In the waning years of the last century there was great hope -- and hype -- about the “global market" brought about by new technologies. In the early years of this new century, the darker side of the global market has become more evident as economic trouble anywhere becomes economic trouble everywhere: e.g., the failure of Lehman caused a global contagion.
As EU leaders emerged from their marathon negotiations on resolving their nations’ multi-faceted financial crisis, all proclaimed victory while speaking in ways designed to be well-received in their own countries.
Too sensitive to be aired extensively in public, a potentially crucial element in this week’s “make-or-break” negotiations on the eurozone’s debt crisis is a possible buy-in by the International Monetary Fund.
As Jean-Claude Trichet gave his final news conference before stepping down as president of the European Central Bank, speculation focused on the likely stance of his successor – Italian central banker Mario Draghi – amid the euro-turmoil.
As Britain’s political parties open their season of party conferences, leaders are publicly assessing the impact and implications of the days and nights of rage that set England afire this summer. How worried should they be? And how should the outburst be interpreted across Europe and in the U.S.? Is this a year of coincidences in violence or is it another global upheaval – like 1848 or 1968? – that seeks to upend a world order that outlived its sell-by date?
© COPYRIGHT THE EUROPEAN INSTITUTE 2009
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