Not less than 48 hours have passed since Congress approved a $700 billion bailout plan for the US financial sector and we are beginning to hear discussion from European leaders about strategies for stabilizing the economy across the pond.

President of France, Nicholas Sarkozy went on record as saying that it was time to “literally to rebuild the foundations of the financial systems”.  The leaders of the major EU economies indicated that the intend to rewrite the accounting rules to limit the amount that bank need to write off.

Tags: Carl Rheuban, EU, Europe, European Union