Word: europeanizer
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...just basketball that is threatened. Let’s hope the owners of the NBA teams become aware of this trend and defend against their players’ European migration. Otherwise, only the prestige of the NBA, rather than its players, will continue to keep the world’s greatest game close to home, if at all. Perhaps someday there may be a World Basketball Series, but for now, a good NBA Playoffs is all I really want...
...much for European unity. Less than 24 hours after leaders of the European Union's four largest countries gathered in Paris Saturday to pledge a collective defense in the global financial crisis, the strategy crumbled in the face of a still worsening credit crisis in Europe's banks. German Chancellor Angela Merkel, faced with the breakdown of a government-brokered deal with German banks to save one of Germany's biggest mortgage lenders, announced that all German bank deposits would be guaranteed by the government, causing consternation and anger among her European neighbors, many of whom felt compelled to follow...
...financial confidence. If countries that have long vaunted their joint destinies can't work together, it seems all the more difficult to envisage a global response of governments and regulators toward a financial sector that itself cares little for national borders. Certainly Germany's unilateral action didn't help European markets resist a strong downward trend from Asia, and indexes plunged on Monday, with the FTSE 100 in London, the CAC 40 in Paris and the DAX in Frankfurt each falling around 6% as morning trading opened. By midmorning, Iceland had suspended trading altogether in financial shares...
...That flurry of action only served to heighten the panic across Europe, along with concerns that the European finance and banking sector may be as imperiled as that of the U.S., despite repeated assurances to the contrary from E.U. leaders. Indeed, the moves to guarantee private savings accounts seemed to spook market watchers into believing far worse was yet to come for Europe...
...However, bearish traders should consider the alternatives. Despite budget-deficit restrictions and other rules applied to government members of the euro zone - and their often petulant submission to the European Central Bank 's currency and monetary policies - there is precious little to build on toward a harmonization of the E.U.'s finance sector. Regulation of banks and credit groups is still handled on the national level, and even national banks of euro-zone countries still have some decision-making power. Given that disunity, governments have little option beyond national action to stave off company meltdowns and any broader temptation...