Wolfgang Münchau, Financial TImes | October 6, 2008
Despite the success of some initial bank bailouts granted by the EU, such as Fortis, Europe is still short of an overall financial strategy. ++ Three things are needed: first, money to recapitalize the banking sector; second, a semi-permanent EU crisis committee to make financial decisions; and third, clear rules indicating when to recapitalize. ++ Sarkozy was right to support a EUR 300 billion rescue package - this would be a good start. ++ The crisis in Europe is not just a banking crisis, it could develop into a monetary regime crisis.