In fact, European nations need to do some serious fiscal housecleaning.
( ( In fact ) ( , ( ( European nations ) ( ( need ( to ( do ( some ( serious ( fiscal housecleaning ) ) ) ) ) ) . ) ) ) )
(ROOT (S (PP (IN In) (NP (NN fact))) (, ,) (NP (JJ European) (NNS nations)) (VP (VBP need) (S (VP (TO to) (VP (VB do) (NP (DT some) (JJ serious) (JJ fiscal) (NN housecleaning)))))) (. .)))
The fiscal situation among European nations is perfectly okay.
( ( ( The ( fiscal situation ) ) ( among ( European nations ) ) ) ( ( is ( perfectly okay ) ) . ) )
(ROOT (S (NP (NP (DT The) (JJ fiscal) (NN situation)) (PP (IN among) (NP (JJ European) (NNS nations)))) (VP (VBZ is) (ADJP (RB perfectly) (JJ okay))) (. .)))