A conference on the Euro at the Peterson Institute for International Economics focused mostly on the economic crisis in the U.S. and the world. Lorenzo Bini Smaghi, a member of the Executive Board of the European Central Bank, emphasized that a solution for the entire world market, not just the EU or the US, was needed. When many markets are interconnected, a weak spot in one economy affects all of the economies, he said. He wanted to reassure banks that they will get all of the money they need so that they can start lending, fearing that the credit crunch will hurt the main economy.

Dominique Strauss-Kahn, the Managing Director of the International Monetary Fund, agreed that action is needed to be taken immediately to try to solve the crisis. He pointed out that confidence in the market is necessary to stop the credit freeze. Any action taken, said Strauss-Kahn, should have a clear objective, have oversight on how public money is used, should be comprehensive and coordinated with all actors at every level. He added that the action must also be acceptable for citizens. “We can solve the problem we’re facing,” said Strauss-Kahn, we just need to act quickly.

Associating with the European Union is the number one concern for Ukrainian President Viktor Yushchenko in maintaining his nation’s sovereignty. This is the factor Yushchenko believes will differentiate the present maintenance of independence from the past. (0:33)

 

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Today Secretary of State Condoleezza Rice addressed an audience at the American Turkish Council’s 27th Annual Conference on U.S.-Turkish relations, expressing a desire for cooperation between the two governments. Rice assured her audience that the U.S. is developing a strategy to suppress the guerrilla organization PKK, or Kurdistan Worker’s Party. Rice also mentioned Turkey’s strategic location for oil transfer and the importance of investing in renewable energy, and said that the U.S. continues to support Turkey’s candidacy for membership in the European Union. Stressing the importance of an open democratic government and society, Rice said that the U.S. also supports amending Article 301 of the Turkish penal code that condemns criticism of the government.

When asked by an audience member about her perception of the recent NATO summit at Bucharest that she attended, Rice said that it was a great success with real conversation and progress and demonstrated that the Taliban in Afghanistan fears NATO. She also applauded the admission of new members despite controversy over enlargement of the treaty.

Liam Fox, shadow secretary of state for defense in the United Kingdom, says the Lisbon Treaty could compromise NATO’s primacy and international security; he also says that most European Union NATO members have not significantly contributed to operations. (0:45)

 

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The Heritage Foundation hosted a discussion entitled “Post Bucharest: NATO and the Future of the Transatlantic Alliance” to discuss the recent developments of the treaty agreement in light of last week’s Bucharest summit.
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George Landrith of Frontiers of Freedom, speaking for a coalition of groups opposed to a recent Air Force contract to the European-based company EADS, asks why the United States should trust military contracts to companies subsidized by European nations “frequently at odds with the United States.” (0:31)

 

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The Foreign Relations Senate Committee held a hearing today analyzing the recent independence of Kosovo and the problems being faced in the Balkan region. The hearing was divided into two sections with two different sets of witnesses.

During the first half of the hearing, Daniel Fried, assistant Secretary of State for European and Eurasian Affairs, introduced the situation in Kosovo, presenting the American support. He talked about the newly free and independent nation and the problems with Serbia. Serbia is trying to isolate themselves from the rest of Europe, due to the recognition of the latter to the independence of Kosovo. According to Fried, the United State’s strategic interest is, for Serbia to find itself into the European Union, but after all it remains Serbia’s responsibility.
The financial situation of the country is creating some concerns regarding its independence; however Fried explained that 25 percent of the costs will be provided by the U.S., 50 percent from Europe and the remaining from organizations such as The World Bank and United Nations.

Witnesses present in the second half of the hearing were Janusz Bugajski, from the Center for Strategic and International Studies, Daniel Serwer, vice president for Peace and Stability Operations and lastly Ivan Vejvoda, the executive director of Balkan Trust for Democracy. They gave the European and local perspective of the situation. Serwer especially emphasized on the fact that Serbia is the problem and not Kosovo.

At the discussion “Kosovo: What Next?” held at the United States Institute of Peace, Ambassador Frank G. Wisner, Special Representative of the Secretary of State to the Kosovo Status talks, says first and foremost if peace is to be maintained [in Kosovo], the United States and the Europeans must be heavily involved in the detailed protection of the minorities in order to produce success. (:56)

 

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At the discussion “Kosovo: What Next?” held at the United States Institute of Peace, Ambassador Frank G. Wisner, Special Representative of the Secretary of State to the Kosovo Status talks, said that it is an “unusual declaration” for Kosovo to declare independence, because their independence will be supervised. It was clear to anyone, he said, that Kosovo had a few bridges that would need to be built across the divide toward independence. Serbia finds itself on a real threshold of history, and he said the opinion today is that Serbia is looking backwards with humiliation and cannot move forward if it continues to carry the “albatross of Kosovo” with it.
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