Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Hot on Facebook

Uproar After NC State Agent 'Fixes' Girl's Lunch Preschooler has to eat chicken nuggets instead of mom's meal »

EU Meets Over Economic Crisis

Protectionism concerns weigh on leaders

By Matt Cantor, Newser Staff

Posted Mar 1, 2009 7:00 AM CST

(Newser) – European Union leaders have begun an emergency meeting about the economic crisis amid fears of protectionism among nations, the BBC reports. The Brussels summit comes after French President Nicolas Sarkozy said he would bail out France’s auto industry if it didn’t send jobs out of the country. “We do not want any new dividing lines,” said the Czech prime minister, the current president of the EU.

Czech Republic's Prime Minister Mirek Topolanek speaks during a media conference at EU headquarters in Brussels last month. (AP Photo/Virginia Mayo)

French President Nicolas Sarkozy shares a word with Czech Prime Minister Mirek Topolanek during arrivals for an EU summit in Brussels today. (AP Photo/Geert Vanden Wijngaert)

EU leaders address the media after a meeting in Berlin last week. (AP Photo/Michael Sohn)

« Prev« Prev | Next »Next » Slideshow

To report an error on this story, notify our editors.

More Newser Stories

Czechs, Brits Reject Deal to Save EU Economy

Critics attack European Union's fiscal belt-tightening deal

(NEWSER) - The Czechs thought about it, and they said no. All other 27 EU member states except Britain agreed today to join a compact to impose budget discipline on fellow nations, the BBC reports. British Prime Minister David Cameron had already refused to take part, saying that ceding control of his country's budget is "not in my national interest." The Czech Republic, not yet in the euro, cited "constitutional reasons" for rejecting the treaty. More»

As Summit Looms, ECB Slashes Rate Again

Meanwhile, Merkel and Sarkozy try to drum up support for plan

(NEWSER) - The European Central Bank slashed rates for the second time in as many months today, ahead of a crucial EU summit that could determine the fate of the euro. Analysts had expected the cut, which brings the key rate from 1.25% down to 1%, but sources tell Bloomberg that the ECB may do even more to kick-start bank lending, like lowering collateral standards. "They will also keep open the option to go below 1% on rates," predicted one banker. "That's no longer the magic floor." More»

Sarkozy, Merkel Announce Plan to Save Euro

Meanwhile, Italy announces austerity measures

(NEWSER) - Nicolas Sarkozy and Angela Merkel sat down for a working lunch in Paris today, and emerged with a joint statement calling for big changes to the euro zone’s governing treaties aimed at preventing future crises. Their vision includes a new European monetary fund, zone-wide deficit limits, and automatic penalties for any country that exceeds those limits, the New York Times reports. “We want to make sure that the imbalances that led to the situation in the euro zone today cannot happen again,” Sarkozy said. More»

Sarkozy: Change—or Kiss Eurozone Goodbye

At odds with Germany over ECB, deflation, budget enforcement

(NEWSER) - French President Nicolas Sarkozy yesterday called for changing the eurozone treaty to make a tighter, stronger union, and demanded more budget discipline, increased help for foundering economies, and replacing countries' veto rights with qualified majorities, reports Reuters . He also called for the European Central Bank to be more interventionist and fight possible deflation. "Let us not hide it, Europe may be swept away by the crisis if it doesn't get a grip, if it doesn't change," he warned. "We don't have the right to let such a disaster happen." More»

Sarkozy: Letting Greece Join Euro Was a Mistake

Country wasn't ready to be part of eurozone, he says

(NEWSER) - Nicolas Sarkzoy has made it clear that tensions remain in the eurozone despite agreement on a debt crisis deal . The French president says that while he backs reforms intended to allow Greece to remain in the euro, it was a mistake to let the country join the single currency a decade ago because the country's economic figures were false and it wasn't ready, the Guardian reports. "If the euro had exploded on Wednesday night, all of Europe would have exploded," he told French TV. "If Greece had defaulted there would have been a domino effect carrying everyone away." More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

EU Meets Over Economic Crisis

Protectionism concerns weigh on leaders

OTHER STORIES ON OUR RADAR

European Union • Nicolas Sarkozy • global economy • crisis summit • Mirek Topolanek

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Czechs, Brits Reject Deal to Save EU Economy

Critics attack European Union's fiscal belt-tightening deal

As Summit Looms, ECB Slashes Rate Again

Meanwhile, Merkel and Sarkozy try to drum up support for plan

Sarkozy, Merkel Announce Plan to Save Euro

Meanwhile, Italy announces austerity measures

Sarkozy: Change—or Kiss Eurozone Goodbye

At odds with Germany over ECB, deflation, budget enforcement

Sarkozy: Letting Greece Join Euro Was a Mistake

Country wasn't ready to be part of eurozone, he says

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?

EU Meets Over Economic Crisis

Protectionism concerns weigh on leaders

Bookmark & Share

OTHER STORIES ON OUR RADAR

European Union • Nicolas Sarkozy • global economy • crisis summit • Mirek Topolanek

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Czechs, Brits Reject Deal to Save EU Economy

Critics attack European Union's fiscal belt-tightening deal

As Summit Looms, ECB Slashes Rate Again

Meanwhile, Merkel and Sarkozy try to drum up support for plan

Sarkozy, Merkel Announce Plan to Save Euro

Meanwhile, Italy announces austerity measures

Sarkozy: Change—or Kiss Eurozone Goodbye

At odds with Germany over ECB, deflation, budget enforcement

Sarkozy: Letting Greece Join Euro Was a Mistake

Country wasn't ready to be part of eurozone, he says

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?