Battle plan for economy

ON Sunday EU leaders who had earlier ignored the wake-up call from the US finally agreed on a battle plan to cope with the financial crisis. Within weeks of the collapse of Lehmann Brothers, the US financial downturn had turned into a financial tsunami, which after striking the developed economies is now rocking East Asia and the oil-rich Arab countries. The global crisis is likely to put at risk whatever economic gains have been made by the countries in South Asia. With decrease in demand from the developed world, the exports from the region would be badly hit. These countries would also find it increasingly difficult to have access to funding.