Chris Cantell Discusses Financials: European crisis by Claudia Sonea

The economic crisis has stretched all the way from US to Europe, but that is old news. It is, however, different and in the same time alarming that the European Union is questioned as being or not reliable. Up to now the measures were left to be taken at independently by each country, nonetheless the economists pointed out that if it will not action as a nucleus, the integrity and the trust will be lost and very hard to regain afterwards.
As you may very well know the bloc’s unity is threatened by division due to difference of opinion in the matter of sending or not military force in Afghanistan, the making of a common constitution, the fact that not all the countries use euro as currency and that there is not a free pass to travel in all the countries members. If they won’t act as a unity in the matter of the economic crisis, it will just be another failure in the consolidation of the union.
Tuesday in Luxembourg EU finance ministers got together and agreed to raise the minimum bank deposit guarantee to 50000 euros (half of what France requested). Also unilateral decisions were taken by Germany, Iceland, Denmark and Ireland. Czech Finance Minister Miroslav Kalousek opposes the 100 percent guarantees, but that only unveils his ex-communist mentality reticent to government intervention. Britain and Germany created rescue packages showing once more that the powerful stick together.
For any common people like myself, there is a single question troubling our ordinary life: What is the purpose of EU? Nothing has been done to create a union, but rather to satisfy the necessities of some countries. If they won’t leave their nationality beside and see that we are all people, the union has no chance. Take example from the cosmopolites or even USA, if you want to make it through.


related story: http://news.yahoo.com/s/ap/20081007/ap_on_re_eu/eu_meltdown_europe_s_big_test;_ylt=AusnipMWzLQwoe4shCjH5FWs0NUE

by Claudia Sonea for PocketNews (http://pocketnews.tv)

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