The European Union has not been overly enthusiastic about economic plans advocated by President Obama to deal with the economic crisis. A top political leader, Czech Republic Prime Minister Mirek Topolanek, whose nation holds the presidency of the EU slammed the Obama stimulus package as a “way to hell” and warned that it would undermine the stability of the world economic structure. Most European leaders favor tighter financial regulation and do not support huge stimulus packages to jump start economies. The upcoming meeting of leaders of the Group of 20 might well be rather hectic.
It is doubtful if the Czech leader is among the world’s leading authorities on how to deal with economic issues. But, there apparently is a rather stark difference between the European emphasis on regulation versus the Obama drive to have a stimulus package that will send American debt to a new high. In a sense, both views will eventually be proven correct or not. Hopefully, the rest of us can survive if either one is wrong.