The business newspaper Cinco Días hails the concerted action of lowering the key interest rate as a positive step, but warns that miracles are not to be expected in the short term: "An unusual step like that decided on by decision-makers from all over the world yesterday is a brave sign that underlines the gravity of the problem. However, we would be mistaken to believe that lowering the key interest rate - even if it is done in such a spectacular manner - can lead to an immediate improvement. It will take time for the measures that have been adopted in the past few weeks ... to take effect. ... At any rate, the international decision-makers - be it under the auspices of the G8 or the International Monetary Fund (IMF) - must now get to work on implementing a radical reform of the global financial architecture that will prevent a repetition of such scenarios of economic collapse and paralysis."  (09/10/2008)

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More from the press review on the subject » International Relations, » Fiscal Policy, » Financial Markets, » Europe, » North America, » U.S.

The Irish Times comments on the concerted action by the central banks: "The central banks in their joint statement recognised that as global economic activity weakens, recession has replaced inflation as the greatest threat. ... And the recent decline in energy and commodity prices has greatly eased inflationary pressures. Accordingly, lower interest rates represent the right policy response as economic conditions deteriorate. ... The co-ordinated rate cuts represent an attempt to boost market confidence at a time of financial turmoil. ... Hopefully, yesterday's co-ordinated response by the world's central banks suggests they may have begun to get the measure of the huge challenge they face. A global financial crisis requires a global response and may require further co-ordinated interest rate cuts to avert a 1930s-style catastrophe." (09/10/2008)

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More from the press review on the subject » Financial Markets, » Global

The European Central Bank has dealt better with the financial crisis than the US Federal Reserve, writes the conservative Frankfurter Allgemeine Zeitung, commenting that the cut in the prime rate can be read in two ways: "It could be the start of an inflationary policy. In such a scenario the state would put itself hopelessly in debt to rescue the financial sector. Inflation would then devalue these debts either gradually or at a fast rate. On the other hand, economic prospects are now so bad that inflation could be the least of our worries for the foreseeable future. ... Until now the European Central Bank has acted more competently and less frantically than the Federal Reserve. The decision to cut interest rates was probably not met with great enthusiasm at the ECB. But apart from the state of emergency on the money markets there are also other good reasons making this the right time for such a move." (09/10/2008)

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More from the press review on the subject » Fiscal Policy, » Europe

The left-liberal daily La Repubblica sees the cut in prime rates as a feckless act of desperation. Commenting that the stock markets have failed to respond positively to the move for fear of an impending recession, the paper continues: "After frantic deliberations, the heads of government have decided on a step the likes of which we haven't seen since September 2001 when the world stared in disbelief at the carnage of the Twin Towers. But this act of desperation has fallen on deaf ears. ... It seems clear that the measures taken by the banks are insufficient to address both the financial crisis and recession. For the men at the International Monetary Fund the hour seems to have struck to accompany money manoeuvres with injections of public funds into the real economy. The next dossier to be dealt with by Western governments may well be an incentive package for stimulating the economy." (09/10/2008)

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More from the press review on the subject » Financial Markets, » Europe, » Global
All available articles from » Maurizio Ricci

British generals in Afghanistan recently implied that the war there cannot be won through military means and proposed entering into negotiations with the Taliban. The daily Berlingske Tidende voices doubts about this course of action: "It may be illusory to believe we can establish peace without these controversial groups. We can hope that those [representatives] of the Taliban who are involved in the negotiations can set aside their medieval ways of thinking and deep-seated hate of the West, democracy and human rights. But we do not see any real hope [of this being the case]. ... We are very sceptical about the Taliban having suddenly turned into great democrats and believers in democracy and peace." (08/10/2008)

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More from the press review on the subject » Security Policy / Crises / War, » Asia

The German daily Süddeutsche Zeitung advises Iceland, which has been hard hit by the financial crisis, to join the EU. "There was a time when Iceland was right at the top. It was among the world's most prosperous nations, its currency was stable and its standard of living was high. ... The conservative government in Reykjavik arrogantly looked down on the European Union. Brussels was seen as an obstacle that would simply slow down the country's rapid ascent. Europe - no thanks! They were convinced they would be better off on their own. Yet in the current financial crisis an application for EU membership would send precisely the political message the country so urgently needs. ... For too long the government of Prime Minster Geir Haarde ignored the calls for EU membership, even though it has been clear for months that with its small and freely negotiable currency and its over-inflated banks Iceland would end up at the epicentre of the financial crisis. Instead Haarde wanted to convert to the euro without joining the EU. Doing things by halves, however, is not an option - not even for Iceland." (09/10/2008)

