This AP report gives the impression that Europe has taken the lead in meeting the global credit crisis and that the U.S. is merely reacting. And yet it was after this weekend's meeting of the G7 finance ministers in Washington that the major decisions being announced this week were taken. Here is the text of President Bush statement after the meeting. I wonder if this particular narrative is a result of the cable news cycle of reporting (and hyping) news out of Paris because it's more timely, or is it a more accurate reflection of the leadership shown by Europe? And while the Eurozone rescue package totals over $2 trillion dollars it's worth noting that it will not be centrally administered as the U.S. package will be. Perhaps this Europe vs. U.S. narrative is merely sensational reporting, tabloid business headlines, when the reality is (or we would like to believe it is) that the U.S. and Europe are taking cooperative measures that complement their domestic economies, play to their strengths, and will in the end shore up the international financial system.
