Berlin: Germany pressed for tougher sanctions to prevent another euro-region debt crisis in the face of mounting resistance from Europe's weaker economies.
European farm or infrastructure aid won't be cut from deficit-riddled countries, French officials said on Wednesday. The Czech government opposed German calls to strip fiscal offenders of voting rights on some European Union decisions.
Europe has "no consensus" on fixing the Eurozone, Luxembourg Prime Minister Jean-Claude Juncker told the Luxemburger Wort newspaper before today's summit of EU leaders in Brussels. "The nonstop repetition of generalities doesn't bring us any further on this issue and gives rise to the impression on financial markets that we're not following through in revising the stability pact."
Bond-yield premiums
Discord over revamping the management of the $12 trillion (Dh44 trillion) economy comes as bond-yield premiums for countries such as Ireland and Portugal surpass levels reached in May when EU leaders unveiled a 750 billion-euro (Dh3.59 trillion) backstop to blunt the Greece-led debt crisis.
Today's summit also solved Italy's objections to an EU-South Korea trade pact, agreeing that it will take effect in July 2011. Leaders plan to discuss aid for flood-battered Pakistan, and may address France's expulsion of Roma.
