World Citizen: No European Unity in Financial Crisis Response

Last week, when the financial system threatened to unravel in the United States, European Union leaders called an emergency summit to devise a common approach to the crisis. In Washington, unseemly bickering between political parties had already defeated one attempt to pass a $700 billion rescue package. The American political and economic system looked seriously wounded. This might have marked the moment for a unified Europe, viewed by many as a counter-balance to the U.S., to act decisively and effectively in a time of peril. As it happened, however, the “fraternité” long dreamed of by some in the EU vaporized […]