Obama Points the Finger at Europe

Obama’s administration has avoided publicly reprimanding Europe until now. At the end of a difficult week, the American president upped the ante. While assuring that European leaders “understand the seriousness of the situation” and are aware of “the urgent need to act,” he began to develop their plan of action.

“In the short term, they have got to stabilize their financial system and inject capital into banks,” he said.

Next, there are the measures for the consolidation of the debt. Firstly “showing a political engagement” would be “an important step.” Europe has “the capacity” to pull through, he added “the sooner that they act and the more decisive and concrete their actions, the sooner people and markets will regain some confidence and the cheaper the costs of clean-up will be down the road.”

He assured that American banks, thanks to measures taken in 2009, would have the ability to cope with the shock of a banking crisis. He is more preoccupied by the repercussions of a recession in Europe than American convalescence.

In five months of elections, Obama has reprimanded Congress – which has still not passed the employment re-launch plan he proposed in September – even more severely.