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More from the press review on the subject » International Relations, » EU Enlargement / Neighbourhood Policy, » EU Policy, » Fiscal Policy, » Europe

Italy's President Giorgio Napolitano has criticised Prime Minister Silvio Berlusconi's high-handed style of government. Only recently Berlusconi managed to push through new laws without prior discussion in parliament. Delo newspaper voices concern. "He considers parliament to be too slow and ineffective and therefore superfluous. He doesn't even talk to the opposition. ... Berlusconi is convinced he can rule alone, for this is the only way he will be able to keep his campaign pledges. ... Berlusconi believes one cannot rule effectively with the old parliamentary system and the old rules. Observers [thus] fear that he could use decrees to 'reform' the system in such a way that would allow him to take over the presidential office. But before he does this - in his capacity as prime minister and leader of the parliamentary majority - he will secure the kind of powers for himself that the presidents in France and the US have." (09/10/2008)

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More from the press review on the subject » Domestic Policy, » Italy
All available articles from » Tone Hocevar

Along with other European countries, Portugal granted fly-over rights in the past for CIA planes carrying presumed Islamic terrorists. Portuguese Foreign Minister Luís Amado explained yesterday that if Portugal's government has not made a statement on the matter, it was to avoid prejudicing EU Commission President José Manuel Barroso, who was Portuguese prime minister at the time. Jornal de Notícias critices this position: "Luís Amado is entirely right, Barroso should be spared inconvenience. He is an important man in the EU, and we are always proud when one of our emigrants is successful. ... As citizens, however, we have the right to know whether our government was aware at least of this one flight between Guantánamo and Cairo with a stop-over at the Portuguese military base [on the Azores Islands]. ... We have the right to know if the government authorised these flights or not, and if so under what conditions." (09/10/2008)

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More from the press review on the subject » International Relations, » Security Policy / Crises / War, » Portugal, » U.S.
All available articles from » Paulo Martins

Writing in the Spanish paper El Mundo, British historian Henry Kamen expresses amazement that many European critics of the US are suddenly so enthusiastic about US Democratic presidential candidate Barack Obama: "Just a month before the elections in the US we should ask why there is a tendency in certain elements of the European press to present the senator of Illinios, Barack Obama, as the new saviour of the West. The president of the Spanish government has said he hopes Obama wins. But it would be interesting to know why he - a dyed in the wool anti-American - all of a sudden gets excited about the candidates for the American elections. Why are so many Europeans who were previously anti-American now pinning their hopes on Obama? ... In his very brief political career, Obama has not achieved anything significant at all, and perhaps that is the reason people like him. ... This article - written from a state in which voting preferences are almost equal for the two major candidates - suggests that Obama probably is not the saviour he is made out to be in the European (and of course in the Spanish) press. In practice, there is virtually no difference between Obama and McCain." (09/10/2008)

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More from the press review on the subject » International Relations, » Domestic Policy, » Spain, » Europe, » U.S.
All available articles from » Henry Kamen

Erkki Pennanen discusses the role played by populism in politics. "Populism and populist parties can play an important role in politics. ... So it is not a good idea to try to exclude them from government at all costs. Populism is marked by people's quest to understand politics in a simplified, pointed and in the worst case distorted way. Many Western European countries have strong populist parties. In most cases these are either right-wing populist or ... extremist parties. ... The master of Finnish populism was Veikko Vennamo in the 1960s and early 70s. His slogan 'Yes, the people know it', has now been taken up by Timo Soini, the chairman of the True Finns. ... Populism's attraction lies above all in its language, which is plain and close to the people. ... We don't consider Soini's party to be entirely on the extreme right. ... And now even the traditional parties, short of money, are displaying many populist traits. The value of populism in democracy is that it creates a stimulus for political discussion and is able to reach voters that would otherwise not be interested in politics. ... It is unwise to forget that as soon as elections are over." (09/10/2008)

