- credit crisis - economy - recession - subprime crisis
It has been another hectic week for financial markets. It started with the government takeover of U.S. mortgage giants Freddie Mac and Fannie Mae. The relief lasted just one day, before investors switched their worries to Lehman Brothers.
Finance Ministers of the European Union met in the French city of Nice last week-end, to focus on how to respond to the economic slowdown just days after the European Commission issued a gloomy forecast for the continent. They also focused on ways to better weather the banking crisis and restore financial stability.
The 27 financial ministers reviewed a paper, the "Report on the Financial Crisis", drawn up by René Ricol, an accounting expert and former Head of the International Federation of Accounts.
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