News / Europe

    EU Leaders Meet Amid More Grim Economic News

    European Commission President Jose Manuel Barroso, right, welcomes Greek Prime Minister Panagiotis Pikrammenos at the European Commission headquarters in Brussels, May 23, 2012.
    European Commission President Jose Manuel Barroso, right, welcomes Greek Prime Minister Panagiotis Pikrammenos at the European Commission headquarters in Brussels, May 23, 2012.
    Lisa Bryant
    PARIS - European leaders gather for an informal dinner summit in Brussels Wednesday, dominated by increasing calls for growth measures and gloomy news about the state of the eurozone economy. France's new president Francois Hollande is expected to champion a particularly controversial measure - eurobonds.

    This latest meeting of European Union leaders takes place amid a changed political and economic landscape. To be sure, the main problem facing the 27 European leaders remains the same; creating jobs and growing the troubled eurozone economy. Pressure for strong and speedy action is mounting amid fears that the eurozone's weakest member - Greece - may soon exit the 17-nation currency union, a move that may spark a larger crisis.

    "I don't think the eurozone has turned the corner," said Thomas Klau, who heads the Paris office of the European Council on Foreign Relations. "It's turned the corner in terms of the political will. I think the mainstream parties across the eurozone are very strongly committed to keeping the eurozone intact and see it through this crisis. But I don't think they've done enough to make that commitment work in practice."

    European leaders received more grim economic news this week. A report by the Paris-based Organization for Economic Cooperation and Development warned the eurozone risked severe recession. The OECD's chief economist Pier Carlo Padoan called for swift action.

    "Things have begun to deteriorate again recently. So we cannot rule out a downside scenario which, if ignited, could lead to serious repercussions worldwide," Padoan warned.

    EU leaders are facing growing calls for injecting growth measures along with budget cuts in dealing with the eurozone crisis. That message was delivered by U.S. President Barack Obama at the Group of Eight summit at Camp David last week.

    "Today we agreed that we must take steps to boost confidence and to promote growth and demand while getting our fiscal houses in order," Obama said. "We agreed to the importance of a strong and cohesive eurozone and affirmed our interest in Greece's staying in the eurozone while respecting its commitments."

    France's new President Francois Hollande will be bringing that message to Brussels, during his first meeting with his European counterparts. His strong support of growth puts him at odds with German Chancellor Angela Merkel, who also wants strong doses of austerity and structural reforms.

    The leaders of Europe's largest economies are also split on the concept of eurobonds - jointly issued bonds that could fund just about anything and might eventually replace the debt of a given EU country. Merkel is against them.  But Hollande will push for eurobonds during the Brussels summit.

    French Finance Minister Pierre Moscovici says all options will be considered in Brussels, including eurobonds. The idea is gaining traction in Europe. Several top EU officials, including European Commission President Jose Manuel Barroso, are for them.

    At a recent news conference, Barroso outlined a more modest pilot of "project bonds."
    It will be a completely new mechanism and system of getting some financing and investment in projects that are important in Europe.

    Analyst Klau says these specific project bonds are one area where France and Germany can agree.

    "That's essentially a joint bond-finance infrastructure  project - roads for example - which would provide long-term stimulus to the economy," Klau said.

    European leaders will likely be discussing other ways to stimulate Europe's economy, along with helping out large and troubled European banks, like those in Spain, which are floundering during the economic crisis.

    You May Like

    Candidates' Comments Fly Like New Hampshire Snowflakes

    Four days ahead of the country's first-in-the-nation Republican and Democratic party primary elections, surveys show the parties' contests tightening

    South Korea Says North Korea Moving Closer to Rocket Launch

    In phone call, US President Barack Obama and Chinese President Xi Jinping agree that Pyongyang's move would be 'provocative'

    Australian Commander: IS Changing Tactics

    Head of Australian forces in Middle East talks with VOA about training Iraqi troops, countering evolving Islamic State efforts and defeating extremism

    Featured Videos

    Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
    German Artists to Memorialize Refugees With Life Jacket Exhibiti
    X
    Hamada Elsaram
    February 05, 2016 4:30 PM
    Sold in every kind of shop in some Turkish port towns, life jackets have become a symbol of the refugee crisis that brought a million people to Europe in 2015.  On the shores of Lesbos, Greece, German artists collect discarded life jackets as they prepare an art installation they plan to display in Germany.  For VOA, Hamada Elrasam has this report from Lesbos, Greece.
    Video

