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Highlights

IT MIGHT BE POLITICALLY TOXIC - BUT WE MUST JOIN THE EURO NOW

Will Hutton

In this controversial article, well-known columnist Will Hutton explains why he thinks Britian should join the Euro now.

"It is the City's need to borrow at least £100bn a year for the foreseeable future, on top of the government's need to borrow the same - made acutely more difficult by a sterling crisis - that is the heart of the problem. Suddenly membership of the euro - politically toxic - is beginning to look a very attractive escape route."

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THIS WEEK OUR LEADERS HAVE A CHANCE TO MAKE THE WORLD ANEW

Will Hutton

More than 60 years ago in New Hampshire, the world's economies were recast. Now, as they lie in ruin, Gordon Brown must inspire those meeting for Bretton Woods II Will Hutton argues. We need Western governments to give a lead in taking the risks from the system by declaring their willingness to manage the values of their currencies. Brown's task is to make sure the world gets it.

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A PROTECTIVE SHIELD FOR JOBS

Confederation of Germann Trade Unions (DGB)

Angela Merkel and Peer Steinbrück are rescuing the banks. A protective shield costing almost EUR 500 billion is supposed to prevent collapse on the financial markets. The shield is being paid for by taxpayers. So far, so bad. But the Confederation of German Trade Unions poses the right question "who is actually protecting jobs from the consequences of the financial crisis"? A "policy of the steady hand" would cost us dear. The DGB demands programmes to boost the economy and growth. The first step must be a quick injection of liquidity into the economy. Higher public expenditure can get the growth engine of the economy started again.

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IF WE HELP THEM, THEY MUST HELP US

Confederation of German Trade Unions (DGB)

The German federal government has done the right thing in putting together a rescue package for the financial markets, and in wishing to strengthen the banks’ own capital basis. At present there is no alternative to this emergency measure. Yet, the Confederation of German Trade Unions insists that no taxpayers' money should be wasted on this short-term emergency aid. The principle "If we help them, they must help us" must be pursued right down the line.

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WITHOUT REAL LEADERSHIP, WE FACE DISASTER

Will Hutton

A new lethal threat is emerging at the dark heart of the financial system. Without collaboration and leadership, an already perilous position will become a calamity. Will Hutton, however, questions whether politicians and their advisers can move as quickly as they need in so many areas and collaborate across so many countries to restore stability. Most of those who should be leading the world's recovery are, politically speaking, numbered among the politically walking wounded or dead; either near the end of office like George Bush, in a fractious coalition like Angela Merkel, or leading a dysfunctional party like the weak Taro Aso of Japan.

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SAVE THE BANKS, NOT THE BANKERS

Conferation of German Trade Unions (DGB)

One of the biggest fire brigade operations in the history of the international financial markets is now taking place: The central banks are flooding the capital markets. A country which does not have a red cent to pay for health insurance for the children of the poor is pumping US$ 700 billion into saving finance market capitalism. Estimates by the IMF put the worldwide cost of the crisis at a probable US$ 1,400,000,000,000 (1.4 trillion). The Confederation of German Trade Unions is analysing the current financial crisis. Although it agrees that there is no alternative to the current rescue measures, it demands that public money should only be supplied in exchange for ownership rights and direct influence on business policy. "We must save the banks that we need for the economy to function, but not the gambling bankers and shareholders."

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