European Commission President Jose
Manuel Barroso answers reporters' questions during a news conference prior
to a European Union Heads of State and Government summit in Brussels March
13, 2008. (Xinhua/Reuters Photo) Photo Gallery>>>
BRUSSELS, March 13 (Xinhua) -- Leaders from the
European Union (EU) member states opened a two-day summit here on Thursday to
tackle economic cooling and global warming.
The spring summit is usually dominated by economic issues. This time, the leaders will pay particular attention to the launch of the second cycle of the renewed Lisbon Strategy, a flagship reform project of the 27-nation bloc aimed at promoting economic growth and jobs.
Leaders from the European Union (EU) member states attend the spring summit at the EU headquarters in Brussels, capital of Belgium March 13, 2008. The EU summit, dominated by economic issues, began on Thursday in Brussels.(Xinhua Photo) Photo Gallery>>>
According to the EU's Slovenia presidency, EU leaders
were scheduled to approve the integrated guidelines for growth and jobs and, at
the same time, issue some important guidelines on the next cycle of the Lisbon
Strategy.
They will formulate the "fifth freedom" -- the free
movement of knowledge, and stress the importance of creativity and small and
medium-sized enterprises in the further development of the European economy.
The EU leaders will also devote special attention to
the concept of flexicurity, a combined word of flexibility and security, within
the social dimension of the Lisbon Strategy.
They hope reforms on the macro-economic level would
put the EU in a better position to cope with the current financial turmoil and
salvage the economy from cooling down in face of additional risks of rising oil
prices and a strong euro.
The European Commission last month revised down its economic forecast for the EU. According to the commission, the EU economy will grow by 2.0 percent this year, slowing down from 2.9 percent in 2007.
Leaders from the European Union (EU) member states take for a group photo during the EU summit at the EU headquarters in Brussels, capital of Belgium March 13, 2008.The EU summit, dominated by economic issues, began on Thursday in Brussels. (Xinhua Photo) Photo Gallery>>>
The two-day summit kicked off at a time when European
financial markets are still under relentless turbulence, triggered by the U.S.
sub-prime mortgage crisis.
Based on an interim report of their finance chiefs,
EU leaders will endorse a series of lines of action in the financial sector for
increasing the level of transparency and improving the functioning of markets.
As clouds were gathering on the economic horizon of
the EU, the European Commission president Jose Manuel Barroso said Thursday the
European economy is coping well in view of the turmoil on financial markets.
"The European Economy is holding up very well,"
Barroso said ahead of the summit, "The European economy will not be completely
immune to certain developments that are already taking place on financial
markets."
As regards the issue of climate change and energy, EU
leaders will set political guidelines for further discussion of the legislative
package and approve a work timetable leading to its adoption.
One year after EU leaders agreed on an ambitious
greenhouse gas emissions package at their last spring summit, they will turn to
details this time, but analysts said they expect no hard decisions from the
summit.
Further, the summit is to review the progress made in
the field of further liberalization of the internal market for electricity and
gas. Differences were foreseen on the break-up of energy giants, the so-called
unbundling.
EU leaders will also discuss the role of sovereign
wealth funds.
Recent years have seen some eye-catching investments
by the sovereign wealth funds, which aroused concerns of some EU member states.
In line with the European Commission's proposal, EU
leaders were expected to call for a voluntary code of conduct on the funds.
Though economic issues will dominate their talks, EU
leaders will use the opportunity to touch upon a series of international hot
spots, such as Kosovo, Western Balkan, Iran and Middle East peace process.
BRUSSELS, March 12 (Xinhua) -- The European Union (EU) is
still widely divided over the reduction target of greenhouse gas emissions ahead
of this week's summit, where the EU leaders are poised to bargain hard for an
agreement on it.
Just a year ago, the 27 EU member states agreed on an
ambitious greenhouse gas emissions package at the spring summit, showing to the
world their determinations to combat global warming. Full story
BRUSSELS, March 13 (Xinhua) -- President of the European
Parliament Hans-Gert Poettering said here Thursday that the European Union had a
long way to go to meet all goals set in the Lisbon Strategy.
"The reforms which have been agreed on have not been
implemented with the same degree of resolve throughout the European Union," he
told heads of state and government at the start of the bloc's spring summit. Full story
BRUSSELS, March 12 (Xinhua) -- Financial turmoil will top
the agenda when leaders from the European Union (EU) member states gather here
for their annual spring summit later this week.
Six months after European financial markets were
victimized by the U.S. sub-prime mortgage market crisis, EU leaders were tasked
to find a way out of the persistent turbulence, which has become a major
downside risk to the economy of the 27-nation bloc. Full story
BRUSSELS, March 13 (Xinhua)
-- A European Union summit agreed here Thursday to launch a Mediterranean Union
proposed by France to strengthen and further the Barcelona Process.
The establishment of a Mediterranean Union "enjoyed
support in the Council," Slovenian Prime Minister Janez Jansa, whose country
currently holds the rotating EU presidency, told a joint press conference after
the first day's session of the spring EU summit. Full story
BRUSSELS, March 13
(Xinhua) -- The European Union (EU) leaders endorsed a plan Thursday to
implement the 27-nation bloc's flagship reform strategy to boost economic growth
and jobs over the next three years.
"The Lisbon Strategy is functioning well. Because of the
Lisbon Strategy, the EU has solid economic foundations," Slovenian Prime
Minister Janez Jansa, whose country holds the rotating EU presidency, told
reporters after the first day of a EU summit, which kicked off here Thursday.
Full story
