EU Finance Ministers Discuss Global Crisis

Finance ministers from European countries convened on Sunday to discuss the issue of protectionism and other major concerns regarding the looming global economic crisis that hit most industrialized countries. Meanwhile, the finance leaders will meet again in April to discuss economic measures which can help the ailing global economy.

European Union (EU) convened on Sunday to discuss the looming economic problem that affects most industrialized countries worldwide.

Finance ministers from Italy, France, Spain, Holland, and UK assembled in Berlin to come up with an agreement to address the financial crisis especially about the issue of protectionism which is a practice that disrupts trade and commerce between countries, thus further aggravating the recession. Experts warn that protectionism, which happened during 1940s, can ensue if world leaders will not implement economic measures to stop this.

The Berlin convention will last after one week of discussion that will focus on the unstable condition of European banks especially in eastern and central European region where credit crunch has started to cripple the economy.

Another focus of the convention is to come up with a solution to provide financial aid to the ailing auto industry especially in countries that have large concentration of car companies.

British Prime Minister Gordon Brown said in an interview that he expects all countries from the region to cooperate intensely in order to solve the financial crisis, urging world leaders to implement policies that will help the ailing global economy.


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