome Levy Forecasting Center, an economic consultancy, spoke with The Deal Pipeline at The Deal Economy 2012 regarding the effect of Europe on the U.S. and China, as well as the steps policy makers can take to alleviate the situation. For more from The Deal Economy 2012, watch our interviews with Citigroup Inc.'s head of M&A Mark Shafir, Casablanca Capital LLC chairman Donald Drapkin and Yale School of Management's Jeffrey Sonnenfeld. - Sarah Hashim-Waris