Brown proposes EU action plan to stabilise money markets

eurointelligence.com | Oct. 9, 2008 (News Analysis)

Who would have thought that Gordon Brown would emerge from this crisis as Europe’s one and only true leader? A day after proposing what is by the far the most impressive rescue scheme we have had so far, Le Monde has now obtained a letter he sent to all EU leaders yesterday calling for a concerted action to guarantee interbank credits and reinstall confidence between banks. In the letter he wrote that the medium term interbanking market is frozen on the ... Full Story »

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by Peter Barnett - Oct. 9, 2008

The article provides a fair view of the financial crisis and its impact on the EU, suggesting that it has promoted a political shift to the left.

Prime Minister Gordon Brown could see a complete reversal of his political fortunes if can pull this one off.

At an earlier press conference on the package, Brown said he had spoken Wednesday to Sarkozy, whose country currently holds the rotating EU presidency. “We have invited other European countries to consider proposals we have put to them this morning on medium term funding (and) are in active consultation about how we can adopt a European-wide funding plan,” he said. Britain was also talking to other Group of Seven (G7) and G20 nations about a meeting of heads of government, he said, adding: "We are ready to put British proposals to such a meeting.

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