An EU Week panel of European Union officials and American academic experts identified international cooperation as a crucial element in the success of policies for dealing with the financial crisis.

Examining the background to current U.S. policies, economics professor Anne Villamil said many Americans did not understand that a rapid response to the crisis would best curb immediate loss in jobs and incomes. For this reason, many citizens wanted policy makers to take more time to think about the bailout package.

In terms of the effectiveness of these short-term policies, she said, “I think the news has been good.”

According to finance professor Charles Kahn, the success of these policies in the U.S. can be attributed to the idea of sharing between the U.S. and the EU. The U.S. has copied the EU in creative methods for keeping banks liquid, such as possessing cash or assets easily convertible to cash.

Long-term policies to deal with the crisis will be discussed at an international summit to be held after the U.S. election, said Ambassador of France Pierre Vimont. French President Nicolas Sarkozy is considering including more countries besides the currently expected G8.

“It’s become very difficult for the G7 or G8 or the permanent members of the security council to discuss world problems without newly emerging economies,” Vimont said.

“Job prospects aren’t as good as in previous years,” Kahn commented on lot of graduating seniors. “On the other hand, the willingness of the Federal Reserve to step in, lower the interest rates and urge the government to spend money to stimulate the economy is reassuring. The downturn isn’t going to be as prolonged as it would have been without prompt actions.”