Useless bunch of ....

Faced with a crisis it seems that the only thing the EUnion is capable of is to dip well below mediocrity. The finance ministers of the EU memebr coountries have come together and came up their best answer to counter the effects of the credit crunch: Nothing. EUReferendum: Groping...

Useless swine. No slashing of interest rates to get money flowing again. No suspension of the mark-to-market accounting rules that are causing our banks unnecessary grief in the face of 'toxic' US mortgage-backed assets. Only a slight enlargement of guaranteed savings to prevent some more citizens from moving money. A rule that was immediately bested by our own minister of Finance:
Finance minister Wouter Bos said on Tuesday that the guarantee on bank savings accounts in the Netherlands will be raised from €38,000 per person to €100,000, ANP news agency reports.

Bos made the announcement after the meeting of European Union finance ministers in Luxembourg. The EU has decided to raise the EU-wide guarantee from €20,000 per account to €50,000.
Which goes to show: In the event of a crisis it's everyone for himself. Only afterward will the EUrocrats slobber up the pieces in their quest for an 'ever closer union' like the vultures that they are.

[UPDATE001] Maybe I spoke too soon. EU Referendum links to a piece in the Guardian that reports: "EU says to relax mark-to-market accounting rules."

[UPDATE002] Or maybe not. The EUnions communiqué (pdf) is far more equivocal then the Guardian reports. Here's what they actually agreed. Rather then relaxing mark-to-market rules, they are 'looking' at the issue. Or, to put it more succinctly: They are doing nothing. I repeat: Useless bunch of ....

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