The U.S. economy isn’t just affecting every corner of our own country, from our entire financial system, our jobs and our exchange traded funds (ETFs), but other areas of the world are hurting, too.
The European Commission has demanded that the United States take responsibility for its crisis and its failure to pass a $700 billion bailout, report Adam Sage, Rory Watson and Richard Owen for the Times Online. A spokesman said that the global economic crisis originated in the United States and that it’s our responsibility to get the ball rolling and fix it.
The commission is going to draft pan-European legislation to increase capital requirements for banks.
New numbers suggest that Europe could be in for a recession soon, leading to a sell-off that has sent the euro lower, reports Carter Dougherty for the New York Times. A number of the continent’s countries are pulling together money to rescue their own banks, and some banks themselves have been gathering money to rescue other entities, such as a commercial property lender in Germany.