Word: european
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...traders will likely remain tough to wow. According to a draft that Reuters obtained of a final statement written for Thursday's conclusion of the summit of European Union leaders in Brussels, resolutions have largely been limited to approving the rescue plan and coordinated strategies of eurozone nations, along with vague promises of help when the crisis-aggravated recession sets...
...Outside the financial sector," Reuters quotes the draft, "the European Council underlines its determination to take the necessary steps to react to the slowdown in demand and the contraction in investment and in particular to support European industry." There's every indication that that help will be sorely needed...
...this the moment the European Union's ambitious climate change agenda unraveled? At the end of the two-day E.U. summit in Brussels Thursday, European leaders congratulated one another on their bold bank rescue plans. But the mutual backslapping might have provided perfect cover for a retreat from their long-standing commitment to reduce Europe's overall CO2 emissions by 20% by 2020, compared to 1990 levels...
...Poland, eight poorer Eastern European countries quietly but firmly said the emission cutting plans were too expensive. The eight are heavily reliant on coal and argue that they have achieved "the vast majority" of the E.U.'s CO2 reductions by shutting down heavily polluting old industrial plants in the 1990s...
...package: the 2020 target still remains a 20% cut in carbon emissions, a 20% boost in renewable energy, and a 20% rise in energy efficiency. But the mood has turned, and officials have backed away from pushing for details on how to achieve the cuts. E.U. governments and the European Parliament still have to agree them by December and turn them into law before next June's European elections...