"Why not question the financial system as a whole?" the Süddeutsche Zeitung asks, and argues for central banks to be abolished. "Instead of calling for limits to premiums for bankers and a stricter rule here or a harder regulation there, it is time to start thinking about a new financial order. After all, this is not the first time that crisis management has been introduced as an emergency measure after a large market bubble has burst. It is just the magnitude that has increased with time. Ultimately the citizens are always the ones who have to pay, in the form of unemployment, higher taxes or inflation. ... Until today people have widely believed that crises can only be coped with by making sufficient liquidity available. This gives carte blanche to central banks to act without regard for their own guidelines. ... In a financial system without central banks it would not be possible to cut business cycles short. ... If the market were no longer ready to buy up state securities, governments would have to economise. Then the only creditworthy institutions would be those with sound economic practices." (24/09/2008)

» more information (external link, German)
More from the press review on the subject » International Relations, » Fiscal Policy, » Global
All available articles from » Simone Boehringer

Against the backdrop of the international financial crisis the liberal weekly Tygodnik Powszechny prophesies a growing distrust regarding the concept of the free market economy: "The present crisis could also have long-term repercussions. In the eyes of the general public the US embodies the capitalism of the free market. US politicians eagerly preached to other countries about the importance of the state not intervening in the economy. And now we have watched the US first allow the international finance markets to virtually collapse and then stage a massive intervention on the market. It has even gone as far as nationalising institutions facing bankruptcy and transferring the huge burden of the debts of private financial enterprises to the shoulders of the taxpayer. This immense gap between theory and practice could lead to a decline in the popularity of the idea of the free market which was never particularly widespread in Poland anyway." (24/09/2008)

» full article (external link, Polish)
More from the press review on the subject » Fiscal Policy, » Economic Policy, » U.S., » Global
All available articles from » Halina Binczak

Lluis Bassets, deputy editor in chief of the Spanish daily El País, writes in his blog Del Alfiler al Elefante about the end of an era and the dawn of a new one: "From one wall to the next: from the one that came down in Berlin to the one that changed in New York City [Wall Street] - this era lasted from 1989 to 2008. The history writers can sharpen their pencils. Between the two walls many dominoes have fallen: ideologies, for example, one after another. ... Now we are witnessing the purge of the purge; the collapse of the last victorious ideology. ... The motor which propelled the last era was greed, so now is not the time to start hurling accusations at one another. Capitalism without greed is something altogether different, and Europe knows it well: the social market economy, Rhine capitalism, Christian socialism, etc. These are all terms that provoked compassionate smiles on the other side of the Atlantic and which are now making a comeback with other names. We will see what happens to greed in this new era, and how long it takes for it to regain its former insolence and influence." (24/09/2008)

» full article (external link, Spanish)
More from the press review on the subject » Fiscal Policy, » Social Policy / Employment, » Economic Policy, » Financial Markets, » Europe, » U.S., » Global
All available articles from » Lluís Bassets

The Hungarian daily Népszabadság speculates on whether this is the end of capitalism: "Chaos reigns both in the financial world and in people's heads. Even renowned economists are saying that the conservative Bush Administration [with its announcement of plans to give ailing US banks a cash injection of 700 billion dollars] has opted for a socialist solution in its bid to save American capitalism based on free competition. The history of speculation shows us that after a painful period of transition things tend to go back to how they were. But the original state is never completely re-established: the regulating function of the state changes and a slightly different period follows in which entirely new phenomena cause new problems." (24/09/2008)

» full article (external link, Hungarian)
More from the press review on the subject » Fiscal Policy, » Economic Policy, » U.S., » Global
All available articles from » Miklós Blahó

The times of Malta is critical of the "Pact on Immigration and Asylum" which sets out guidelines for a common European immigration policy. "In its present form, the Immigration Pact is barely worth the paper it is written on. Unless there are changes to it which give Malta some hope of equitable sharing of its burden with others in the EU, the government should refuse to be a party to it. ... Malta has insisted that the final text must include a commitment that countries on the EU's border that receive a disproportionate number of asylum-seekers will be supported by other states in sharing that burden. The government has said that if burden-sharing is not included as part of the pact it is not prepared to agree to the deal. It is absolutely right to adopt this tough stance. It has the whole-hearted support of every citizen in this country in doing so. There has been a steady influx of illegal immigrants to this country over the last seven years. About 11,500 have arrived here in that time - the equivalent in proportional terms to 1.7 million arriving in France or 1.6 million in Italy. ... There can be no argument that Malta is bearing a disproportionate burden and should be helped by other countries to take some of the strain." (24/09/2008)

