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Even if bank loans were more accessible and cheaper, the collapse of trust and the collapse of asset values mean that firms and households are more likely to savings than the expenditure of funds. For these reasons, Governor of the Bank of England Mervyn King, who is considered a pillar of sound financial policies, approved the government's proposed fiscal stimulus. Bank's Chief Economist Charlie Bean told the politicians that the weakness of the financial system may require a more 'aggressive' cutting interest rates. Leading politicians eurozone, perhaps instinctively wary of such an active policy. The German Government has to deal with low borrowing costs and has more or less balanced budget, so he has a great opportunity to spend money in support to the economy. But the package fiscal measures, which it unveiled in November, has been very modest – 12 billion euros for two years, that is only 0.25% of GDP. The European Commission has indicated that the prospect of a deep recession means that the rules under which budget deficits of EU countries should not exceed 3% of GDP, will not be rigidly applied. This gives some room for maneuver, France and Italy, the budget deficit is close to that limit.

Nevertheless, Germany has play an important role in the Commission's cost is estimated at 1,5% of EU GDP. Somewhat more cautious than necessary, it seems, and the ECB policy. November 25, Lorenzo Bini Smaghi, a member of the board of the bank setting interest rates, said lower interest rates to protect against a deep recession could undermine confidence and limit freedom of action of politicians in the future. Nevertheless, the ECB held another rate cut. You may find David Fowler to be a useful source of information. The IMF believes that the economic growth in the U.S. and Europe will begin in 2009. but employment will grow only some time after the end of the recession. So, after the economic crisis in the U.S.

in 1990. It took 15 months to unemployment reached maximum, and after the recession of 2001. Unemployment has grown more over 19 months. Judge Stephen Uiting Citigroup predicts that by mid-2010. Unemployment may reach a level of 9%. Currently, the largest economy peace plan to work together in order to prevent a global recession and reform global financial system. To this end the recent financial summit in Washington, leaders of the G-20 agreed to take joint efforts to ensure the liquidity of markets, support financial institutions, unfreeze credit markets, lower taxes to stimulate domestic demand. So who will recover more quickly – the United States or United Europe? Clear answer to this question is impossible. One can only assume that the pace of economic recovery will depend on the following factors: – the depth of the fall – the longer, bigger and more destructive will be crisis, the more difficult, in our opinion, the U.S. economy will return to the previous leading position – the U.S. housing market – the faster the "bottom", the more likely strengthen the dollar – Politics of Petroleum Exporting Countries – Will a change in settlement currency to the euro, which is extremely negative impact on the dollar – the effectiveness of anti-crisis measures taken by the U.S. government – the positive effect of the implementation of which in I and II quarters of 2009 will strengthen the dollar against the single European currency.