BRUSSELS: Relief over the success of Europe's intervention in the banking crisis will give way Wednesday to discord over climate change, with nations battling over whether a looming recession makes European Union carbon-reduction targets unaffordable. After two weeks of crisis diplomacy over the banking meltdown, European leaders will gather in Brussels for a two-day summit meeting that probably will be dominated by the impact of the economic turbulence and expectations of a sharp downturn. On the eve of the meeting, Franco Frattini, the Italian foreign minister and former European commissioner, called for "flexibility" over the EU's ambitious plans to reduce planet-warming emissions by 20 percent by 2020, pointing out that such measures would cost 1.14 percent of his country's gross national product. Speaking in Rome, Frattini called for the proposals to be accompanied by an "impact study on the real economy," the news agency Ansa reported. Germany is arguing for protection against foreign competition for sectors like steel, cement and aluminum, and Poland says it should have to shoulder less of the burden of combating global warming. The dispute is one example of how the financial crisis has changed Europe's political landscape in several respects.
BRUSSELS: Relief over the success of Europe's intervention in the banking crisis will give way Wednesday to discord over climate change, with nations battling over whether a looming recession makes European Union carbon-reduction targets unaffordable.
After two weeks of crisis diplomacy over the banking meltdown, European leaders will gather in Brussels for a two-day summit meeting that probably will be dominated by the impact of the economic turbulence and expectations of a sharp downturn.
On the eve of the meeting, Franco Frattini, the Italian foreign minister and former European commissioner, called for "flexibility" over the EU's ambitious plans to reduce planet-warming emissions by 20 percent by 2020, pointing out that such measures would cost 1.14 percent of his country's gross national product. Speaking in Rome, Frattini called for the proposals to be accompanied by an "impact study on the real economy," the news agency Ansa reported.
Germany is arguing for protection against foreign competition for sectors like steel, cement and aluminum, and Poland says it should have to shoulder less of the burden of combating global warming.
The dispute is one example of how the financial crisis has changed Europe's political landscape in several respects.
EU leaders meeting in Brussels this week have lots on their plate with a financial crisis raging, soured relations with Russia, and questions about the bloc's future after Ireland's rejection of the Lisbon Treaty. At the top of the agenda in Brussels will be the issue of how the EU can work to restore confidence in financial markets traumatized by the worst declines in almost 80 years. Ahead of the summit, European Commission President Jose Manuel Barroso said that Europe and the rest of the world must rethink financial regulation and supervisory rules, including for hedge funds and private equity, once the crisis subsides. He said he was encouraged by stock market surges following Sunday's adoption of a coordinated 2.2 trillion euro ($3,023 billion) rescue plan for banks in eurozone countries. "Once we have put financial markets back on their feet, we must ensure that in the future, they function properly for the benefit of citizens and businesses, rather than themselves," Barroso said. German news agency DPA has reported that diplomats expect the EU summit to throw its weight behind the euro-group decision rather than proposing new measures.
At the top of the agenda in Brussels will be the issue of how the EU can work to restore confidence in financial markets traumatized by the worst declines in almost 80 years.
Ahead of the summit, European Commission President Jose Manuel Barroso said that Europe and the rest of the world must rethink financial regulation and supervisory rules, including for hedge funds and private equity, once the crisis subsides.
He said he was encouraged by stock market surges following Sunday's adoption of a coordinated 2.2 trillion euro ($3,023 billion) rescue plan for banks in eurozone countries.
"Once we have put financial markets back on their feet, we must ensure that in the future, they function properly for the benefit of citizens and businesses, rather than themselves," Barroso said.
German news agency DPA has reported that diplomats expect the EU summit to throw its weight behind the euro-group decision rather than proposing new measures.
The European Union should strengthen its fight against global warming, not weaken it in the face of the financial crisis, the head of the EU's executive said on Tuesday, Oct. 13 ahead of a major EU summit in Brussels. "Of course we understand that in financially difficult moments governments become defensive, but it is our duty to call the attention of governments and the public to responsibility," European Commission chief Jose Manuel Barroso told journalists. The EU has been "driving" the global climate debate, but there will be a "real problem of credibility for Europe at a time when we expect others to come closer to our position" if the bloc weakens its own targets, he warned. In March 2007 EU leaders pledged to cut the bloc's emissions of carbon dioxide (CO2, the gas most linked with global warming) to 20 per cent below 1990 levels by 2020. In January, the European Commission proposed laws detailing how this should be done.
"Of course we understand that in financially difficult moments governments become defensive, but it is our duty to call the attention of governments and the public to responsibility," European Commission chief Jose Manuel Barroso told journalists.
The EU has been "driving" the global climate debate, but there will be a "real problem of credibility for Europe at a time when we expect others to come closer to our position" if the bloc weakens its own targets, he warned.
In March 2007 EU leaders pledged to cut the bloc's emissions of carbon dioxide (CO2, the gas most linked with global warming) to 20 per cent below 1990 levels by 2020. In January, the European Commission proposed laws detailing how this should be done.
PM calls for EU-wide financial coordination Says climate change targets will not relaxed International institutions 'must be overhauled'
