Chinese officials have reportedly assured EU leaders that Beijing will be continuing (and perhaps step up) its rate of buying the government bonds of fiscally beleaguered member states of the euro. Chinese support will be a powerful asset for these countries and the EU as a whole as they try to cope with markets’ attack on peripheral member states with large sovereign debt exposure. The previously undisclosed pledge was reported in the Financial Times.
(Nov. 22) The three summit meetings last weekend resulted in what New York gamblers call a “trifecta” of three wins: the leadership of the NATO alliance set a framework for missile defense in Europe without undermining nuclear deterrence as an ultimate security guaranty; Russia returned to its special partnership with NATO for the first time since the Georgia war in 2008; and the EU fielded an effectively streamlined team (the result of its own Lisbon treaty last year) that has already bolstered the pace of EU-US cooperation.
By Anthony Luzzatto GardnerTop-level focus on the single topic of better transatlantic teamwork on humanitarian assistance and development aid could help re-energize the anemic institution of U.S.-EU summits.
Three years after the worst financial-economic crisis since the 1930s began; a new international financial, regulatory and fiscal architecture has emerged. Although incomplete, not yet implemented and inadequately coordinated between major countries, the new structure is due to be ratified at a summit of G-20 countries in Seoul on Nov. 11 and 12. The leaders will naturally put a positive spin to the new measures, and indeed much has been accomplished.
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