Europeans Seek Unified Credit Crisis Strategy

As individual states act, leaders scramble for coordinated measures
By Clay Dillow,  Newser Staff
Posted Oct 7, 2008 9:19 AM CDT
Europeans Seek Unified Credit Crisis Strategy
Italy's Finance Minister Giulio Tremonti, right, talks with EU Commissioner for Internal Market and Services Charlie McCreevy at the EU finance ministers meeting in Luxembourg today.   (AP Photo)

Finance ministers are meeting today to hash out a plan to steady Europe’s banking system, but resolution continued to be elusive, the New York Times reports. They raised the minimum level for deposit guarantees to €50,000, though some pushed for higher limits; the EU has not developed a common approach, largely due to Germany’s reluctance to approve a bailout in which it would likely pay the lion’s share.

“We need to find a common solution, as one country’s solution may be another country’s solution,” Sweden’s finance minister said, but even as six nations followed Ireland’s lead in guaranteeing some domestic bank liabilities, a strategy to ease credit tensions has not been found. The European Central Bank may cut rates to ease credit, but leaders feel a coordinated plan is absolutely necessary. (More European Union stories.)

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