EU calls for New Global Order

Sarkozy, Merkel, Blair Calling for a New World Order. A laughable idea? Not anymore.

PARIS – The head of Europe's biggest economy said Thursday that world leaders should be looking at the massive U.S. deficit and other economic imbalances, not just problems caused by financial markets, as they debate a new global order.

Speaking at a conference in Paris on the future of capitalism, German Chancellor Angela Merkel singled out the American budget deficit and China's current account surplus — the difference between exports and imports — as problems upsetting the global economy.