f_0022608_18600 - The Financial Crisis: A Challenge for the...

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Spring 2011 The Ambassadors REVIEW 30 The Financial Crisis: A Challenge for the Transatlantic Partnership Christian Prosl Ambassador of the Republic of Austria to the United States ne can still remember the inauguration of US President Barack Obama in January 2009. So many hopes, dreams and wishes were placed in the new leader in Washington. People were wondering what would change and, more importantly, what had to change. But 2009 was also defined by another major event: the global financial and economic crisis; its magnitude and the way it affected every American, every European and others around the world took us by surprise. In Europe, we were, and still are, facing challenging times. We understood the importance of solidarity and the meaning of standing shoulder to shoulder. In Europe, it is an unspoken law that the strong help the weak. Since the accession of Estonia in January 2011, the euro area consists of 17 countries with an overall population of approximately 30 million people. Even during the financial crisis, the euro has kept and improved its position as a global currency. In addition, the euro has acted as a shelter, not only for the participating countries, but also for Europe as a whole. This shows that the European Union has demonstrated its ability to make important decisions even during hard times. It also underlines that the European Union is based on the equal-treatment principle.
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This note was uploaded on 01/25/2012 for the course COMM 321 taught by Professor Erinmcclellan during the Spring '11 term at Boise State.

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f_0022608_18600 - The Financial Crisis: A Challenge for the...

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