EU continues to enact dramatic changes with the help of the insurance industry
The ongoing financial crisis gripping Europe has been a subject of major concern around the world. The crisis has serious implications for the global economy, which could be severely impacted if the European Union cannot find a solution to the ongoing problem. The EU has turned to the global insurance industry, suggesting that insurance could be a way to solve the problems facing many of the countries facing economic troubles. In this case, insurance coverage is being considered a way to protect the foundations of countries as the EU begins to enact dramatic overhauls to the euro zone.
G20 members show favor for integration efforts
Members of the Group of 20 (G20) have shown support for the overhauls proposed by the EU. During a recent G20 summit hosted by the EU, European countries were able to show members of the G20 that they are taking steps to integrate their banking industries. This move is considered to be a major step toward solving the financial crisis as it will help break the cycle of loans being taken out by economically distressed countries. The common thread currently keeping the initiative together is the availability of insurance coverage that is meant to keep banks afloat during the financial crisis.
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Financial markets concerned over the possible risks involved with integration
Though the insurance industry has emerged as a powerful source of support, many of the world’s financial markets are still unconvinced that the financial crisis can be averted. The EU has been making strides with its many proposals to solve the problem, but has yet to establish a concrete timeline concerning these actions. The governing body is now being pressured by G20 leaders and the International Monetary fund to throw more support behind the country’s that are suffering the most from the economic disaster.
Insurance industry shows concerned for exposure to economic risk
The EU believes that the financial crisis can be put to an end by integrating the region’s banking and financial systems. Such an action would mean that many European countries would have to sacrifice a degree of their sovereignty and agree to bear increased economic risk. The heightened exposure to risk these countries would face has been a point of contention within the insurance industry, which has long been cautious of avoiding exposure to risks that it may not be able to protect against.