EU ministers seek better economic crisis response

In the BBC article EU ministers seek better economic crisis response, the EU ministers agreed on the need to be tougher on the budgets of member states. Pledging to react quicker and more efficiently in the future, the ministers agreed new sanctions were needed to be guide lines for the future. With the Euro falling to its lowest value compared to the dollar in four years, and the impending economic crisis in Spain and Portugal, the member states have agreed to four main objectives:

1) greater budgetary discipline

2) to look for ways to reduce the divergences in competitiveness between member states

3) to establish an effective economic crisis management mechanism

4) to strengthen economic governance to be able to act quicker and in a more co-ordinated and efficient manner to deal with any future economic crises

The new economic task force of the EU is centered on learning the lessons from the Greek crisis in order to avoid a similar situation in the future. Chancellor George Osborne said the UK government was keen "to show that we are serious about living within our means".
"Britain has the largest budget deficit in the EU and I'm very conscious of that and that's why in Britain we're going to accelerate the reduction of that deficit," he said. The EU taskforce comprises finance ministers from all 27 member nations of the European Union, European Central Bank President Jean-Claude Trichet, EU Commissioner for Economic and Financial Affairs Olli Rehn, Eurogroup President Jean-Claude Juncker, and Mr Van Rompuy, the European Council President.

This article relates to the concept of public policy and authority in supernational organizations. The UK is a member state of the European Union, and while it has the greatest deficit, it is working to correct that, despite its challenging coalition government situation.

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5/23/10

Picture credits to Getty.