In The Press

Obama Is Not Widening The Atlantic Ocean (Letter to the Editor of the Wall Street Journal)

1 April 2009

While there may be differences between Germany and the U.S. on economic policy, these are not as significant as Malte Lehming apparently thinks ("Just Another Bush," State of the Union, March 31). President Barack Obama has indicated that the economic crisis demands a regulatory as well as a fiscal response. And on financial regulation, there are many areas of similarity between Jacques de Larosière's report commissioned by the EU and the U.S. report on financial reform led by Paul Volcker. What's more, the EU's overall fiscal package is also larger than many think. At the March European Council, the fiscal measures pledged to date were estimated at over €400 billion, or around 3.3% of the EU's GDP. It would be silly to pretend there are no differences among nations, but it is also misleading to exaggerate the differences between Europe and the U.S.
Roland Rudd
Chairman, Business for New Europe

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