Reaction from foreign leaders and citizens to the winning of the U.S. presidency by Democrat Barack Obama has been largely favorable, judging from several overseas-based news sources. The BBC quoted French President Nicolas Sarkozy, who said: "At a time when we must face huge challenges together, your election has raised enormous hope in France, in Europe and beyond." Sarkozy continued: "France and Europe ... will find a new energy to work with America to preserve peace and world prosperity."
Last June, in a national referendum, voters in Ireland rejected the European Union Lisbon Treaty, which was, said opponents, merely a rehashed version of the EU Constitution that had gone down to defeat in 2004. Now, the powers that be in Brussels, headquarters of the European Union, have announced a new effort aimed at "educating" Irish voters for another run at the treaty.
On October 16, the Swiss government — despite previous assurances that its banking system was largely immune from the worldwide banking crisis — issued a long-term loan of up to $54 billion to its largest bank, UBS AG. Agence France Presse reported that to secure its loan, the Swiss government will take a temporary stake of 9.3 percent in the bank.
During a two-day European Union summit held in Brussels from October 15-16, French President Nicolas Sarkozy (whose country holds the EU's rotating presidency) stressed that the EU would maintain its stringent goals to reduce carbon emissions, despite economic objections from some EU member nations. Following the prevailing opinion held by much of the world, the EU’s leaders have based their continent-wide regulations on the theory that periodic variations in global temperatures are the result of man-made causes, such as emissions of C02 gasses.