While speaking on fiscal policies in Brussels, the European Commission President, Jose Manuel Barroso, admitted that the ‘fiscal austerity’ policy practiced in EU in the past 3 years outlived its cause and no longer enjoyed the backing of the people. Admitting that there are differences on the issue of fiscal austerity, he underlined that a combination of cuts in public spending and austerity would prove more effective than one over the other.
European Union leaders are on the edge of agreeing to the terms of cutting costs after David Cameron proposed cuts by approximately €30 billion in the seven-year budget package. The European cuts will be briefed and decided over all-night talks in Brussels.
According to the antitrust chief of the European Union, charges are going to be levied against Microsoft Corp. for failure to conform to the terms of a 2009 ruling which stated that the company should provide consumers with a choice of Internet browsers. This could result in a hefty EU penalty for Microsoft.
Today’s official figures confirmed the UK’s longest double-dip recession since the Second World War. United Kingdom is in its longest double-dip recession and according to some sources, George Osborne will be pressured to adopt a “Plan B”. The Office for National Statistics (ONS) will acknowledge that the UK’s economic results decreased between April and June, continuing the trend that had started in October.
Google has finally taken a significant step towards resolving their antitrust problems in the EU. The regulators had previously warned the first ranked search engine in the world to offer new concessions in order to settle an alleged investigation regarding anti competitive behavior. On being able to offer satisfactory concessions Google would have had heavy fines imposed on them.
In response to the pleas made by the Italian and the Spanish leaders for quite some time now, the leaders of the Euro Zone have agreed on taking an emergency action at a midnight summit on Friday. The summit included the currency areas of seventeen different nations and they have decided upon bringing down the spiraling borrowing costs of both Spain and Italy. They have decided that by the end of the year 2012 the first step to the union of European Banking will be taken up developing a single supervisory body for all the banks belonging to the euro zone.
France is beginning to feel the pressure as its borrowing costs rose this week. On top of that, France and Germany, the two largest economies in the Euro Zone are clashing on a solution, particularly on how the European Central Bank is going to help. France insists that the ECB needs to play a stronger role in ensuring the stability of the euro and in helping to fix the debts that have started this crisis in the first place. Germany doesn’t want the ECB’s involvement in the Eurozone debt crisis
As the Eurozone debt crisis continues, attention is turning from Greece to Italy as Europe’s third-largest economy is beginning to buckle and worries emerge of more widespread economic collapse than previously thought. Yes, Greece’s debt is bad at $500 billion. But, Italy is at $2.6 trillion (five times larger than Greece’s), and is also at risk of defaulting. Italy is also a much larger economy than Greece, so Greece defaulting is one thing. Italy is completely another.
The European Union, keeping in line with a suggestion origination from the European commission, is promotion a directive to ensure radiation protection, with a focus on ensuring that laborers and workers vulnerable to artificial as well as natural radiation sources across a number of industries are taken care of. The International Commission on Radiological Protection (ICRP) proposed certain radiation protection suggestions in 2007, which are now being incorporated by Brussels.
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