The European Union banned imports of oil from Iran on Monday and imposed a number of other economic sanctions, joining the United States in a new round of measures aimed at deflecting Tehran’s nuclear development program.
Spain’s economy contracted in the fourth quarter and will shrink 1.5% this year, the Bank of Spain estimated, undermining government efforts to cut the budget deficit amid the second recession in two years.
The European Union considers that the new tense situation between Argentina and the UK over the Falklands/Malvinas Islands is a “bilateral issue”, however the Falklands figure under EU treaties as a British Overseas Territory, said the EU Foreign Affairs Representative spokesperson.
Greece faces an exit from Europe's common currency block unless it clinches a deal on a second 130 billion Euro bailout with its international lenders, a government spokesman said on Tuesday.
A majority of the ruling Conservative Party members believe Britain should leave the European Union, according to an opinion poll. A survey of party members by the ConservativeHome website for The Independent found 54% would favour ending Britain’s EU membership and signing up to a free-trade agreement
The World Trade Organization admitted Russia as its newest member on Friday, giving a boost to its biggest trading partner, the European Union.
Divisions over Europe within the British coalition government were exposed when David Cameron's deputy said an EU summit that ended with the prime minister deploying his veto was a bitter disappointment and bad for Britain.
Global stocks and the Euro rallied on Wednesday after the world's leading central banks agreed to cut the cost for European banks to borrow much-needed dollars.
The United States and European Union agreed on Monday to develop a plan to capitalize on already strong economic ties to create more jobs and fuel economic growth on both sides of the Atlantic.
The European Union has been forced to accept a 2% rise in its budget next year, much less than the increase it wanted of around 5%.