The presidency of George Bush has a unique ability to impact the entire world due to its ongoing fouls up both domestically and in foreign policy. The nations of Europe are now confronted with serious financial issues arising from Bush failures to regulate the American financial industry. European leaders, as of the present, are confronting these issues on a nation basis rather than as a united European Union. French President Nicolas Sarkozy, who has been insisting that high-flying bankers pay if their institutions go under, met with other leaders and agreed with them each must deal with collapsing banks by “its own means” although he believes there is also need to eventually function in a more “co-ordinated way.”
The weakness of the EU is apparent by its inability to bring together all members in order to deal with the financial crisis with a coordinated plan of action. There is some talk about organizing a world economic conference next year in order to engage in long range planning about world financial structures.