Europe Union Commission President Jose Manuel Barroso said at the G20 summit that the Euro-Zone crisis was caused by North America and was now a global crisis which is obviously the line being spun to get the rest of the world to pay for their Euro-Zone incompetence!
European Union Commission President Barroso is correct in calling the current crisis a global one because the Euro implosion is, and will have, a continued effect on the world economies and the start of the crisis was the North America property crash BUT…
The North American property crash was not the cause of the European Union Euro-Zone crisis and it only tipped economies over the precipice, the weakness in the banking sector where due to poor or little regulation banks which resulted in precious little cover for their borrowings, it was a crash waiting to happen. Further reading
The weakness of the mainland European Union banks still hasn’t been addressed correctly and President Borroso has to start accepting that the Euro-Zone crisis was a second crisis waiting to happen, predicted in 1990, the Euro was an enormous gamble, pushed through without the required instruments to manage a single currency to massage their ego’s and push towards a, don’t tell anyone, United States of Europe!
A United States of Europe was not on the cards officially because they could never have got it through the individual parliaments or past the electorate so they pushed on with the Euro but a single currency cannot survive long-term without full financial and political union which in fact should have come first, the single currency (Euro) should have been born out of full financial and political union!
President Borroso, the Euro-Zone was a wing and a prayer project which you all hoped would jump the rump of the European Union into a United States of Europe, well that bit has worked out because the rump of the European Union is about to be jumped into a United States of Europe otherwise the Euro will crash but your ill conceived dreams have brought the world close to financial disaster and still has the ability to throw the whole world into a depression.
One other comment President Borroso made was that some countries at the G20 summit were not democracies, pointing to countries like China but the European Union is not about democracy and in terms of voter influence is moving further and further away from democracy, at commission level they haven’t taken notice of public opinion for a decade.