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The OECD's relatively positive economic outlook , released earlier this week, presented Europe's struggles as much more worrying for the potential of the global economy than the fiscal cliff threat in the U.S. But as Dow Jones 's Nick Hastings reports, the two are not totally unrelated. Should policymakers in the U.S. not come to some agreement, then Europe is likely to feel a lot of economic pain:

After twelve hours of meetings in Brussels, European Union leaders have agreed to a 130 billion euro ($170 billion) bailout of Greece . This was seen as a last minute deal to stave off Greek default. But there is much work to be done. As Dow Jones 's Terence Roth tells his colleague Nick Hastings , this agreement was essential because it gives Greece's leadership just enough time to do all it must do to avoid collapse.

Is it possible that manufacturing data in the US is running counter to the rest of the world's major economies, and it is in the US that we are seeing positive data? Well, manufacturing activity is down in China. And it is down in Europe and much of Asia as well. In this Wall Street Journal video, Dow Jones editors Nick Hastings and Martin Essex discuss the potential impact the bad manufacturing data will have on the global economy:

Alen Mattich , senior reporter for Dow Jones Markets , does not foresee good results from the Fed employing Quantitative Easing to help boost the economy. He says that equities prices are already inflated, and that QE is another case of the Fed "blowing bubbles":

The hand-wringing among journalists over the future of the news media can appear to be an exercise in self-indulgent navel gazing. But if you take a moment to consider that the shifting business environment for the news media is something that other sectors are also facing, or will face, then examining the different ways media companies are adapting their business models--or seeking new business models--to respond to consumer behavior can be very instructive. The Paley Center for Media convened a discussion on the future of the news business with media executives from the US, France, India, and Qatar. The conversation covered a lot of the key issues for the business, including the matter of whether to charge for content online. In this excerpt, Dow Jones CEO Les Hinton , talks about the Wall Street Journal's "paywall" model: Watch the full discussion here .