Europe has not finished in the financial crisis

Europe has not finished in the financial crisis. European leaders did not have need of the relapse of the markets, yesterday, to be convinced. Twenty-seven adopted yesterday in the night in Brussels, the concerted action plan developed Sunday by the 15 countries of the euro area. Even the very liberal head of the Czech Government, Mirek Topolanek, who had left Pierce his skepticism in the past days, admitted that he does not oppose this enlargement of the strategy of the Eurogroup to the whole of the European Union. All welcomed the initiatives of Gordon Brown and Nicolas Sarkozy, the first having renounced his liberal creed before the gravity of the crisis, the second having excelled, in the unanimous opinion, in the management of the financial meltdown.

But this success is only a first step. Europe has shown the example in the stabilization of markets and the rescue of the banks must keep the hand, say its leaders. "Europe is leading the global response," said the President of the Commission, José Manuel Barroso and "it must continue to do so", by learning to make it happen again. In opening the session, yesterday afternoon, Nicolas Sarkozy said that the Union should ensure "that the mistakes made during previous crises ...". will not recur. ..."It must be refounding the system, building a new capitalism on values put finance at the service of businesses and citizens and not vice versa." In passing, he denounced the "areas of shadow that undermine our efforts of coordination", calling for "the Elimination of the centres offshore", launder money and participate in the opacity of international financial transactions. He also wished that "hedge funds" (hedge funds) are not immune to the regulation and monitoring. At the same time, the British delegation distributed the draft programme of reform "for the strengthening of the global financial system." On the same line that Nicolas Sarkozy, Gordon Brown supported a reform guided by five principles: greater transparency, more integrity, responsibility of leaders, sound banking practices and international coordination. "At a time of globalization, we need a new regulatory and financial architecture reform of Bretton Woods", summarizes the British project.

"The roots of evil."

Nicolas Sarkozy has not said anything: "need us a new Bretton Woods.Car we must tackle the roots of evil." All pressed, German Chancellor had called the morning in Berlin to the convening of a G8 before the end of the year and preferably in November on the theme "strengthening of the international monetary Fund's role in the supervision of financial institutions". For Nicolas Sarkozy, who had proposed in September before the United Nations Organization an expanded G8, the objective of the twenty-seven was clear: the Europeans, "fully United" must obtain from the United States, but the large emerging countries, participate in an international Summit also.

This great reform is more likely to be committed that the recession has begun to be felt in the Union, condemning it to several quarters of stagnation. Commissioner Almunia, who should encrypt this slowdown in early November in the Commission autumn forecast, urged the twenty-seven to worry and take coordinated action. The Austria has even advocated a no recession plan who has however been found unnecessary. The Netherlands have argued that the Stability Pact allows a provisional exceedance of public deficits of 3 of GDP threshold and delay extended to rebalance public finances in "exceptional circumstances". Twenty-seven therefore found that the financial crisis unprecedented since months justifies this special treatment.