Main focus of Monday, November 10, 2008

Hope for Bretton Woods II

Representatives of the 20 major advanced and emerging countries (G20) will meet this Saturday for a financial summit in Washington. In reference to the 1944 conference which determined global economic policy for the 20th century many are speaking of a second Bretton Woods. The European press discusses the hopes and expectations with which Europe views the summit.

Gândul - Romania

Gandul newspaper writes that the European states will not only have to reach a consensus with the US but also among themselves: "It is not only the US and Europe that hold different views, there are also differences of opinion within the European Union. The 27 members are in unison about the need for tougher regulation of the market, the weaknesses of which have been laid bare by the current crisis, but there are divergences when it comes to details. One detail on which all 27 must agree is the role of the IMF in the new architecture of the global financial system. Contrary to official statements that there is a common stance the more liberal countries (the UK, Sweden) are still concerned about the considerable risk of overregulation. ... The G20 summit is therefore nothing more than the first stage in the long path towards reforming the international financial system." (10/11/2008)

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Financial Times Deutschland - Germany

The Financial Times Deutschland advises Europe to remain firm at the G20 summit: "The Europeans are attending this summit with a great sense of self-confidence and even greater expectations. ... The EU states must not shy away from conflict with the Americans and the emerging countries. The European concept of demanding tighter controls and regulation of financial capitalism to tackle the crisis is the only convincing answer to the current situation. If the Europeans stand united in Washington the force of their arguments could play a decisive role in influencing the reform of the global financial markets. The more time passes and the shock of the crisis wears off, the harder it will be to mobilise political energy for such a reform internationally." (10/11/2008)

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Corriere del Ticino - Switzerland

The Swiss daily Corriere del Ticino hails China's 460-billion-euro bailout plan as a model solution: "The right response from the G20 would be the joint adoption of a bailout package according to the Chinese model. But the money is lacking to do this. Nonetheless, we can still hope that a joint statement will be issued in Washington in which the participants commit themselves to adopting measures to bolster the economy and continue working together to prevent the bank system from imploding. This is certainly a positive result because it shows the will to take joint action rather than each acting on his own and ultimately against each other. This willingness to cooperate will become stronger if the 20 participants agree to begin a process of reforming the world order. A second Bretton Woods is a possibility but it would meet with resistance from the financial sector which still hasn't given up the hope of repeating the gestures of the past years." (10/11/2008)

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