The Wall Street Journal pointed out today that the economic historian Charles Kindleberger showed that it was the lack of international coordination during the Great Depression that led to its depth and persistence. The meeting in Paris on Sunday of Eurozone Heads of Government plus our Prime Minister - and more important its conclusions - suggests that the severity of the crisis is not just recognised but the need for coordinated action is a spur to coherent action. The agenda for the European Council later this week has effectively been rewritten to focus on the economic situation - but in advance action is underway.
From my meetings in Brussels last Wednesday and the discussion at the Foreign Affairs Council this week it is clear that the UK plan announced last Wednesday is seen to set a global standard. Last week people feared that Europe would miss the chance to show that it could overcome the obstacles to coordination. Prospects look better today.
Posted at 10:29 14 October 2008 by David Miliband | Comments[1]
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Posted by Reader on October 15, 2008 at 12:31 PM BST #