EU struggles to convince markets in euro crisis

Tobias Schwarz, Reuters, 28.05.2010

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Three weeks after it agreed a $1 trillion safety net to protect the euro, the European Union is struggling to convince financial markets it has got what it takes to save the currency. [...]

CONCERNS OVER GERMANY BASHING

"If this Germany bashing continues, Germany will become an even more problematic actor in EU politics and it will be harder to find compromises in the EU," said Janis Emmanouilidis of the European Policy Center think-tank.

"You won't get the old Germany back. You need to accommodate this new player, this changed player." [...]

The Commission has also been criticized for showing a lack of leadership, but its ability to act quickly has been hindered by the disagreements among the member states.

"The crisis has not been handled adequately and things went wrong but this has a lot to do with the magnitude of the crisis," Emmanouilidis said.

"Would things be done better with a different institutional setting? Well, the EU is not a state. You always need to come up with a consensus and at a time of crisis this is hard."

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