The US economic crisis was on the top of the agenda at the United Nations General Assembly where French President Nicolas Sarkozy spoke on behalf of the EU about the crisis. Sarkozy urged the world leaders (the US in particular) to learn from the mistakes of this crisis and rebuild a transparent, regulated form of capitalism. Sarkozy also went on to criticize speculators and wanted to establish closer ties between Russia and Europe.
With an increasingly global economy it is no surprise that Sarkozy would be concerned with the US financial health. Fears are still lingering that the US financial meltdown will spread to European nations next and this will certainly be a major disaster for Sarkozy when France is effected. Notably in the 2007 French elections, Sarkozy’s main agenda was to build a stronger and more powerful economy in France where it has already seen some tough times in previous years. After Sarkozy’s victory, however, France has dealt with the rogue trader who seems to have single-handedly damaged the French bank Société Générale. Looking back at this incident its no surprise why Sarkozy would want regulated and transparent form of capitalism.
Laura K.
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I listend to his speech actually. What fascinated me was the fact that despite his strong conviction that Europe need Russia and vice versa, he also reiterated the need for Russia to recognize and respect the territorial intergrity of nations (obviously a direct reference to the conflict in Georgia).
With respect to the economic crisis. Are we talking about a new form of capitalism where the unseen hand of the government determines how financial markets react?
Jenai T
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