Discover the World News Forecast . . . FIRST in Foresight Journalism

BRUSSELS 18-19 Oct 2012 Heads of European Union states meet
When the heads of state and government of the European Union meet in Brussels in October, it could seem like an anticlimax after the events

October 18, 2012 - NULL

BRUSSELS 18-19 Oct 2012 Heads of European Union states meet
When the heads of state and government of the European Union meet in Brussels in October, it could seem like an anticlimax after the events of their June summit. Defying all expectations in June, they found agreement on a number of measures to address growth and stability, most importantly a growth pact worth 120 billion euros (US $151 billion). It will be up to Cyprus, as EU president for six months, to steer the leaders through the still missing particulars of the deal while hunting for solutions to its own

BRUSSELS 18-19 Oct 2012 Heads of European Union states meet
When the heads of state and government of the European Union meet in Brussels in October, it could seem like an anticlimax after the events of their June summit. Defying all expectations in June, they found agreement on a number of measures to address growth and stability, most importantly a growth pact worth 120 billion euros (US $151 billion). It will be up to Cyprus, as EU president for six months, to steer the leaders through the still missing particulars of the deal while hunting for solutions to its own financial mess.
Cyprus, looking to recapitalize its banks, is one of five states that have asked for assistance and the support mechanism. The others are Greece, Ireland, Portugal and Spain. AFP notes that Cyprus has the unenviable tag of being the first country to hold the six-month rotating presidency -- from Jul 1 -- while negotiating European Union emergency aid. Nicosia won support from its euro zone partners on Jun 27 for emergency funding to prop up its banks, crippled by their Greek debt holdings.

At the June summit the leaders also agreed on procedures for the recapitalization of Spanish banks, financial stability measures in the euro zone through existing mechanisms and a central supervisory mechanism for banks in Europe. The central supervisory mechanism has been the most contentious aspect of the negotiations as some member nations liken any erosion of control over its financial sector as a loss of sovereignty.

The leaders are also likely to hear reports on volatile and violent corners of the world outside Europe. The killings in Syria top present worries, and Egypt isn't far behind. Though the country now has an elected president, the military hasn't released its iron grip. They are likely to tighten sanctions against Damascus.

Serbia is now an EU candidate, Montenegro is opening accession negotiations and the bloc has opened talks with Bosnia and Herzegovina. (WRITTEN JUNE 2012)

RELATED READING:

Broke Cyprus hopes to ride euro crisis as EU head (AFP 30 Jun 2012)
http://www.google.com/hostednews/afp/article/ALeqM5hRymLRb3e1DwE47mhKS-D4bVYeqg?docId=CNG.e7a0a11609405b44bfbf233051b9f2d3.2b1

EU summit deal leaves many questions open (EU Observer 29 Jun 2012)
http://euobserver.com/18/116818

Date written/update: 2012-10-18