Inconsistent talk from the Chancellor
As stock markets the world over continue to convulse, the UK Chancellor Alistair Darling has told MPs that European countries need to work more closely together when responding to the financial crisis. But at the same time as he called on EU members to co-ordinate action, he stopped short of following the example of other governments in guaranteeing all bank savings. “When member states take unilateral action, it does have a knock-on effect,” he said.
Ah, but globalisation, whether we see it as good or stinkingly bad, requires countries the world over to work together—which they seem unable, so far in this crisis, to do.
tags: Chancellor of the Exchequer, credit crunch, governments, money, policy, stock markets
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