Saturday, May 26, 2012

EU to US: Hold My Beer and Watch This!

In a letter addressed to all 27 European Union nations, European Commission President Jose Manuel Barroso and European Council President Herman Van Rompuy said Europe was doing all it could.

"Europe has stepped up and assumed its special responsibility for securing the financial stability of the euro area and we will continue to do so," said the letter in the run up to the G20 summit in Los Cabos, Mexico.

"It is now up to all G20 members to enhance their efforts and deepen our cooperation in order to ensure a sustained global economic recovery."

In particular, it looked to the United States to avoid falling off a "fiscal cliff" - avoiding the problems that could result from tax rises and spending cuts meant to take effect at the end of the year. It also called on China to deliver reforms.
After all, somebody needs to pull them back up the cliff after they finish their swan dive.

Now, of course, it's true that the US needs to get it's fiscal house in order.  But to be told that by the EU?

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