Word: european
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...weeks ago, Chancellor Angela Merkel seemed content to coast along and see just how bad the financial crisis would get before taking action. As world leaders were piling up huge bailouts, Merkel promised only modest aid for the German economy, and members of her Cabinet even ridiculed other European leaders for engaging in a race to see who could spend the most. But as the new year gets under way, Merkel has clearly joined the race and may be moving ahead of the pack...
...moving out in front again, showing that Germany is keen to play an active role in resolving international crises. Germany was quick to supply troops to fight pirates in the Gulf of Aden, and Merkel has been urging a cease-fire in Gaza and has taken the lead in European efforts to deflate the gas war between Russia and Ukraine. Germany is not worried about going without heat - its gas reserves cover about 25% of its annual gas consumption - but when gas deliveries to Germany abruptly stopped this week, Merkel went into action to try to keep the political conflict...
...which meets again in April, has been pressing for tough regulation of banks, hedge funds and private equity. Next week, Merkel plays host to British Prime Minister Gordon Brown, whose own bailout plans created the template for the U.S.'s, to discuss efforts to revive the European economy. (Watch a TIME video with Gordon Brown...
...Ukraine Running Out of Gas In a dispute that threatens to leave several European countries short of natural gas in midwinter, Russia stopped gas shipments to Ukraine, claiming the neighboring country owes $2 billion in late payments. A timeline...
...With six European countries reporting a complete shutoff of Russian gas--which is funneled through Ukraine--the E.U. demands that talks resume. Russia and Ukraine blame each other for the lack of gas. The contract details are secret, though, making facts difficult to confirm