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Growing Economic Crisis Threatens the Idea of One Europe
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As German chancellor Merkel pointed out at the EU summit, all central European states and Eastern European staes are not doing the same. Czech Republic and Poland are doing relatively better, Hungary, Romania and the Baltic Countries are in serious crisis. And smaller Slovenia and Slovakia are part of the core countries in the EU which use the euro. The Baltic countries are looking to Sweden to help and the Swedish Finance Minister has said it is the political responsibility of Sweden to help the Baltic countries, which Sweden should consider as part of the home region. Romania is looking to a reluctant Germany for help. And voices in Europe are asking if it isn't the political responsiility of Western European countries like Germany to help, and if not what does it mean to be part of the European Union? The Eastern European countries caught up in this crisis with their currencies losing value and large loan repayments to western European banks, feel they embraced the liberal capitalist model without any knowledge or experience with its fluctuations and crisis prone nature, as part of the integration into a united Europe. Now they are left they feel, to drift on their own. The recent emergency European summit meeting in Brussels saw the Czech prime minister Topolanek, who holds the rotating presidency of the EU, say that no member would be left in the lurch, and the need to avoid a dividing line in Europe that North-South or East-West. The Hungarian prime minister insisted on a special European Union fund of upto $241 billion to protect the weakest members, and circulated a paper saying that Central Europe's refinancing needs for 2009 were $380 billion. So far the governments of the EU have already spent $380 billion in bank recapitalizations and put up $3.17 trillion to guarantee bank's loans and to get credit moving again. And the European Bank for Reconstruction and Development, the European Investment Bank and the World Bank have promised $31.1 billion to Eastern European countries.
Financial crisis in Eastern Europe in 2009 that rivals the American crisis.
10/10/2008
The financial crisis for Eastern Europe affects financial institutions in Western Europe that made loans and other financing in Eastern Europe, by some estimates of about one third of the GDP of these countries in Eastern Europe.
Grouped Articles
Hungarian Bond Market Freezes Up
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Credit Crisis Slows Economy in Once-Hot Poland
New York Times 10/27/2008
As Ukraine Staggers, Its Leaders Quarrel
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Sovereign Debt Risk Looms Large This Year
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Eastern Europe Reels as Exports Fall
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E.U. Leaders Turn to I.M.F. Amid Financial Crisis
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How Ms. Merkel is defining German goals and programs during the global economic and financial crisis of 2008-2009.
09/09/2008
Merkel has quietly established her own approach and style of governing, less on rhetoric, and more on substance and social market principles that are popular in Germany. Her popularity goes far beyond that of the CDU, and she has defined new positions for the CDU, from aiding workers, promoting daycare, fighting for environmental goals, and bringing a new perspective on immigration. The result is a distinctly German approach to the crisis based on German conditions and preferences.
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German Election Overturns Political Order
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German Exporters Feel the Financial Squeeze
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German Banks Now Face Big Losses From Their Misadventures in Iceland
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The European Union and the economic crisis of 2008-2009.
10/06/2008
How the economic crisis of 2008-2009 affects the European Union.
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Europe Races to Shore Up Banks as Crisis Spreads
Wall Street Journal 10/06/2008
European Nations Move on Plans to Shore Up Banks
New York Times 10/14/2008
Zaragoza, Beneficiary of Spain’s Heady Years, Feels the Undertow
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Unknown 11/18/2008
Auto Makers in Europe Seek Aid as Sales Slump
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EU to Coordinate $164 Billion Stimulus
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The April 2009 G-20 Docklands, London Summit and the constructive confrontation between American and European positions.
02/15/2009
The positions of both sides. The Europeans credibly calling for global regulations as non-negotiable, and the US credibly calling for larger stimulus spending now when it would have the greatest impact. And the tough negotiations ahead.
Grouped Articles
Fixing a Perception Gap for the Underappreciated G-20
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On a Scale of 1-10, G-20 Scores a 7
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New York Times 04/05/2009
The Lines a German Won’t Cross
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Big Ideas, Grand Plans, Modest Budgets
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What the Chinese Want from Obama
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How Germany is coping with the economic crisis of 2008-2009.
09/09/2008
The manner in which Germany is responding to the crisis.
Grouped Articles
Germany Propels Growth in Euro Zone
Wall Street Journal 08/14/2010
Wall Street Journal 09/09/2008
Europe Races to Shore Up Banks as Crisis Spreads
Wall Street Journal 10/06/2008
German Exporters Feel the Financial Squeeze
Wall Street Journal 10/21/2008
German Banks Now Face Big Losses From Their Misadventures in Iceland
Wall Street Journal 10/24/2008
Despite Crisis, Germany Sees Russia as Land of Opportunity
New York Times 10/25/2008
The idea of one Europe and financial crisis in Eastern Europe.
02/26/2009
How leaders of Germany, France and Britain respond to calls for help from Eastern European countries will determine the future of the European community and the European Union. Will a differentiated approach develop that provides help to the newer members of the EU. Will the Swedish example with the Baltics lead to a supportive role by Germany?
Linked Articles
The bill that could break up Europe
Economist 02/26/2009
Growing Economic Crisis Threatens the Idea of One Europe
New York Times 03/02/2009
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