As European countries try to cope with the economic crisis that has beset the global economy, they are using many of the same tactics as their North American peers to try to stem the bleeding.
Like the U.S. and Canada, Britain has slashed its central banking rate -- to just one per cent, the lowest it has ever been. Unfortunately, the change doesn't seem to be having the desired effect.
Britain's Industry Minister, Peter Mandelson, says such measures can only do so much.
"The conventional tools of monetary policy have their usefulness, but they also have their limit," he said earlier this week.
Frustration among members of the public over the state of the economy is growing, with protesters taking to the streets in Russia, Greece and France.
In response, European leaders, just like their North American counterparts, have been telling their citizens that they are doing everything they can to help the economy.
"I consider it my duty to protect people from this economic crisis," French president Nicholas Sarkozy said earlier this week.
But in spite of the bold moves by the various governments, many European industries are still struggling in very significant ways.
The car industry, for example, is seeing unsold vehicles piling up on lots throughout Europe -- sparking some dealers in Italy and Germany to pay members of the public up to $4,000 to scrap their old cars, in favour of newer and greener automobile models.
The European Union wants to see car dealers offer the same incentive to consumers across the continent.
"We think these bonuses can be very, very beneficial and good for the car industry," said Ton Van Lierop of the European Commission.
The major problem is that businesses, as well as consumers, can't get access to credit.
"Businesses are being starved of credit as a result of the credit crunch and we do need to use measures that will get those credit flows going again," said Ian MacCafferty of the Confederation of British Industry.
Many Europeans have concerns that with interest rates so very low, there is little else that the government can do to try to bring the markets back to life.
While a recent report by an economic think-tank suggested the measures taken by European governments will work in the long term, the good news was tempered by the fact that those positive changes might take a year or longer to achieve.
With a report from CTV's London Bureau Chief Tom Kennedy
