20081007 eu 83146187 18
Members of the E.U. meet to discuss financial crisis in Madrid, Spain -- October 6, 2008 - 


Renita Jablonski: European finance ministers are meeting in Luxembourg today to talk about a solution to the financial crisis. But as Marketplace's European Correspondent Stephen Beard reports from London, a coordinated plan of action seems unlikely.

Stephen Beard: The 15 finance ministers from the eurozone countries met in Luxembourg yesterday. Today they are joined by their counterparts from the other twelve E.U. member states.

Yesterday, the euro 15 failed to come up with a common plan. So the likelihood of the E.U. 27 doing so seems even more remote. Bank deposit protection is one of the main areas of discussion. But there seems little stomach for a uniform level of guarantees across the E.U. Ireland, and others unilaterally imposed their own 100 percent to cover -- causing fear of an outflow from other states.

The best hope at the moment of unity seems to be on the monetary front. The belief is growing that the European Central Bank, the Bank of England and the Fed may soon cut interest rates in a coordinated move.

In London, this is Stephen Beard for Marketplace.