Week of May 15thPosted: May 15, 2010
Here is a summary of the European news during the week.
Again, the economic situation dominated this week. After the announcement of a gigantic rescue plan for indebted countries at the beginning of the week, markets did calm down, and the euro made a huge jump. This did last long, as soos as the day after the euro went back to sliding down, driving global markets down with it. The general debt of the eurozone, the lack of clear politics between the ECB and the european leaders, and even rumors of tensions between N. Sarkozy and A. Merkel, are not helping.
Despite those dark clouds gathering around the Euro, the Commission gave its green light this week for the entrance of Estonia into the eurozone in 2011.
More controversial announcement from the commission : it proposed a closer control over national budgets, by an observation a priori of those.
In the rest of EU news, we will remind the resignation of Gordon Brown as PM of Great Britain. Tories leader David Cameron is the new PM, with a coalition government with the LibDems of Nick Clegg (who is now Deputy PM).