Published: October 7th 2008 - at 3:05 pmEU Seeks Unified Policy on Bank Crisis
As the financial crisis continues to ripple across the globe, EU finance ministers plan to formulate a unified policy.
European Union finance ministers gathered here on Tuesday to seek elusive common ground to buttress the continent’s banking system in the face of the financial crisis, raising the minimum level of guarantees for bank deposits to 50,000 euros.
At a news conference in Luxembourg, Christine Lagarde, the French finance minister, said, “We agreed to raise the minimum guarantee to 50,000 euros while noting that many member states were determined to raise this to 100,000 euros.”
“One country on its own can’t solve the problem,” the Irish finance minister Brian Lenihan said, according to Reuters. Mr. Lenihan said the planned increase in guarantee levels was on the agenda. “That is a matter that is under consideration.”
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Reader comments
I hope that it will help.
Like I’ve argued before, this crisis is closer in resemblance to 1907 than 1929.
The growing international coordination among central banks is building towards a similar global solution to the one which created the federal reserve for the US.
Until stability returns with the establishment of multilateral coordination and the institutionalisation of such a system the markets will continue to behave irrationally and counter-intuitively.
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