Europe meeting on economic plan

Megan Williams Oct 3, 2008
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Europe meeting on economic plan

Megan Williams Oct 3, 2008
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TEXT OF STORY

Renita Jablonski: Tomorrow, European leaders will meet in Paris. They’ll try to come up with a unified stance ahead of next week’s G8 meeting of bank heads and finance ministers in Washington. Megan Williams reports.


Megan Williams: One the big issues is how — or whether — to set up more coordinated banking oversight in Europe.

The European Central Bank along with British, German, Italian and French leaders hope to agree on a unified plan. The lack of common oversight was apparent this week when Irish government guaranteed all bank deposits. Some customers began shifting assets into the state-backed banks. Europe-wide critics have complained it created an unfair advantage, and that Europe needs to agree on what its banks can and can’t do.

So far, there’s little agreement. Nor is there agreement on the French suggestion that Europe set up a more than $400 billion bailout fund. For now, both Germany and Britain say it’s not needed.

I’m Megan Williams for Marketplace.

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