EU chief: U.S. economic plans ‘a way to hell’

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May 17, 2008
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EU chief: U.S. economic plans ‘a way to hell’
Czech Republic’s Topolanek, who has just resigned as PM, blasts approach

STRASBOURG, France - The Czech head of the European Union presidency says the U.S. economic rescue plans are “a way to hell.â€￾

Prime Minister Mirek Topolanek says the Obama administration’s stimulus package and financial bailout “will undermine the stability of the global financial market.â€￾

One day after he offered the resignation of his government, Topolanek took the EU presidency on a collision course with Washington over the economic options to solve the world economic crisis. Many EU nations favor regulation over more bailout efforts.

They also are realizing their version of Cap and Trade is a dismal failure.

The New York Times reports today that after three years the much ballyhooed cap-and-trade system in Europe is not working and that instead of reducing greenhouse gases that carbon dioxide emissions are actually increasing.