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More from the press review on the subject » Social movements, » Weltanschauung, » Finland, » Europe, » Global
All available articles from » Erkki Pennanen

The Gothenburg-based carmaker Volvo, which belongs to the US firm Ford, has announced plans to cut 6,000 jobs. The news comes as a shock to Sweden as a whole. Commenting on the government's plans for funding labour policy measures in the region, the daily newspaper Göteborgs-Posten writes: "The planned job cuts will not only be a hard blow for Gothenburg and western Sweden, the rest of Sweden could also be seriously affected. This is why additional measures are needed, not least as regards finding new jobs for those laid off." The daily stresses that the commitments undertaken to improve the region's infrastructure are undoubtedly a good measure, but adds: "No one but Volvo can save Volvo. The company must remain profitable in the long term by ensuring that there is market demand for the cars it manufactures." (09/10/2008)

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More from the press review on the subject » Corporations, » Economic Policy, » Sweden

A growing number of Nobel Prizes are shared among several recipients. This has the effect of devaluating the prize, writes Eesti Päevaleht newspaper. "Are the world's scientists too well-off, or has the global economic crisis also debased the Nobel Prize? In this year three prizes each worth one million euros have been awarded, but no one has received the full amount. In medicine, half the sum goes to one person, while two others share the rest. The prize for physics has been similarly distributed, while at least in chemistry the prize has been split equally among three winners. Now we can hold our breaths as to whether the prize for literature will be awarded to three writers. It's already been given simultaneously to two authors, in 1974, but three would be a first. So on your marks, authors, the first three may well make it onto the rostrum." (09/10/2008)

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More from the press review on the subject » Cultural Policy, » Health and Medicine, » Science / Research, » Estonia, » Global

School education has now become a theme in the current dispute between Hungary and Slovakia. On Wednesday Hungary filed a complaint with the European Parliament about a local history text book written for the Hungarian minority in which place names are given in Slovakian. The left-liberal daily Pravda writes that the protest is justified: "The minister of education made the decision in January that place names should be given solely in the official state language, in this case Slovakian. The government council for minorities opted for an acceptable and sensible compromise: bilingual place names. In the end the minister got his way. ... The government's internal problems are admittedly irrelevant for Hungarian teachers and pupils. ... On the other hand Slovaks living in Hungary can't even dream of such 'problems'." (09/10/2008)

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More from the press review on the subject » International Relations, » Education, » Hungary, » Slovakia
All available articles from » Dag Daniš

Dutch websites and blogs are full of threats and insults. According to one study this is a unique phenomenon in Europe. The daily newspaper De Volkskrant writes that it is evidence of a continued and shameful trend in Dutch history: "A glance at the anonymous receipts of the Dutch, who during the Nazi occupation would greedily betray their Jewish neighbours for the sake of a few extra German marks ... points to the old and revoltingly cowardly tradition these angry bloggers are following: the Dutch, a nation of anonymous sneaks and insulters who are too narrow-minded to put their own names behind their sickening opinions. But they are not alone in this. Because just as the officials asked no questions back then, the web masters are now refusing to take action and defend themselves by claiming that anonymous insults, mobbing and slander against people whose names and positions are known is simply part of Internet culture." (09/10/2008)

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More from the press review on the subject » Online media, » Netherlands
All available articles from » Michaël Zeeman

Politicians in Prague are currently discussing raising the speed limit on the country's motorways from 130 to 160 kph or more. Is this a case of "demagogy or pure stupidity on the part of the initiators?" Karel Šec asks in his blog. "There are reasons why we have a speed limit of 130 kph. If there is to be a change it should be to lower the maximum speed. In the latest major pileup on the Prague-Brno motorway (in which over 70 vehicles were involved) it was revealed that 60 percent of the lorry drivers and 70 percent of the car drivers were driving way too fast. It was snowing heavily at the time and visibility was extremely poor. Many Czechs don't slow down even when they can't see further than ten metres. These are the ones who, if the law is changed, will drive at 200 kph or more no matter what the weather conditions, their motto being: we've got everything under control."  (09/10/2008)

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More from the press review on the subject » Infrastructure / Travel and Transport, » Public Culture, » Czech Republic
All available articles from » Karel Šec