One last try in Europe for Bush
TEXT OF STORY
Scott Jagow: President in Bush is Europe. It’s his last official visit there as president. Bush is bound to face questions about the economy. It’s become a pretty touchy subject between Europe and the U.S. Marketplace’s Bob Moon has more.
Bob Moon: The credit crisis had barely begun when French president Sarkozy addressed the U.S. Congress through an interpreter last fall.
President Sarkozy: The America that I love is the one that encourages entrepreneurs — not speculators.
Now there are estimates that European banks have suffered even more than their American counterparts from speculation in subprime loans that were made in — and exported by — the U.S.
Robert Shapiro was a commerce undersecretary in the Clinton Administration. He says tighter U.S. banking regulation remains high on the European wish list, but they know it’ll probably have to wait:
Robert Shapiro: European leaders understand as well as Americans do that a president with a 30 percent approval rating is unlikely to be able to achieve any significant legislative changes in an election year.
Bush is also expected to talk about helping poor countries deal with soaring food prices. But Shapiro says the Europeans aren’t likely to pressure Bush on U.S. farm subsidies since they’ve been protective of their own subsidies.
I’m Bob Moon for Marketplace.
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