EU at odds over euro reform rules
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Defenders of financial rigour in the European Union attacked Tuesday a German call for a radical overhaul of the eurozone's budget rules at a lively meeting of EU finance chiefs.
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The onus now falls on EU leaders to resolve the crisis over the incoming European Commission in the wake of the dramatic showdown between its president Jose Manuel Barroso and the European Parliament.
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European Union leaders headed for a showdown on Thursday over efforts to reform the bloc's creaking institutions, but chances of agreement appeared to rise after chief critic Poland softened its tone.
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BRUSSELS: Euro zone finance ministers yesterday voiced concern about the euro&#39;s surge to record highs against the dollar, with some pressing for international co-operation to tackle such exchange rate swings.
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The incoming European Commission president, Jose Manuel Barroso, is in a race against time to revamp his team of Commissioners, amid warnings that his own job could be on the line if he fails to pull off a swift deal.
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European Union leaders headed for a  showdown on Thursday over efforts to reform the bloc&#39;s creaking  institutions, but chances of agreement appeared to rise after  chief critic Poland softened its tone.
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European leaders are worried about the tumbling dollar but have not agreed to fire their cannon of foreign exchange intervention yet, senior officials of European governments said on Friday.
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With half the European Union countries exceeding public deficit limits this year, the EU&#39;s head office bowed to reality Friday and proposed to be more flexible in how it enforces the budget rules underpinning the euro.
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A controversial plan by the European Central Bank to set up and operate a new system for settling share and bond trades in the European Union will come under close scrutiny by the region's top antitrust watchdog.
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European leaders have swiftly turned their attention to the tricky issue of ratifying the landmark EU reform treaty, after endorsing the text aimed at updating its creaking institutions.
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BRUSSELS  - The European Union wrestled with proposals to overhaul its ineffective budget rules but put off concrete action until January at the earliest in the face of big divisions.
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European Union leaders struggled to  narrow their differences on Thursday on a reform treaty for the  27-nation bloc and said it was too soon to tell whether they  could reach a deal at a two-day summit.
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The European Union&#39;s economy commissioner said in a newspaper interview Friday the bloc is worried about the low level of the dollar against the euro.
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Defenders of financial rigour in the European Union attacked German calls for a radical dilution of the eurozone's budget rules at a lively meeting of EU finance chiefs.
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The damage to exports caused by a stronger euro has been played down by a member of the European Central Bank&#39;s governing council in remarks highlighting the bank&#39;s limited concern about the currency&#39;s rise.
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The European Union's head office was set to approve proposals Friday to inject more flexibility into the oft-flouted budget rules behind the euro.
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Â· Some states 'in denial' over constitution  Â· Barroso rejects Ã  la carte Europe of exemptions