Webzines : 15th October

Barroso Urges EU to Endorse Crisis Rescue Plan at Critical Time. Deutsche Welle (en)

" ... "I am pleased to see that there is now a consensus on the necessity and on the substance of a coherent effort," Barroso said of the plan worth an estimated 2 trillion euros ($2.7 trillion). "I expect confirmation and strengthening of this consistent and coherent effort by the European Council." ..."

Germany's Merkel Pushes for Financial Rescue Package . Deutsche Welle (en)
"... Reminding parliamentarians that the threat to financial market stability has not yet passed, Merkel stressed the importance of calming the situation by passing her government's package "as soon as possible." Both the Bundestag and the upper house of parliament, the Bundesrat, are set to vote on the bailout on Friday ..."

In Finance Crisis, Iceland Doesn't Want to Be an Island . Deutsche Welle (en)

" ... Under a currency swap agreement, Iceland on Tuesday, Oct. 14, secured 200 million euros ($270 million) from each of the central banks in neighboring Norway and Denmark, but talks to secure a much larger loan from Russia continued ...

... On a third front, Iceland is also in discussions with the International Monetary Fund (IMF), though Haarde said the country has not formally requested a loan. If it does, it would become the first western European country to turn to the IMF since 1976 ...

EU leaders have second thoughts on bank rescue and green goals. Lucia Kubosova, EUObserver (en)

" ... Almost completely overshadowed by the financial crisis, the Lisbon treaty part of the summit agenda will boil down to Ireland's report on reasons why the Irish voters rejected the document, with answers on if and when Dublin could repeat the referendum due in December at the earliest ...

... For several leaders, it is the fourth time in less than two months that they are gathering under the initiative of France - currently holding the EU's six-month rotating presidency - following an extraordinary session on Georgia and two previous gatherings on the financial crisis ..."

[Comment] Where would we be now without the euro? Hans Martens and Fabian Zuleeg, EUObserver (en)

" ... It is easy to forget that not very long ago, a financial crisis in Europe went hand-in-hand with currency turmoil. In volatile financial markets, speculation often focuses on exchange rates, especially in cases where countries aim to maintain a level of parity with other currencies ...

... As former European Central Bank Executive Board member Otmar Issing recently put it in The Japan Times: "It is not difficult to imagine what would have happened during the recent financial-market crisis if the euro-area countries still had all their national currencies: immense speculation against some currencies, heavy interventions by central banks and finally a collapse of the parity system." ...

... This is no longer possible within the euro zone, but we can see it happening on its fringes. To maintain the Danish krone's parity against the euro, its central bank had to increase interest rates on 7 October and maintain the higher rate subsequently, despite coordinated global interest rate cuts which included the ECB. Other currencies are faring even worse, with the Icelandic krona in free-fall ... "

Sarkozy: “Arabic Is the Language of the Future”. The Brussels Journal (en)

" ... President Nicolas Sarkozy called Arabic the "language of the future, of science and of modernity," and expressed the hope that "more French people share in the language that expresses great civilizational and spiritual values."
"We must invest in the Arabic language (because) to teach it symbolizes a moment of exchange, of openness and of tolerance, (and it) brings with it one of the oldest and most prestigious civilizations of the world. It is in France that we have the greatest number of persons of Arabic and Muslim origin. Islam is the second religion of France," Sarkozy reminded his listeners ..."