French President Nicolas Sarkozy and German Chancellor Angela Merkel called for creation of a new global economic security council that would be akin to the United Nations Security Council only its goal would be coordinating world-wide efforts to create economic success. Sarkozy made clear that from now on nations of the world did not need American permission or cooperation to focus on economic development. “I’ve always in my political life been a supporter of a close alliance with the United States but let’s be clear: in the 21st century, a single nation can no longer say what we must do or what we must think.” Chancellor Merkel hopes out of the wreckage of the current economic crisis will emerge a new architecture for managing global capitalism.
The French president and Merkel hope that alongside the UN Security Council, “we could also have an economic council” that she believes can focus on creating new international mechanisms for avoiding the type of banking crisis which currently impacts the world.
The days of Reaganism and Ron Paulism in which government supposedly has no right to supervise the “brilliant” business leaders of the economy are now ended. We will see the birth of a new approach to capitalism in which government has a positive role.