France has taken the initiative in her capacity as the presiding member of the E.U. this year to call an emergency meeting in Paris this week to save Europe from the crisis currently facing the U.S. The wealthiest E.U. nations were invited to reach a deal which will inherently try and save European based banks from the same fate as their American counterparts. What they will realise is that it will be very difficult to reach a general concensus of all 27 member states so nothing in theory will happen. Secondly, is it not already too late for France to have called this meeting, the financial crisis in America is by no means contained hence it has probably already affected Timbuktu let alone European economic powerhouses. France ten points for effort-not so many for the solution.
A.B.P.
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Welcome to our blog. Here McDaniel, Budapest students from the four corners of the globe post stories and commentary on today's political happenings in Europe, from Dublin to the Danube.
2 comments:
I think that at this point it is safe to say that absolutely nothing will happen on the part of the EU. After both Brown and Merkel advised all countries to avoid unilateral action against the crisis, Merkel went and did just that. Merkel guarenteed individual's deposits in order to save some of the national banks. Germany's actions along with the actions of some of the other EU countries have pretty much trounced any hope of a unified European response.
John Meyers
The global financial crisis is really troubling... And what's more troubling is finding a solution to all this mess. If the European financial system continues to fall at this rate and the Asian markets don't hold up as well, what will happen to the world? Hopefully WWIII won't happen to get us out of this mess.
Laura K.
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