Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Display:
A Summit at the Abyss: Can the G-20 Save the World? - SPIEGEL ONLINE - News - International

All eyes are on London this week as leaders from the world's leading economies gather to find a way out of the growing financial crisis. But tensions are growing between the US, Europe and China, and a common course has so far proven elusive.

It is an important test for the new US president. During his campaign, Barack Obama promised fundamental change, pledged to steer a determined course in combating the global economic crisis and said he would seek greater international cooperation. It was, he said, to be a "New Deal."

This week, an important international summit meeting is about to begin, and the time has come for Obama to demonstrate that he can deliver on his promises. At their meeting in London, the representatives of the world's leading industrialized nations will discuss the global recession, a financial industry in disarray and a sharp drop in world trade.

At issue is the steepest economic downturn in decades, and everyone is waiting to see what the new man in Washington will do. Will he be responsive to the Europeans' insistence on a new global financial order? Or will he focus instead on stimulating growth in his own country?

The president who determined the fate of the London Monetary and Economic Conference in 1933, at the height of the world economic crisis, was Franklin D. Roosevelt. His eventual decision to distance himself from the conference aggravated the global trade wars and deepened the Great Depression.

by Fran on Mon Mar 30th, 2009 at 02:19:19 PM EST
[ Parent ]

Others have rated this comment as follows:

Display:

Occasional Series