The Waxman-Markey Bill—known as the American Clean Energy and Security Act of 2009 (ACES) and the first ever climate bill passed by either house of Congress—was passed by the US House of Representatives on 26 June, as reported by Europolitics.

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The Honorable Péter Balázs, Foreign Minister for the Republic of Hungary, discussed the challenges facing Hungary during this current economic downturn and their impact on Europe and the transatlantic relationship. He also reviewed the results of the European Parliamentary elections and their implications for the future of Europe.

The Latvian Prime Minister, Ivars Godmanis, has resigned under popular pressure and violent protests against his center-right coalition government. The collapse of his government fits a pattern that started in Iceland, where the government fell last month as a result of social unrest due to the impact of the economic recession.

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As Obama takes his first steps as President, some voices are predicting that the financial crisis foreshadows the demise of U.S. leadership in the world.

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Hungary has received a 20 billion Euro ($25.5 billion) rescue package by the International Monetary Fund, the EU, and the World Bank to help restructure their economy and fight off the possible collapse of the forint.

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