Statism and laisser faire: The new transatlantic trade

Major commentary feature examines the European reaction to the global financial crisis in the autumn of 2008: while there has been much criticism of unbridled Anglo-American capitlism by continental Europeans and praise of the 'European social model', nevertheless he argues that the crisis will bring the need for more structural reform to the economies of Europe not less.

He concludes: 'As a consequence of the crisis, the US economy is becoming more European in terms of regulation and state intervention. Europe’s economies may yet be forced into becoming more American, too. The challenge is to harness the creative powers of free markets while taming their destructive excesses. Both sides can learn some sanity from each other'.