Cooperation urged to prevent European 'black swan'

Europe can reduce the risk of encountering an economic "black swan" by cooperating more with China, according to analysts at the China Development Forum.

"The immediate black swan is in Europe," Joseph Stiglitz, a Nobel laureate and economist at Columbia University in the United States, said at the three-day forum, which was to end Monday.

Black swan refers to an unexpected incident that has a major effect on financial markets and economies. The debt situation in the EU, notably Greece and Italy, for example, is expected to have a black swan effect.