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News Agencies

E.U. Meeting- Doubts and debates due Eastern Europe’s critical financial situation

by News Agencies

1 March 2009

The EU "27" leaders extraordinary Summit concluded with questions on whether statements about unity and solidarity in dealing with the world financial crisis were true or an alibi for the implementation of side policies. Most realistic evaluations speak of confirmation of division between the strong eurozone group states and the weak eastern and central Europe EU member states.

It is characteristic that an agreement was not reached regarding special financial aid requested by eastern EU member states and appeals for more flexibility to terms for admission to eurozone. Neither were taken decisions to support auto-industry. The 9 leaders of central and eastern European states held a separate meeting prior to the EU "27" and warned of a new iron wall in the economic sector this time, which would create a two-speed union.

German Chancellor, Angela Merkel refused Hungary’s Prime-minister proposal for an additional 180 billion euro aid to support the banking system of eastern european states while Hungary, Poland, Esthonia, Latvia, and Lithuania appeals for more flexible terms for admission to eurozone group failed.

The final text refers that "free market must be the vehicle to deal with the crisis. Talks about protectionism policies prevailed regarding side policies but it is characteristic that all leaders sped to condemn them, with first UK Prime-minister Gordon brown who has been blamed for such practices.

There was divergence of views regarding France and Sweden’s request for support of their auto-industries. Poor eastern European countries, which are unable to contribute, indicated unwillingness.

During the Summit EU leaders assured that all EU member states will receive the necessary aid depending on each case but they did not reach an agreement on specific plan for eastern European states according to Hungary’s proposal, which was worst hit by the financial crisis.
Next to follow is the G 20 Summit, on April, 2 and the EU-US Summit on April, 3.

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