euro|topics - What can be saved?

Główny temat z dnia Wtorek, 30. Wrzesień 2008

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What can be saved?

Following the bank crash in the US, the financial crisis has now struck home in Europe. Financial rescue packages in the billions have been announced by several European states to save ailing banks from bankruptcy. Europe's press discusses possible solutions to the crisis.

Les Echos - Francja

Les Echos newspaper stresses the significance of the European Central Bank in the current banking crisis. "One thing is clear: we need a concerted response. But what did we see on the weekend? A series of disordered measures, with each country trying to manage the problems encountered by its own national banks. The problem is that no concerted EU initiative can be expected in the near future. ... Everything indicates the leaders of Europe were marching to a different tune than that of the [international] markets. ... In the meantime, the much disparaged European Central Bank is the sole continental institution capable of a transnational response. ... It has become indispensable. Without the active support of the ECB, most banks would no longer be able to go about their business." (30/09/2008)

La Repubblica - Włochy

La Repubblica newspaper underscores Europe's inability to react suitably to the banking crisis. "The bank crash whirlwind has hit Europe. ... The continent is now discovering that there is something worse than the crisis in America, namely having its own banking institutes that are too big to be saved and that have outgrown the proportions of [banks in] the old nation states. It is frightening to witness Europe's blatant political and institutional shortcomings. The Union is not even in a position to come up with the likes of the Paulson Plan [for saving the US banks]. Although European banks have long been global players, in the EU there is not a single binding authority for the financial markets. The European Central Bank has nothing like the power of America's Federal Reserve System." (30/09/2008)

Cinco Días - Hiszpania

In view of the bank crisis the business newspaper Cinco Días calls for the establishment of a European finance ministry: "The European Central Bank and the European governments must coordinate their instruments in order to be well armed to face a crisis like the current one, the consequences of which we cannot yet foresee. Up to now the stringency of controls, the capital requirements and the allocation of funding in the case of unpaid loans have varied from country to country. But the current circumstances make it imperative to adopt standardised criteria. It would no doubt be advisable to adopt the most stringent regulations, in this case those in Spain. And if everything goes wrong Europe needs not only a common central bank but also a common finance ministry endowed with its own budget, one which is sufficient to save the system from collapse." (30/09/2008)

Berlingske Tidende - Dania

The daily newspaper Berlingske Tidende warns of the danger of cancelling out the laws that govern the free market. "The International Monetary Fund (IMF) has made a clear statement: With its current system Europe cannot respond to a crisis like that in the US in the same way the latter has. The IMF recommends more regulation and control of banks, which can be tempting in the present situation. However we should ensure that the mechanisms of the free market are soon re-established. Otherwise we will end up in a crisis like the one in the 1930s when the screws were tightened to such an extent that the economy didn't recover until the 1950s. Hopefully we have learned from history so that this part of it will not be repeated." (30/09/2008)

» Cały przegląd prasy z dnia Wtorek, 30. Wrzesień 2008

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