Though the eight newest EU are committed to eventually adopting the euro, they all already suffer from the problems that dragged Greece into crisis, suggesting that none of them are ready to join the Euro area yet.
European and Russian experts discuss the key issues affecting Russia-Europe relations.
Following consultations which began in September 2009, the NATO-appointed Group of Experts chaired by former U.S. Secretary of State Madeleine Albright, presented its findings on the Alliance’s future to NATO Secretary General Rasmussen and members of the North Atlantic Council on May 17th.
The economies of the United States and Europe are tightly linked via trade, investment, and financial markets. If the Euro crisis spreads, U.S. banking and export sectors will suffer.
Europe’s massive rescue package has bought time for its most troubled economies, but, unless these countries move forward with necessary—and deeply unpopular—reforms, the newly available money will do little to save them.
Whether or not Spain can overcome the challenges it now faces—which stem from the same source as those in Greece—depends on how quickly and forcefully the government responds.
The emergency aid for Greece buys the Euro area some valuable time, but Europe will need to enact a credible plan that addresses the situations in both Greece and other vulnerable countries if the Euro area is to survive in the long-term.
A growing consensus is emerging that direct negotiation with the Taliban leadership is the only option that will lead to a lasting political solution in Afghanistan.
The plan recently announced by European leaders to support Greece leaves many questions unanswered, and markets will likely withhold judgment on the agreement until a more credible rescue package is developed.
If European leaders are to avoid sinking deeper into a crisis with unpredictable consequences, they must take urgent and immediate action, not debate far-reaching proposals such as a European Monetary Fund.