EU response to financial crisis-every man for himself

October 6, 2008

eu.jpgThe European Union has come under sharp criticism for having a fragmented approach to the financial crisis. It is exemplified by Ireland’s go-it-alone decision to guarantee all accounts and Germany’s surprise announcement after a meeting of leading members that it was taking unilateral action too.

Relief, then, that the 27 member states issued a statement on Monday that they would do what it takes to bolster citizens’ savings and build financial stability. Only problem was, they could not coordinate the announcement. First Italian Prime Minister Silvio Berlusconi released it, then Portugal. Only after a while did French President Nicholas Sarkozy weigh in. He does head the current EU presidency after all.

No wonder Washington called for more coordination.


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Certainly, 2008 Critical for economic (and for world geopolitics too). It is visible under all tendencies: the prices for oil which magnificent rates went upwards all last time, have reached peak and have gone on recession that speaks about the beginning of deep long recession of world scope. But the most terrible still waits the world ahead. I am convinced, that crisis will reach the terrible peak phase somewhere in 2011. And it means, that since this moment the mankind will enter an epoch of long economic depression which on the displays and consequences, probably, will be much more terrible even than Great depression of the beginning of 30th years, and will be stretched for decades (that we see that ??????-the beginning of the world bank crisis, crisis of crediting, a fever in the world share market, there are only the very first, and its easy symptoms. Spheres of the world market will suffer not only financial sector, but also all. Any cannot avoid an approaching accident. And conversations about? Safety factor? And plans on rescue of economic are similar pity and useless attempts to inspire fatally sick person hope for recover by means of suggestion.

Posted by Victor | Report as abusive

Yes Victor, I agree with you 100% and as you can see clearly those in power truly have no power. Lets keep the Loonies on the grass.

Posted by Jeffrey Press | Report as abusive