Nepal – the country of the Buddha and the Mt. Everest

Peace comes from within. Do not seek it without – Buddha

Posts Tagged ‘Europe In Crisis’

Not so noble: EU’s Peace Prize win sparks debate over legitimacy

Posted by Ram Kumar Shrestha on December 11, 2012

The European Union’s presidents have received this year’s Nobel Peace Prize on behalf of the 27-member group. However, growing numbers of critics have pointed to the EU’s economic and foreign policy failures, arguing the prize is undeserved.

European Commission President Jose Manuel Barroso, European Council President Herman Van Rompuy and President of the European Parliament Martin Schulz have accepted the 930,000-euro ($1.2 million) award on behalf of the EU.

In his acceptance speech, Van Rompuy praised postwar leaders in France and Germany who created the EU by uniting their economic interests: “The EU’s secret weapon – an unrivalled way of binding our interests so tightly that war becomes impossible.”

The French and German representatives at the ceremony – President Francois Hollande and Chancellor Angela Merkel, respectively – greeted the award with standing ovations.

But critics argued the award was an inappropriate honor. Six EU leaders, including British Prime Minister David Cameron, did not attend the event. The initial news that the European Union won the 2012 Peace Prize sparked heated debate over whether the award was being discredited, a debate that also raged after US President Barack Obama’s win in 2009. Read the rest of this entry »

Advertisements

Posted in Global | Tagged: , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

EU mobilizes €120 billion for growth

Posted by Ram Kumar Shrestha on June 29, 2012

EU officials have agreed to spend €120 billion “for immediate growth measures” to aid the most vulnerable countries of the eurozone. The announcement comes during the latest EU summit that has started in Brussels.

European Council President Herman Van Rompuy made the announcement at a summit press conference on Thursday. The leaders of Spain and Italy were reportedly blocking a final agreement on a stimulus package until they won promises of immediate help in reducing their borrowing costs, AP reports.

However, after a tough night of bargaining, an agreement was reached that would allow loan money to be provided directly to troubled banks, circumventing European governments as middle men in the bailout process.

Allowing money to be funneled directly to the banks was seen as a way to keep investor interest rates down by removing the debt from European governments; loans provided to governments might cause investor doubt, therefore driving interest rates to unsustainable heights. The move was beneficial for Spain, which has been seeking €100 billion in loans for its troubled banks.

Another key part of the agreement was a reversal of EU policy stating that any new bailout applications would not be met with the same strict conditions that were imposed on previous bailout requests. This move was seen as one designed to placate Italy, who insisted that despite its troubled economy, it was not seeking a bailout at this time. Read the rest of this entry »

Posted in Global | Tagged: , , , , , , , , , , , , , , , | Leave a Comment »

 
%d bloggers like this: