Week of December 11thPosted: December 11, 2010
Here is a summary of the European news this week.
First things first: economy. The euro crisis is still there, but disappeared from the headlines, except from some call to cam form European leaders [*,*,*]. The International Monetary Fund is preoccupied by the situation in the euro-zone [*,*] and the scenario for what’s coming next are numerous [*,*].
Ireland passes this week an austerity budget that should allow the country to gets its deficit below 10% next year [*,*].
The IMF delayed a vote on the rescue plan for Ireland after the Irish government put on the table a motion for the parliament to reinforce the political support to the plan [*]. The grading agency Ficth downgraded the Irish debt to BBB+ [*,*] Other country in difficulty, Greece will need more time time to repay the 110 billions euros loan from the IMF [*].
Facing those incertainties, the Commission will hold some new bank stress test at the beginning of the year 2011 [*,*].
During the week, the euro slightly decreased and oscillated a lot, finishing the week at $1.3226 [*,*].
In the news this week, there is also: the rules to limit the bankers bonuses has been published [*], the Union is backing the Russia membership to the Worl Trade Organization [*], Some member states wish to go beyond the deadlock on European patent and go along in the frame of a cooperation [*], The European Commission is proposing a plan to protect bees [*], The first Citizen initiative, on the topic of GM crops, has still not been considered since technically, the citizen initiative is not in effect yet [*], The EU ministers rejected the extension of maternity leave voted by the Parliament, invoking the cost of the measure [*], the ministers also approved the food labeling rules, but rejected some of the parliament points [*].
On the diplomatic front, the Union high Representative lady Ashton was not present at the Peace Nobel prize ceremony in Oslo to support Chinese dissident Liu Xiaobo [*], and a round of negotiations with Iran ended at the beginning of the week, the parties agreeing to see each other again in January[*]
The European Parliament will be in session next week [*]