Will your household or business be affected by European economic instability?

Australian households and businesses in precarious financial positions are likely to have taken note of comments from treasurer Wayne Swan on Monday (October 24), who warned that the continuation of the European debt crisis could begin to impact on local markets.

Swan has repeatedly called on the European Union (EU) to implement necessary and effective strategies for overcoming the issues, in order to protect the global economy.

Now he says a resolution must be found within the next few days, as the EU members prepare to meet Wednesday (October 26) to come to a final decision.

"This has been going on for 18 months, and it is true that they have been mucking around for 18 months," he told ABC radio.

"We do need to see a comprehensive set of plans, and if we don't see those, we will see a protracted recession in Europe and the obvious implications of that for the rest of the global economy."

Large households and small businesses that are looking for ways to prepare for a potential financial hit - should worldwide economic conditions increase their impact in Australia - may wish to investigate whether changing electricity suppliers might help offset losses in other areas.

Posted by Charlie Moore