Europeans Seek Unified Credit Crisis Strategy

Finance ministers are meeting today to hash out a plan to steady Europe’s banking system, but resolution continued to be elusive, the New York Times reports. They raised the minimum level for deposit guarantees to €50,000, though some pushed for higher limits; the EU has not developed a common approach, largely due to Germany’s reluctance to approve a bailout in which it would likely pay the lion’s share.

“We need to find a common solution, as one country’s solution may be another country’s solution,” Sweden’s finance minister said, but even as six nations followed Ireland’s lead in guaranteeing some domestic bank liabilities, a strategy to ease credit tensions has not been found. The European Central Bank may cut rates to ease credit, but leaders feel a coordinated plan is absolutely necessary. (More European Union stories.)