When France proposed a European Union bailout fund in order to respond to the credit crisis, the German finance minister rejected it.
In response, individual nations — most notably Ireland — are taking national action. The Irish government announced that it will guarantee the deposits of six Irish banks. Other EU nations worry that depositors will pull their money to take advantage of the security in Irish banks.
Benn Steil, a senior director of international economics at the Council on Foreign Relations, speaks with Martin Savidge about how the EU is digesting the credit crisis.
Get the Flash Player to see the wordTube Media Player.
