How would an economic depression confined to Europe work?

Could an economic depression occur in Europe, but at the same time not have a great impact on the economies' of other nations? Is the possible? If so, how could it happen?
 
Not possible in modern times. All economies are too interconnected for a recession in one continent not to effect others.

The best you could get would be for the worst effects to be confined to Europe but even then it would effect individual countries differently within Europe.
 
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