Eastern and Western Europe will change places

Eastern Europe gives up its prosperity to its Western brother

In brief: Trichet has said the Europe is now suffering the greatest economic crisis since World War 1.

The Head of European Central Bank Jean-Claude Trichet has said the Europe is now suffering the greatest economic crisis since World War 1. He compared European situation with the collapse of the US Lehmann Brothers Bank in autumn, 2008.

Trichet called the European countries make sanctions against those countries of eurozone which don’t obey the Pact on stability and prosperity. It means that within the eurozone there has to be created a mechanism of mutual control.
The European Bank for Reconstruction and Development, however, has made optimistic forecast for Eastern European economy in 2010. According to the EBRD researches, the prosperity of Eastern Europe is to be 3.7% just this year.

Maria Velikanova
2010-05-16 11:19, Economics.

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