Economy

Europe must speak with one voice

The heads of state and government of the Eurogroup arrived in Paris for an emergency meeting, which is designed to develop common principles for overcoming the financial crisis. So far, the leaders of the leading economies of Europe are far from united on the issue of taking the measures necessary to resolve the problem. For example, Germany blocked the initiative of France to create, following the example of the United States, a joint reserve fund to support the European financial system.

But, according to French President Nicolas Sarkozy, “today Europe must come forward as a united front, speak with one voice on behalf of all Europeans” in the face of a global financial cataclysm.

But, according to French President Nicolas Sarkozy, “today Europe must come forward as a united front, speak with one voice on behalf of all Europeans” in the face of a global financial cataclysm.

Prior to the meeting, Sarkozy met with British Prime Minister Gordon Brown to “maximize the chances of cooperation.” They were joined by the President of the European Commission, Jose Manuel Barroso, the head of the European Central Bank, Jean-Claude Trichet, and the Prime Minister of Luxembourg, Jean-Claude Juncker, now heading the Eurogroup.

Last week, a number of states were forced to take emergency measures to support national banks. Is it possible to act together and in a single direction – the main question of the Sunday summit.

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