Stabilising global finance: are EU states doing enough?

The global economic crisis, from which the world is still struggling to escape, began as a banking crisis in the United States.

It spread to Europe through the European banks that were heavily invested in the US financial sector. And when it did, the shortcomings of European Union member states’ financial management were soon exposed.

As governments rushed to prop up failing banks, what began as a financial sector problem turned into a sovereign debt crisis. In response, after a...