Is Europe Doing Enough?

The New York Times carries an article today about whether Europe is doing enough in terms of its institutional response to the financial crisis, whether in relation to management of sovereign risk in individual countries or in relation to the economic slump: you can read the article here.

2 replies on “Is Europe Doing Enough?”

Elements of tabloid journalism in this article.

“(EU) jobless rates, traditionally higher than in the United States, have soared and are expected to rise further”

Latest figures (Jan 09) for the largest eurozone economy, Germany, show a year-on-year reduction in headline unemployment (from 9.7% to 9.3%). Overall, EU-27 seasonally adjusted unemployment increased from Dec to Jan 09 by just 2.1%, compared with 4.8% for the US.

The article then backs up this hyperbole with some close-and-personal evidence from Spain, Western Europe’s other bad boy. This is crowned with a throw-away comment about German exports; as if Merkel and Steinbrück’s loosening of the pursestrings were likely to change that!

Far from being in denial or unable to react, Steinbrück, Trichet & Co are keeping their eyes on the fundamentals, unlike the Desperate Dans who write for the NY Times.

Danny Schechter, author of Plunder: Investigating Our Economic Calamity and the Subprime Scandal, will be my guest on News Talk Online on Wednesday March 18 at 5 PM New York time to talk about the economic crisis in Europe.

Please go to my blog, to link to the chat.



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