Magazine May 4, 2009, Issue

Laissez-faire Is French

Jacques de Larosiere in Brussels, February 25, 2009 (Yves Herman/Reuters)
There is much that’s Right in Europe’s thinking on the financial crisis

Pres. Nicolas Sarkozy desires to create a new global finance cop, or gendarme — this enforcer would speak with a Continental accent. At the G20 summit, Sarkozy even threatened to walk out over this demand. American conservatives, jealous of sovereignty and rightly skeptical of Sarkozy’s poking his Gallic beak into domestic affairs, have greeted these Euro-overtures with hostility.

Conservatives ought to take a second look: We may not want to hire Sarko’s sheriff, but we should borrow a few bullets from his gun. While the U.S. is busy quasi-nationalizing everything from AIG to GM, the ideas moving Europe are, in no

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