Publication

The members of the European Union could use the current crisis as an opportunity to exert considerable influence over future restructuring of the financial markets. However, they can only do this if their crisis management transcends national boundaries. But since the crisis deepened in September 2008, no common, specifically "European" reaction could be observed. If European countries wish to improve the institutions of global governance, they must act together and provide a considerable demand side stimulation for the global economy.