» full article (external link, English)
More from the press review on the subject » EU Policy, » Migration, » Malta, » Europe

Spain was hit by a series of ETA attacks at the beginning of the week after Spanish courts banned two Basque separatist parties for supporting terrorism. The daily Berliner Zeitung comments: "For the first time since the Socialists took power all the parties represented in parliament as well as the employers' associations and trade unions have jointly condemned the recent attacks in a communiqué. Up to now the conservative opposition leader Mariono Rajoy had refused to make any joint statements until the Socialists ruled out any kind of dialogue with ETA. Now he has attended the funeral of the murdered soldiers together with Prime Minister José Luís Rodríguez Zapatero. This was an important message. These most recent attacks may be ETA's response to a ban against two parties with which it has close ties, but that doesn't explain why a sergeant has to die because a judge imposes a ban. Incidentally, the advisability of such a ban is just as debatable as the appropriateness of banning the [ultra right] NPD [in Germany]. But perhaps the attacks were first and foremost intended as a message to its [ETA's] own uneasy ranks." (24/09/2008)

» full article (external link, German)
More from the press review on the subject » Security Policy / Crises / War, » Domestic Policy, » Crime and Law, » Spain, » Europe, » Southern Europe
All available articles from » Thomas Schmid

Finland is in a state of shock following a second shooting spree at a school within the space of a year. A 22-year-old man killed ten of his fellow students and himself at a vocational school in Kauhajoki. The perpetrator had already come to the attention of the police through a video he posted on YouTube. Helsingin Sanomat newspaper writes in its leading article: "Up until last autumn there was only good news about the Finnish school system all over the world. ... In less than a year Finland's schools have revealed an entirely new face. ... Almost 20 young people have died violent deaths at school. ... Is there too much emphasis on getting good grades at schools? Are young people no longer being taught to feel empathy? ... The Internet is not to blame for these incidents but it is clear that young people use it to attract attention and that the police lack the necessary resources. ... Now we must reassess [the legislation on] the handling of weapons ... The time has come to pause for reflection and seriously examine the cause of these atrocities." (24/09/2008)

» full article (external link, Finnish)
More from the press review on the subject » Domestic Policy, » Education, » Crime and Law, » Finland

The Irish Times comments on the speech given by British Prime Minister Gordon Brown at the Labour Party conference in Manchester amid speculation that he may shortly be toppled: "He has probably done enough to stem moves to replace him as leader. This will give him an opportunity to persuade voters that Labour is worth a fourth term in office. But it is an uphill climb against the prevailing national mood which favours political change and is ready to give the Conservatives a serious hearing. ... This well-received speech looks like deterring an outright contest but a great deal will now depend on how well he can deliver on its promise. His dogged refusal to accept defeat can give him only a temporary breathing space without real achievements. ... In any case British voters are tired of Labour after its 11 years in office and naturally look to an alternative. The Conservatives under Mr Cameron have changed their image and sharpened their appeal. Mr Brown has at most two years to show this transformation is only skin deep and that Labour deserves a fourth term." (24/09/2008)

» full article (external link, English)
More from the press review on the subject » Domestic Policy, » United Kingdom

The left-wing parties in Rotterdam want the city of Gaza in the Palestinian territories as a partner city. The political weekly Elsevier writes that this is a shameless demonstration of support for the radical Islamic Palestinian group Hamas: "The socialist politician Anja Meulenbelt proposed the idea of establishing a relationship with the Hamas regime in the Gaza Strip. The United Nations and the European Union define Hamas as a terrorist organisation, but according to Meulenbelt, who was immediately backed by the other left-wing parties, Israel is to blame for the violence. Regardless of the terrorist attacks, in her opinion the important thing is to bring Hamas out of its current isolation. And Rotterdam must help to achieve this. One can only hope that Liège, Turin, Lille, Cologne, Esch-sur-Alzette and Baltimore soon break off their relations with Rotterdam because peaceful democrats want to have nothing to do with a city like this." (24/09/2008)

» full article (external link, Dutch)
More from the press review on the subject » International Relations, » Architecture / Cities, » Netherlands, » Middle East
All available articles from » Eric Vrijsen

