Financial crisis- criza financiara

5x puncte

categorie: Economie

nota: 9.91

nivel: Facultate

mereu cinstite a fost o idee nebuneasca" a declarat presedintele francez Nicolas Sarkozy. Ideologia de neimplicare practicata de America in pe durata fazei preliminare a crizei, " a fost pe cat de simpla pe atat de periculoasa" nIt would be wrong to exaggerate Europe's sense of self-righteousness over Wall Street's fall. This week governments in Belgium, France, Germany, Ireland and the Nether[...]
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mereu cinstite a fost o idee nebuneasca" a declarat presedintele francez Nicolas Sarkozy. Ideologia de neimplicare practicata de America in pe durata fazei preliminare a crizei, " a fost pe cat de simpla pe atat de periculoasa" nIt would be wrong to exaggerate Europe's sense of self-righteousness over Wall Street's fall. This week governments in Belgium, France, Germany, Ireland and the Netherlands all scrambled to bail out troubled banks, confirming how exposed Europe's economies are to knock-on effects from America.

Even left-wing editorialists in France, quick to sneer at degenerate American capitalism, have tempered their glee. "There would be something comical, even pleasurable, in watching the frenetic agitation of the banking world", wrote Laurent Joffrin, editor of Liberation newspaper, "if millions of jobs were not at stake, not to mention the economic balance of the planet."There is nonetheless a common thread in European responses to America's troubles. It goes like this. We always knew that unbridled free markets were a mistake, yet we were derided for saying this; and now we are all paying the price for your excesses. In the face of popular consternation at capitalist decadence, the activist state is newly in fashion--and Europeans are taking the credit for it.

Yet there are doubts whether this will really alter any country's policies. A good test is France. Judging by his recent declarations, the centre-right Mr Sarkozy has taken a decidedly leftward turn. In the space of two days, he twice laid into free-market capitalism. "Laissez-faire is finished," he declared in Toulon. "The all-powerful market that is always right is finished."

It is not just rhetoric. With unemployment climbing, Mr Sarkozy has launched a a,Z1.5 billion ($2.1 billion) yearly welfare-to-work scheme, based on state subsidies to supplement low pay, and paid for by an extra 1.1% tax on capital income--a measure that dismayed many of his own party's deputies. All talk of tax cuts has been shelved. And Mr Sarkozy has failed to cut public spending to keep his promise of balancing the government's budget by 2012.
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