US and EU drift apart

The US and the EU are divided on how to handle the economic and financial crisis, writes the business daily Hospodářské Noviny, commenting on the EU special summit on the crisis: "The EU decided to not follow Barack Obama's call, and will pump no further billions into the economy. Germany and the Czech Republic, which now holds the EU Council presidency, were among the minimalists from day one. Now the others have also joined them. The Europeans were not lured by the message of Obama's economic advisor Larry Summers that every dollar invested by the state will be transformed into a dollar and a half's worth of economic growth. Europe's reticence will help it avoid being caught in a debt trap. It cannot afford such a luxury, because otherwise a number of countries would be threatened with state bankruptcy. The Old World and the New World are drifting apart in their attitudes to the measures necessary to stimulate the economy. That does not bode well for the prospect of a common crisis concept from the G20 summit in London."

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