Moment of truth for eurozone - EUbusiness Week newsletter 547 - EUbusiness.com

EUbusiness Week top stories: Second eurozone summit called as rifts persist; EU infrastructure investment key to jobs, growth; Russia, Ukraine talk up cooperation as EU ties unravel; Poland, Hungary, Czechs in no rush to join euro; EU ‘positive’ over Iceland’s membership talks; One in five Bulgarians ready to sell vote: study

This Week’s Top Stories

1. Second eurozone summit called as rifts persist
2. EU infrastructure investment key to jobs, growth
3. Russia, Ukraine talk up cooperation as EU ties unravel
4. Poland, Hungary, Czechs in no rush to join euro
5. EU ‘positive’ over Iceland’s membership talks
6. One in five Bulgarians ready to sell vote: study

Publisher’s Note

Stakes could scarcely have been higher for this weekend’s eurozone summit, as debt-laden Europe reached its moment of truth. The debt crisis took two years to get to this point, and Europe looked to its leaders to be brave and decisive.

Economists say that the European Union’s priorities are: to micro-manage Greece’s debt default; plug the resulting hole in banks’ balance sheets; and set up safeguards to avoid a repeat of the crisis.

The announced delay is not a good sign. Member States will defend their interests and egos. By Wednesday, however, the compromise has to be bold enough to satisfy markets and public alike. The alternative, EU disintegration, cannot be contemplated.
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Regards,

Nick Prag
Publisher, EUbusiness

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1. Second eurozone summit called as rifts persist

Persisting rifts between EU Member States over how to battle the eurozone crisis threatening the world economy on Thursday forced the eurozone to call a fresh summit next week.
Instant Offices …
How Europe’s debt crisis evolved: a Q + A

2. EU infrastructure investment key to jobs, growth

The EU has dangled a 50-billion-euro carrot of investment funds in a bid to boost jobs and growth through upgrades to Europe’s transport, telecoms and energy infrastructure.
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3. Russia, Ukraine talk up cooperation as EU ties unravel

Russian President Dmitry Medvedev said on Tuesday the controversial jailing of Ukraine’s opposition leader was Kiev’s “internal affair” as the Kremlin courted Ukraine smarting from a rift with the EU.
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4. Poland, Hungary, Czechs in no rush to join euro

Poland, Hungary and the Czech Republic are in no rush to join the crisis-struck eurozone, despite being obliged to do so as part of their 2004 EU entry deals, say their leaders.
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5. EU ‘positive’ over Iceland’s membership talks

Iceland’s EU membership negotiations are progressing well, Enlargement Commissioner Stefan Fuele said on Thursday following talks in Reykjavik.
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6. One in five Bulgarians ready to sell vote: study

Almost one in five Bulgarian voters would sell their vote in Sunday’s presidential and local elections in the EU’s poorest member, a Transparency International study shows.
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EUROPEAN CASE LAW

Stem cells: Europe’s top court on Tuesday banned patents of stem cells when their extraction causes the destruction of a human embryo, a ruling that could have repercussions on medical research.
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EU court halts Swedish expulsion of 91-year-old to Ukraine
Lukashenko ally challenges sanctions in EU court
Latest Court of Justice judgements
Official Journal latest issues
EU Law …

Inside the EU Institutions

Council Watch

Food aid: as winter looms, six European states on Thursday refused to budge on a massive reduction in food aid delivering meals to 18 million of Europe’s poorest.
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Trichet prepares to take leave from ECB
British MPs to vote on EU referendum
Council …

Commission Watch

Canada: a “productive” ninth round of talks toward a trade agreement between Canada and the European Union were due to wrap up on Friday, said Canadian Trade Minister Ed Fast.
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G20: trade chief denounces hike in protectionism
Farming reform ‘beneficial to all’: Commissioner
Commission …

Euro-Parliament Watch

Parliament and EU states reached a deal late on Tuesday to crack down on short selling and sovereign debt speculation, partly blamed for exacerbating Europe’s debt crisis.
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Committee meeting and political groups week. Parliament’s political groups prepared the 24-27 October plenary session where there will be votes on the EU budget 2012, a ban on dishwasher detergent phosphates and the new deal with Australia on air passenger data transfers.
Parliament …

EU diary

20-21 Oct, Agriculture and Fisheries Council
20 Oct, Governing Council of the European Central Bank
23 Oct, European Council
24-27 Oct, European Parliament plenary session
3-4 Nov, G-20 summit
The Week Ahead
Long-term diary