The war against terror entered its eighth year on September 11 2008. Despite some partial successes strategic victory is still a long way off, writes Peter Wagner in the weekly magazine Magyar Narancs: "No doubt the war against terror has had positive results. Nothing comparable to the destruction of the World Trade Center has happened in the last seven years, and flying has become safer. The terror attacks in Madrid, London and other European centres have shaken up the governments on the Old Continent and made clear to them that they too are threatened by international terrorism. This has fostered cooperation between the secret services of the EU states and drawn attention to the radical Islamic groups hiding out in the EU. ... Al-Qaida's main operational area is limited on the one hand to the periphery of Western civilisation, and on the other to the Islamic World. Above all, the North African countries must be seen as a potential recruitment sites and targets for terrorists. This has been demonstrated by the many arrests and bomb attacks that have taken place there. ... The American military campaign in Iraq must be regarded as a failure. ... Washington must finally realise that the war against terror - both in Afghanistan and Pakistan - cannot be won by military means. Instead, civil society must be strengthened in these countries from the base up." (24/09/2008)

» more information (external link, Hungarian)
More from the press review on the subject » International Relations, » Security Policy / Crises / War, » Religion, » Europe, » Global
All available articles from » Peter Wagner

Les Echos newspaper speaks out in favour of a plan to partially privatise the French postal services despite strong protest from postal workers: "Of course La Poste is not just a business like any other. With its 12,000 offices spread out over the country it is one of the last state enterprises, together with SNCF, the French National Railway Company. For some it is part of the national identity. ... Nevertheless the entire postal network is in dire need of modernisation. For proof you only need to look in at your nearest post office. ... Under these circumstances the only option is to sell off between 20 or 30 percent of the company. That can be done by listing it on the stock market, or with the support of an institutional investor." (23/09/2008)

» full article (external link, French)
More from the press review on the subject » Corporations, » Economic Policy, » France
All available articles from » François Vidal

Nektarios Karios, a member of the centre-right Democratic Rally of Cyprus, writes in the Cypriot daily Phileftheros about the plight of the country's farmers: "The farmers ... are currently going through the worst times in modern agricultural history, and the government is doing nothing other than to make them look bad in the eyes of the public. ... The drought, high prices, the food and oil crises ... have hammered away at the farmers. Breaking apart what still remains of the agricultural economy will make the Cypriot market entirely dependent on markets abroad. Furthermore it will destabilise the environment and lower the food quality. ... The EU Commission shows us how we could face up to the problems at hand. Certainly, it recognises the dramatic situation we are in, but it also shows us our own passivity." (23/09/2008)

» full article (external link, Greek)
More from the press review on the subject » Agriculture, » Cyprus
All available articles from » Nektarios Karios

The Romanian weekly Revista 22 bemoans a lack of European culture and values in Romania. "Perhaps there are those who entertain the illusion that following our formal EU integration on 1 January 2007 Romania would somehow miraculously turn into an authentic European country captivated by the European spirit and its values. This miracle did not happen: even today we do not have the feeling of living in a country that is part of European culture. ... In France, Germany, the UK ... cultural events are integrated into social life, it's hard to get hold of tickets for the theatre and you have to reserve tickets for the major exhibitions. ... Anyone visiting European museums will see schoolchildren accompanied by their teachers who are trying to show them how to understand and appreciate works of art. In Romania these skills and cultural initiatives are either isolated phenomena or funded by the EU. ... Neither television - not even through its cultural programme - nor much less the newspapers convey cultural values or events to a wider public. Nor do they encourage reflection on the direction Romania is taking. In unison with the mass media Romanian MPs foster contempt of European values." (24/09/2008)

» full article (external link, Romanian)
More from the press review on the subject » Public Culture, » Cultural Policy, » Europe, » Romania

Roger Buch, associate professor at the Danish School of Journalism, argues in Berlingske Tidende that even if the main culprits are financial players the media is partially to blame for the financial crisis. He calls for objective reporting on real estate and stock market developments. "Certainly, many people are responsible, but too little attention is drawn to the media's responsibility for the credit crunch." Citing a general lack of critical questioning, clear analyses and different perspectives, Buch points to three major problems: "A lack of historical knowledge, a consistent overemphasis of the seller's perspective to the detriment of that of the buyer, and a failure to objectively assess share and real estate prices, etc. ... As a consequence, the media helps inflate the real estate and share price bubbles. The result is a sort of hype-journalism reminiscent of the uncritical, jubilant sports journalism we see during and after a good football event. ... But while in sport this kind of reporting may be innocent and entertaining, in financial journalism it is extremely problematic." (24/09/2008)

» full article (external link, Danish)
More from the press review on the subject » Fiscal Policy, » Media policy, » Denmark, » Global
All available articles from » Roger Buch