Europe Taking Economic Leadership

Angela Merkel

The Europeans now are stepping forward to try to take the lead in the world’s economic crises. Notice the following:

European chiefs propose global rules

New Zealand Herald – Feb 24, 2009

BERLIN – European leaders mounted a united front against the global financial crisis yesterday, proposing sweeping new market regulations, but it remained unclear whether economic giants like the United States and China would go along.

Heads of government and finance ministers from Europe’s largest economies joined German Chancellor Angela Merkel in Berlin to lay the groundwork for a common European position on economic reforms before an April 2 summit of the Group of 20 nations in London.

“Europe will own up to its responsibility in the world,” Merkel said.

Leaders from Britain, France, Germany, Italy, Luxembourg, Spain, the Netherlands and the Czech Republic agreed to press for sanctions on tax havens, caps for managers’ bonus payments and a stronger role and increased funding for the International Monetary Fund…

During Germany’s turn at the presidency of the Group of Eight two years ago, Merkel pushed hard for more transparency on financial markets and, especially, hedge fund regulation. But her efforts ran into resistance from Washington and London. Even the global crisis and a change of Administration may not be enough to convince the US to hand over its autonomy. http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10558318

Regular readers of the COGwriter webpage are aware that we in the Living Church of God have long taught that the Bible teaches that an economic superpower will arise in Europe.

And although most in the world do not recognize it yet, the fact is that the Europeans have been taking steps for years that appear to be designed for Europe to take that role. The fact that it is somewhat admitting that it intends to set standards for the world’s economic systmes now, shows that once it has more power, it will not hesistate to do this more in the future.

The times are changing and the economic signals indicate a shift from an Anglo-American dominated economic system to more of a European dominated one.

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