Word: europeanization
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...downside? Its 0.1% fourth-quarter growth was not only about as small as could be but also well below what most experts had predicted. Worse still, some economists warn that the minuscule growth may be as good as the U.K. will muster for some time - and that its European neighbors aren't much better positioned to lead the region to a swift economic recovery...
...mean that Europe's modest growth rates are doomed to slip back into the red. Eric Heyer, an economist at the French Economic Observatory in Paris, says the official forecasts of continued modest growth are feasible - although that doesn't mean an immediate recovery for many nations. Even if European economies can nurture gradual expansion, he says, most will still see unemployment continue to rise through 2010 and into next year - if companies indeed become convinced it's safe to invest again. (See pictures of the global financial crisis...
...Without China, which holds a Security Council veto, there is no prospect of meaningful sanctions at the U.N. That in turn means difficulty getting tough sanctions from all the European countries, some of whom can't act without U.N. approval...
...what options does Obama have left? Some European and American diplomats hold out hope that they will be able to bring China around. But privately they say the U.S. and its allies may need to move ahead on their own, without China. "No one wants to go there," says the European diplomat, but "what we're saying to the Chinese now explicitly is there's no point in going forward together" if the current approach isn't changing Iran's behavior...
...becoming a New Year's tradition in Europe to wake up on Jan. 1 with a big Russian headache. At the beginning of 2006 and 2009, Russia cut off energy supplies to Ukraine after disagreements over natural-gas prices, which subsequently caused fuel shortages in the European Union in the dead of winter. This January, all eyes are trained on Belarus, which has been having its own quarrel with Moscow over oil prices, threatening European energy supplies once again. But three weeks into the current standoff, there's been a twist: Kazakhstan, another former Soviet republic, stepped in last week...