A powerless bystander

The daily De Standaard writes on the role of the EU in the credit crunch: "The basic idea behind the European Union is and remains the creation of a single economic location. With its many rules and guidelines, Europe is omnipresent in financial and economic life. The individual member states are bound hand and foot in their economic policies. Either Europe does not allow something, or Europe demands something. But now, in the midst of the worst financial crisis in decades and with the looming threat of economic derailment, all of a sudden Europe has no answer. Europe's role in the current crisis is that of a powerless bystander. And that will not strengthen the faith of the average citizen in Europe's construction process."

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