“We are not coming here to receive lessons in terms of democracy or in terms of how to manage our economy.” said European Commission President José Manuel Barroso at G-20 Summit in Los Cabos, Mexico yesterday.
“This crisis was not originated in Europe. This crisis was originated in North America. Many in our financial sector were contaminated by unorthodox practices from some sectors of the financial market.”
Although not all economists agree with the view that the U.S. financial markets were responsible for Europe’s heaving borrowing and ongoing structural problems with debt in it’s currency union, Barroso, nevertheless, became angry and this outburst ensued when a Canadian reporter asked why North American should help pay for the Europe’s crisis.
This is not the first time the U. S. has been blamed for starting the contagion that Europe is caught up in. Perhaps not in the inherent sovereignty problems of keeping together the EU with countries who’s standards are as historically diverse as Greece and Germany but, after all, where does one start? Blaming the U. S. is as good a place as any.
If I were Obama I might look into taking the first campaign bus home…