Europeans are staying on the sidelines of the U.S. financial crisis, seeing it as vindication for their highly regulated economic system. "The gigantic bailouts of Wall Street institutions, the socialization of vast tracts of the U.S. economy and enforced U.S. and British banking mergers have, in eurozone eyes, ... rendered the dominant Anglo-Saxon economic model of the past quarter of a century kaput," writes columnist David Gow.

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