No Joint European Strategy On Banks

By Edward Cody
Washington Post Foreign Service Sunday, October 5, 2008; Page A01
PARIS, Oct. 4 -- The leaders of Europe's four largest economic powers vowed Saturday to protect their banks from the continuing reverberations of the increasingly global financial crisis but could not agree on a common Europe-wide strategy.
Unlike the United States, which last week committed $700 billion in government money to shoring up Wall Street, Europe plans to continue dealing with its financial problems on a case-by-case basis. That approach, which has involved tens of billions of dollars at a step, is complicated by the transnational presence of so many large European financial institutions.
But the European leaders did call for a global economic summit by year's end aimed at revamping the international financial system, which is a legacy of a conference held at Bretton Woods, N.H., in the waning months of World War II. [Read more...]
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