Global News Journal

Beyond the World news headlines

EU squabbles feed market frenzy

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Jose Manuel Barroso

Jose Manuel Barroso

  The European Union can rarely have been more in need of a
show of unity than now, as it tries to convince financial
markets it can handle the euro zone’s debt crisis.

    Hardly a day goes by without a European leader underlining
the need to act together, but hardly a day passes without signs of
differences among them that undermine the impression of unity.

    This week is no exception. European Commission President
Jose Manuel Barroso said in a speech in Brussels on Tuesday:
“We can turn today’s challenges into opportunities only if we
stand together, give a collective response.”

    But comments he made in an interview published hours earlier
showed the EU’s leaders are anything but united in their vision
of how to tackle the crisis.

Head scratching over EU plans for EMF, helping Greece

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IMF Managing Director Dominique Strauss-Kahn

IMF Managing Director Dominique Strauss-Kahn

It was no great surprise that the managing director of the International Monetary Fund looked perplexed when asked during a visit to Brussels to comment on proposals to create a European monetary fund.

 ”I would be very happy to comment if I knew what it was,” Dominique Strauss-Kahn told a committee in the European Parliament.

EU tests its vision with 2020 strategy

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In 2000, the European Union set its sights on becoming the world’s most dynamic, knowledge-based economy by 2010. It failed. Economic recession hardly helped, but EU officials acknowledge its goals may have been a little too ambitious.

On Wednesday the European Commission, the EU executive, unveiled a new 10-year plan to boost economic growth and create jobs. The Europe 2020 strategy is intended to create a greener and more prosperous economy and will be the centrepiece of the EU’s efforts to emerge from financial crisis.

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