Blog # 9-Roundup: European Union Leaders hold Second Summit in a Week

With the current crisis in Europe officials have met for a second time to discuss issues and possible solutions to those issues. There is no guaranteed notion that any of the steps taken will actually work to get Europe out of this sovereign debt crisis but the fact that they are taking strides to solve this financial bind is encouraging. According to the article officials talked about, “expanding the temporary European Financial Stability Facility, recapitalizing the continent's exposed banks, and the terms of a second bailout for Greece–including losses for private creditors.” Greece’s financial crisis alone is a problem within itself so getting Greece back on their feet is one main priority. With this being said at the summit officials were facing controversy in terms of reaching a consensus that didn’t cause conflict. One fact of this matter was when Europe’s banks did not agree with the restructuring plan that was meant to be a possible solution. Other officials in Europe have also yet to put reforms into place in order to hinder this economic crisis that has ventured across the world.

If officials don’t jump on board with these reforms and put some reforms into action then the financial crisis will not get better. If things don’t get better in Europe, the financial burdens of their economy will continue to lie on other economies therefore putting major stresses on the citizens as well as the society as a whole. A change in the standard of living will also be seen as a diminishing luxury as people have less money to spend on pleasurable goods and services. The effects of people losing jobs in Europe are seen as companies all across the world are globalized and have a financial hold in countries all across the world. As explained in previous posts if a company is struggling financially, the financial burdens trickle down to the employees causing unemployment and less expansion within the company globally. Socially the summit caused conflict among officials which in turn affects the entire outcome of how the financial crisis will be solved therefore affecting how people interact. If citizens are not relieved from these social issues of a decrease in pay rate as well as possible unemployment it will in turn cause an increasing financial burden on citizens all across the world.

Link to Article: http://globalpublicsquare.blogs.cnn.com/2011/10/26/roundup-european-union-leaders-hold-second-summit-in-a-week/?iref=allsearch