Brussels keen to defend integrity of single market

Article discusses whether there should be a co-ordinated EU approach to the turmoil facing European banks in the context of the global financial crisis. Some argue that European Union member states and their private sector financial institutions are so interconnected that only a co-ordinated response is likely to be truly effective.

However, the desirability of a common response rubs uncomfortably against the political reality that each EU government is ultimately responsible to its own national voters and deposit-holders, who demand first claim on its attention.

ESO: Background information: EU ‘should avoid common bail-out fund’ / Sarkozy recoils from EU-wide €300bn bail-out http://www.europeansources.info/record/eu-should-avoid-common-bail-out-fund-sarkozy-recoils-from-eu-wide-e300bn-bail-out/

EurActiv, 3.10.08: Mini-summit to seek joint EU response to crisis http://www.euractiv.com/en/euro/mini-summit-seek-joint-eu-response-crisis/article-175994

---