European Union Leaders

Some decisions may be adopted for some particular themes, according to a European diplomat, who mentioned the market of insurance contracts against the insolvency of a policyholder’s loans (CDS, Credit default swaps), they failed with the insurer AIG is comments, that although the leaders present at the meeting are, according to all indications, looking for points in common, most perhaps prefer concentrating on own financial issues – according to Richard Marston, finance Professor, Wharton.Marston. I think that each of the countries will return to its own structure regulatory in the coming years. They converse mostly central banks as they always do. But, I cannot guarantee in any way that USA and the countries of the euro area work together to coordinate their policies. Many consider that this Summit does not probably reach expected outcomes, with regard to this, Richard J. Herring, Professor Wharton finance, he says, that the idea of a Summit at this stage is premature and even dangerous, indicates suspicious that leaders worldwide, anxious to show they are doing something, end up acting too fast in creating policies and regulations.

The newly elected President of the United States, Barak Obama refused an invitation from Bush to participate, preferring to find another occasion to meet with world leaders. Says Professor Herring, something that is very true, that Europeans have much to fix in the European Union before reinventing the world financial order. States, the White House has declared, that it expects that meeting leaders draw up some general principles to deal with financial matters, and do not try to fix rigid regulations. One of the most useful principles that could be adopted, says Zandi, would be the beginning of resistance to any protectionist impulse. Precise is that countries share publicly the commitment not to erect barriers to trade and investment, said. I think that’s a legitimate concern. As things become more difficult, will grow on countries political pressure to ensure more protectionist, which would be very counterproductive.