It will be difficult for the western world to forget the unexpected terrorist attack that occurred on the 11th of September 2001 in New York and Washington. The main symbols of economic and military power of the United States of America were hit by terrorist attacks (the World Trade Centre of New York and the Pentagon in Washington). The immediate consequences that these events have caused in Western economies are:

1. Governments of Western European countries and NATO have formed, as a safety precaution, a united front, in order to find those responsible for the attacks and to make plans with regard to what actions are to be taken.

2. The United Nations has called for calmness and to reason about the terrorist attacks.

3. Almost all the countries of the European Union and other countries such as Russia, have expressed condolences to the United States.

4. Parts of the Arab world, for example the Palestinian leader Yasir Arafat and other Arab leader Muamar Al Gadafi, have expressed their condolences and their feelings of unease to the USA due to what has happened and have even offered humanitarian aid.

5. Certain parts of the Arab world do not condemn the attack (Irak, Afghanistan, and other fundamentalist sectors of the Arab world, etc.)

6. Israel has also offered sympathies and has declared that those who are responsible must be found.

7. China and Cuba have also expressed their condolences to the United States.

8. A drop in the worlds stock markets as they await actions of the United States. In the face of prevailing uncertainty with regard to what action is to be taken, investors are being cautious.

9. The USA reduces the price of money so that the economy does not suffer and so that the investors regain confidence. The main objective is to avoid, at any cost, (as in 1929), the lack of liquidity or cash-flow due to the closure of Wall Street (investors can not draw out their savings) and the strangulation of the economic system.

10. Investors lose faith in the falling dollar. However people gain more faith in the Euro and the Swiss franc in the economic crisis.

11. Insurance companies have to pay out many millions in compensation due to the events.

12. Airlines begin to dismiss many workers as people are less inclined to travel by plane. Boeing (the major aeroplane manufacturer), and airlines such as United Airlines have also decided to get rid of employees. Tourists begin to cancel holidays to Arab countries and many trips to New York and Washington are also cancelled.

13. Although the Canary Islands is outside of the problematic zone the islands businessmen feel unsure with regard to tourism prospects, although economic activity apparently does not seem to have changed. A rise in petrol prices will make holidays more expensive and this will eventually increase the price of holiday packages, a consequence of which will be a drop in tourism. However the islands hotels have not announced a drop in the number of clients.

14. In the western world there is a growing sense of rejection towards the Arab world. We must bear in mind that there are many Arab communities living in all European and western world countries.

15. USA threatens Afghanistan that they will start a long and drawn out war if they do not hand over Bin Laden, the person who is believed to be responsible for the terrorist acts. The negative consequences of such actions are that there would be many countries and sectors of Islamic countries that will align with Afghanistan in the 'holy war' in defence of their ideals.