    Video German Artists to Memorialize Refugees With Life Jacket Exhibit

    Sold in every kind of shop in some Turkish port towns, life jackets have become a symbol of the refugee crisis that brought a million people to Europe in 2015.  On the shores of Lesbos, Greece, German artists collect discarded life jackets as they prepare an art installation they plan to display in Germany.  For VOA, Hamada Elrasam has this report from Lesbos, Greece.
    Video

    Video E-readers Help Ease Africa's Book Shortage

    Millions of people in Africa can't read, and there's a chronic shortage of books. A non-profit organization called Worldreader is trying to help change all that one e-reader at a time. VOA’s Deborah Block tells us about a girls' school in Nairobi, Kenya where Worldreader is making a difference.
    Video

    Video Genius Lets World Share Its Knowledge

    Inspired by crowdsourcing companies like Wikipedia, Genius allows anyone to edit anything on the web, using its web annotation tool
    Video

    Video Former Drug CEO Martin Shkreli Angers US Lawmakers

    A former U.S. pharmaceutical business executive has angered lawmakers by refusing to explain why he raised the price of a life-saving pill by 5,000 percent. Martin Shkreli was removed from a congressional hearing on Thursday after citing his Fifth Amendment right to stay silent. Zlatica Hoke has more.
    Video

    Video Super Bowl TV Commercials are Super Business for Advertisers

    The Super Bowl, the championship clash between the two top teams in American Football, is the most-watched sporting event of the year, and advertisers are lining up and paying big bucks to get their commercials on the air. In fact, the TV commercials during the Super Bowl have become one of the most anticipated and popular features of the event. VOA's Brian Allen has a sneak peek of what you can expect to see when the big game goes to commercial break, and the real entertainment begins.
    Video

    Video In Philippines, Mixed Feelings About Greater US Military Presence

    In the Philippines, some who will be directly affected by a recent Supreme Court decision clearing the way for more United States troop visits are having mixed reactions.  The increased rotations come at a time when the Philippines is trying to build up its military in the face of growing maritime assertiveness from China.  From Bahile, Palawan on the coast of the South China Sea, Simone Orendain has this story.
    Video

    Video Microcephaly's Connection to Zika: Guilty Until Proven Innocent

    The Zika virus rarely causes problems for the people who get it, but it seems to be having a devastating impact on babies whose mothers are infected with Zika. VOA's Carol Pearson has more.
    Video

    Video Solar Innovation Provides Cheap, Clean Energy to Kenya Residents

    In Kenya, a company called M-Kopa Solar is providing clean energy to more than 300,000 homes across East Africa by allowing customers to "pay-as-you-go" via their cell phones. As Lenny Ruvaga reports from Kangemi, customers pay a small deposit for a solar unit and then pay less than a dollar a day to get clean energy to light up their homes or businesses.
    Video

    Video Stunning Artworks Attract Record Crowds, Thanks to Social Media

    A new exhibit at the oldest art museum in America is shattering attendance records. Thousands of visitors are lining up to see nine giant works of art that have gotten a much-deserved shot of viral marketing. The 150-year-old Smithsonian American Art Museum has never had a response quite like this. VOA's Julie Taboh reports.
    Video

    Video Apprenticeships Put Americans on Path Back to Work

    Trying to get more people into the U.S. workforce, the Obama administration last year announced $175 million in grants towards apprenticeship programs. VOA White House correspondent Aru Pande went inside one training center outside of Washington that has gained national recognition for helping put people on the path to employment.
    Video

    Video New Material May Reduce Concussion Effects

    As the 2016 National Football League season reaches its summit at the Super Bowl this coming Sunday (2/7), scientists are trying to learn how to more effectively protect football players from dangerous and damaging concussions. Researchers at Cardiff and Cambridge Universities say their origami-based material may solve the problem. VOA’s George Putic reports.
    Video

    Video Saudi Arabian Women's Sports Chip Away at Stereotypes

    Saudi Arabian female athletes say that sports are on the front line of busting traditions that quash women’s voices, both locally and internationally. In their hometown of Jeddah, a group of basketball players say that by connecting sports to health issues, they are encouraging women and girls to get out of their homes and participate in public life. VOA’s Heather Murdock reports.
    Video

    Video A Year Later, Fortunes Mixed for Syrians Forging New Lives in Berlin

    In April of last year, VOA followed the progress of six young Syrian refugees -- four brothers and their two friends -- as they made their way from Libya to Italy by boat, and eventually to Germany. Reporter Henry Ridgwell caught up with the refugees again in Berlin, as they struggle to forge new lives amid the turmoil of Europe's refugee crisis.
    Video

    Video Zika Virus May be Hard to Stop

    With the Zika virus spreading rapidly, the World Health Organization Monday declared Zika a global health emergency. As Alberto Pimienta reports, for many governments and experts, the worst is yet to come.