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In Europe and especially in the euro existed between mid 2007 to late 2009 preserve vote on how the institutions of a sometimes fragile EU and the single currency managed to the global financial crisis defy. The crisis hit over from the United States, where the dangers of applied liberal and deregulated model of financial markets and inadequate governance were insufficiently recognized. European banks, but a few, behaved more than their American peers. Also banking supervision was generally effective, especially in countries like Italy, Spain and the small Cyprus. Through an innovative and fast answer to the European Central Bank had a leading role in tackling the crisis: the European legal framework for emergency loans was modified and cross-border coordination was performed. Crucial factor was that, in countries such as Belgium, Greece and Italy after, most EU and eurozone countries thanks to the Stability and Growth Pact (SGP) and the Treaty of Maastricht had their debt under control. The result was that most European countries have not been hit as hard by the recession and the United States. The Anglo-American capitalism performed moderately, while the European system had shown its resilience (for the first time). Adapted from the source document.

The Belgian foreign policy carried out by the prime minister Guy Verhofstadt & foreign minister Louis Michel is described as voluntaristic with ethical overtones & contrasted with the US policy of unilateralism. The state of the two countries' mutual relations before & after September 11 is outlined, & the growing division over the war in Irak is investigated. Excerpts from Michel's speeches are quoted to demonstrate the voluntaristic content & form of Belgian foreign policy within the EU & in Central Africa. The split within the EU on supporting the US intervention in Irak, with Belgium joining France & Germany in opposing George W. Bush's decision to invade this country, is described. It is pointed out that Belgium disagrees with the unilateral approach to foreign affairs adopted by the Bush government, as it: (1) replaces the principle of fellowship with followship, (2) dismisses the principle of multilateral consultation propagating its slogan of the "coalition of the willing," & (3) does not respect the "rules-based system" of international conduct. The prospects of Belgium's place in a future configuration of transatlantic relations are assessed, concluding that this country's voluntarism is less damaging to fellowship than American unilateralism. Z. Dubiel