Individual European governments issued a flurry of deposit guarantees to shore up their banks but fell short of any coordinated action Monday to deal with the crisis sweeping financial markets, even as stock markets crashed and the euro sank to its lowest level for over a year. Though Europe's officials appeared to be paying lip service to the need for working together, they continued to make key announcements on deposits on a go-it-alone basis.
France, which holds the rotating leadership of the European Union, said its 27 governments have each pledged to take "all necessary measures to ensure the stability of the financial system" but no joint action was forthcoming, fueling the belief that the crisis would be handled differently by each country.
Germany's Finance Minister Peer Steinbrueck made clear his government's opposition to the idea that the euro zone's single largest economy should put up money to prop up institutions outside his country