EU Split on How to Tackle Financial Crisis | Xinhua

News Type: Event — Seeded on Mon Oct 6, 2008 9:15 AM EDT

Article Source: xinhuanet

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Seeded by JCAtom

Despite a pledge by the leaders of the European Union (EU)'s big four -- France, Germany, Britain and Italy -- to coordinate in tackling the current financial crisis, divisions in Europe in the face of the difficulty remained obvious.

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JCAtom

During their meeting, the leaders made it clear that EU governments should work in a coordinated manner and take into consideration the potential undesirable cross-border effects of their national decisions when tackling the financial crisis, in an apparent reference to Ireland's recent decision to guarantee all the savings at Irish-owned banks...

However, one day after German Chancellor Angela Merkel's criticism of the Irish move, the German government on Sunday announced an all-savings guarantee worth over 500 billion euros to calm depositors...

Last week, 10 famous European economists warned that although current national-level rescues have taken effect, the high interdependence among European banks calls for EU-wide coordination and a systematic response.

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2 votes

#1 - Mon Oct 6, 2008 9:19 AM EDT

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JCAtom

Europe and Japan turned a cold shoulder on Monday [Sept. 22] toward a American request that they bail out banks in the manner now being proposed in the United States.

The German chancellor, Angela Merkel, also took the opportunity to criticize the United States and Britain for opposing German efforts to put greater regulation, or at least reviews, of the financial sector on the international agenda last year.

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1 vote

#1.1 - Mon Oct 6, 2008 9:26 AM EDT

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JCATOM

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EU Split on How to Tackle Financial Crisis | Xinhua

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