Blackrock’s Bob Doll says that he thinks Europe is already in a recession, and that solving the continent’s debt crisis is not a matter of economics but instead one of political will. Doll tells Yahoo! Finance’s Breakout that he thinks political leaders will eventually show that will, but that the longer they wait the worse the situation will get — and the more expensive it will be to fix it. Doll says the global economy is in a slowdown — “with the notable exception of the United States”. He says the European Central Bank needs to increase the rate of purchases of sovereign bonds, expand its balance sheet, and lower interest rates further.