As the financial ministers in the 27 member states of the European Union meet to deal with the growing economic crisis in Europe financial experts in the United States and around the world say what is happening in Europe could effect the global economic crisis already in place. The European Union financial ministers and the Eurozone leaders are working to contain the financial crisis that has been caused by the economic situation in Greece and this very bad problem could even bring an end to the Euro, the currency of the European Union.
Jean-Claude Trichet, the president of the European Central Bank, has called for global governance of all financial institutions saying it is extremely necessary if the world wants to prevent another financial crisis like what is happening today. Trichet emphasized that politicians, economists, and financiers must work together and collaborate on methods to create an international set of standards and that through this global governance the resiliency of the global financial system can be assured.
This call for global governance of all financial operations even national governments has been motivated by the economic problems of Greece and many other European nations as well as the United States.