No Joint European Strategy On Banks

Edward Cody
Washington Post
Sunday, Oct 5, 2008

The leaders of Europe’s four largest economic powers vowed Saturday to protect their banks from the continuing reverberations of the increasingly global financial crisis but could not agree on a common Europe-wide strategy.Unlike the United States, which last week committed $700 billion in government money to shoring up Wall Street, Europe plans to continue dealing with its financial problems on a case-by-case basis. That approach, which has involved tens of billions of dollars at a step, is complicated by the transnational presence of so many large European financial institutions.

But the European leaders did call for a global economic summit by year’s end aimed at revamping the international financial system, which is a legacy of a conference held at Bretton Woods, N.H., in the waning months of World War II.

French President Nicolas Sarkozy, Europe’s most vocal advocate of a continent-wide response, announced that for now, he and the leaders of Britain, Germany and Italy agreed in four hours of discussions only that each country would use “its own means” to safeguard banks from collapse but would do so “in a coordinated way.”

The outcome seemed to fall well short of the common policy that French and other officials had spoken of in recent days amid a rapid series of financial failures and a freezing up of the capital markets in Europe, which rival or by some measures exceed the size of the U.S. markets. The disunity in Europe also was apparent in complaints by some other countries that they were not even included in the discussion.

(Article continues below)

Failure to pursue a broader bailout reflected particularly strong opposition from Chancellor Angela Merkel of Germany and Prime Minister Gordon Brown of Britain to any attempt at pooling resources for a Europe-wide fund to protect weak banks. Each government should handle its own banking problems, they said, because each country — and even each bank — has specific problems that must be dealt with in different ways.

Full article here

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3 Responses to “No Joint European Strategy On Banks”

Paulson is an idiot Says:
October 6th, 2008 at 7:53 am
The leaders at this summit called out LaRouche by name.
http://www.larouchepac.com/new.....rward.html

It is nice to know that there is at least SOME leadership in the rest of the world.
Lorenzo Thomas Says:
October 6th, 2008 at 8:06 am
“They want a fascist planet with the superwealthy ruling it all
Since we’re too independent, America must be led to fall
When our credit’s been exhausted to subdue the Middle East,
They’ll install our debtor nation in the body of The Beast
Traitor…Dare call it treason”

http://www.youtube.com/watch?v=uw5dP5gy2Vs

–The Cornbread Mafia
warlopo Says:
October 6th, 2008 at 9:33 am
Maybe this will be a wake up call for the world…and make them feel the crunch of a global empire, if one dooom follows another doom,. people will realize that a global Roman empire is doomed to fall..and the domino effect will follow it with people, reclaming there own independace again, from this global terony where the elect from the UN wont be able to control the world…as it crumbles around them, smashing there dreams, and we can get back to our old ways and normal lives…

pease be we you all. …..
pease be to the creator..