Economy Shows Cracks in European Union


	Economy Shows Cracks in European Union

JICWyllie

6-9-2009 6:08 AM

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tags:

1-policy, 1-protectionism, 1-recession, 2-consequences, 2-risks, 3-reported, 4-eu

JICWyllie says:

The article also said: "Germany and France together are the traditional motor of the European Union, but relations between them are cold, with the French president, Nicolas Sarkozy, and the German chancellor, Angela Merkel, putting national interests first, whether the issue is social benefits or saving jobs in the faltering car industry."

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/436ce516-ad74-4549-afd1-a23b95bdd88f/0359E57C-25CB-4FA9-A074-933AC7463C46/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nytimes.com/2009/06/09/world/europe/09union.html?_r=1&th&emc=th#" href="http://www.nytimes.com/2009/06/09/world/europe/09union.html?_r=1&th&emc=th#" style="font-size: 11px;">www.nytimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/06/09/world/europe/09union.html?_r=1&th&emc=th#">The crisis has presented the European Union with its greatest challenge, but even many committed Europeanists believe that the alliance is failing the test. European leaders, their focus on domestic politics, disagree sharply about what to do to combat the slump. They have feuded over how much to stimulate the economy. They argue about whether the <A title="More articles about European Central Bank" href="http://topics.nytimes.com/top/reference/timestopics/organizations/e/european_central_bank/index.html?inline=nyt-org">European Central Bank</A> should worry more about the deep <A title="More articles about the recession." href="http://topics.nytimes.com/top/reference/timestopics/subjects/r/recession_and_depression/index.html?inline=nyt-classifier">recession</A> or future <A title="Article on inflation" href="http://www.econlib.org/library/Enc/Inflation.html">inflation</A>. And they have rushed to protect jobs in their home markets at the expense of those in other member countries.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/06/09/world/europe/09union.html?_r=1&th&emc=th#">But although the subprime mortgage crisis began in the United States, Europe is arguably suffering more. The <A title="More articles about the International Monetary Fund." href="http://topics.nytimes.com/top/reference/timestopics/organizations/i/international_monetary_fund/index.html?inline=nyt-org">International Monetary Fund</A> estimates that European banks hold more bad assets than American ones and have written down much less. Budget deficits are rising, and unemployment, especially among the young, is already at its highest in 10 years. </blockquote><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content7.clipmarks.com/images/clip-icon.gif" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nytimes.com/2009/06/09/world/europe/09union.html?pagewanted=2&_r=1&th&emc=th#" href="http://www.nytimes.com/2009/06/09/world/europe/09union.html?pagewanted=2&_r=1&th&emc=th#" style="font-size: 11px;">www.nytimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/06/09/world/europe/09union.html?pagewanted=2&_r=1&th&emc=th#">Divisions are also evident between northern Europe and southern Europe</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/06/09/world/europe/09union.html?pagewanted=2&_r=1&th&emc=th#"><SPAN class="bold">German-French Tensions</SPAN></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/0359E57C-25CB-4FA9-A074-933AC7463C46/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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