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Emergency European Economic Summit in Brussels
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by Jordan Yerman | March 1, 2009 at 08:27 am
202 views | 14 Recommendations | 8 comments
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European leaders are gathering in Brussels for an emergency econimic summit. As Western investment flees Eastern Europe, affected countries are looking to their neighbors for help.
Hungary has called for a €180 billion aid package for Central and Eastern European nations, and Eastern Europe is calling French Preesident Nicolas Sarkozy's plan to prop up French automakers in exchange for keeping jobs in France "protectionist".
Sunday's lunchtime talks were preceded by a meeting of leaders from nine Central and Eastern European nations who made a strong call to reject protectionism.
The summit was called after French President Nicolas Sarkozy promised to bail out France's car industry if it pledged to keep jobs in France.
The French move raised fears that national protectionism could scupper hopes of recovery within the EU.
Leaders of badly-hit East European nations met prior to the summit.
Hungary's Prime Minister Ferenc Gyurcsany warned: "We should not allow that a new Iron Curtain should be set up and divide Europe."
His Polish counterpart Donald Tusk said "protectionism and egoism" must be avoided.
On February 27, the European Bank for Reconstruction and Development, the European Investment Bank, and the World Bank jointly said they will lend Eastern European countries 24.5 billion euros ($31 billion).
Most RecentMost Recommended Comments (8)
at 08:36 on March 1st, 2009
Ouch, that will be one hell of a test for the EU and this with out a functioning Constitution nor a central directly elected Government. I think we may be seeing a new EU soon with out France, Briton and Poland. Or no EU at all. Unless they survive these Crisis. The US will be happy, they never liked the Idea of the EU, even less a strong EU.
at 11:25 on March 1st, 2009
I wonder if other countries besides Hungary and Poland will complain about France's protectionism.
at 13:29 on March 1st, 2009
For what its worth,
at 16:42 on March 1st, 2009
A French car designer has designed a car that runs on air. But, of course, Sarkozy would rather be cozy with those vested in 'traditional' neo-classical economic agendas. Only 200 years ago, the French Physiocrats developed the seeds of Classical Political Economic theory, in their unsuccessful attempt to avert the French Revolution.
at 00:31 on March 2nd, 2009
I already heard about French cars that run on air, they sounded good until one started talking about using the compressed air to produce more compressed air, thus removing the need to ever recharge. This is utter absurdity of course, the air car is merely storing energy in the form of compressed air -- instead of electricity or petrol -- it does not create energy. Batteries are a much more efficient way to store energy than air tanks, even at incredibly high pressure.
at 16:50 on March 1st, 2009
which car designer?
at 20:54 on March 1st, 2009
Here is the link to the Air Powered Car.
http://my.nowpublic.com/world/crisis-final-booster-regional-produced-clean-city-airpod-car-miniflowair-made-france
There are four more post out on this in the archives.
at 00:13 on March 2nd, 2009
I do agree with Maireid Sullivan about Sarkozy's financial support for the car industry, which is not the way it should go. I'm working on an article about business economics that will amongst others deal with this subject.
The airpowered car is a mutual design between a Frenchman and a guy from Barcelona. Very good principle, TATA from India has taken a license out conventional car manufacturers are to stodge to become involved. Stupid, although the engine has got to be developed further jet, not sufficiently reliable.
Look about Hybrid cars at my link:
http://my.nowpublic.com/tech-biz/hybrid-hype