We would be wrong to think that the financial crisis only involves the Americans or certain careless stakeholders of the globalised world. Although the loss of confidence in the financial system began in the USA it may very well contaminate the strongest institutions because of its systemic nature.
Before trying to find the guilty parties there is only one imperative - that is to regain confidence. Public authorities must only act and speak to this end which must be their only objective in mind. In this difficult exercise the EU Member States must act together. Firstly in liaison with the European Central Bank whose effectiveness has been proven but also via increased co-operation between governments which may lead to the creation of the so-called "European economic government" which is demanded by so many. Our States are not able to resist the rising storm alone. Even if our prudential rules are still national the shield of our States will not suffice to protect us. It is during the crisis that we must now show the unity and the credibility of Europe.
