"Europe in Wonderland"
Joschka Fischer, frm. German foreign minister | November 10, 2008
Actions undertaken by governments and central banks won’t be able to adress the financial crisis as other huge risks are threatening the financial system. ++ The world has benefited from over-consuming America, but the “US engine of growth” can’t be replaced by Asia, pushing the EU into a depression. ++ There is a need for macroeconomic and fiscal coordination at the EU level – principles of European economics have to be defined. ++ “The EU needs an economic government for the long crisis ahead” and Germany should take the leading role.
