© France 24
_The European Union hopes to win China’s agreement on a road map to a global greenhouse gas- lowering treaty after the world’s second-biggest economy said a rift over post-2012 goals risk the collapse of climate talks.
The EU wants the largest emitters to agree by 2015 on a binding pact to be enacted in 2020 at the latest and offered in exchange an extension to its carbon-reduction goals under the United Nations Kyoto Protocol. The bloc said it hopes to find “common ground” with China, which objects to any binding goals for poorer countries and increased pressure on industrialized nations to adopt further emissions-reduction targets at a summit that started this week in Durban, South Africa. [continue reading]
Should Asia Try to Rescue Europe?, The Diplomat _
© AFP- Getty images
_China can’t be expected to lead a rescue of Europe’s teetering economy. But as the risk of pain in Asia grows, some kind of concerted effort is looking essential.
The leaders of debt-ridden Europe have got Asia on speed dial. The answers to the solvency nightmares of Greece and Europe’s other struggling economies, be they the purchase of bonds or contributions to the European Financial Stability Fund (EFSF), seem to European leaders like France’s Nicolas Sarkozy to lie at least in part in Asia’s cash-rich, high-growth nations. [continue reading]
_In Search of Leverage With China, The New York Times
© Nelson Ching / Bloomberg
_Karel De Gucht is not shy about speaking out about Europe’s tetchy relations with China. As the E.U. trade commissioner, one of his aims is to create a level playing field for European companies investing in the world’s fastest-growing large economy, a goal that seems ever more urgent given Europe’s current financial woes.
Mr. De Gucht has power and leverage. He does not need agreement from all 27 member states to push through measures. But with the European Union now seeking help from China to deal with the bloc’s debt crisis, Europe’s economic and political credibility is at stake. [continue reading]
_EU and China at moment of truth, Asian Times
For the European Union, and in particular the eurozone, the last three months have been a never-ending trial by fire. Emergency summits have taken place almost weekly across the usual key parts of the EU power terrain - Brussels, Paris, Berlin and Rome.
This turmoil managed to cause the postponement of the slated visit by European Council president Hermann Van Rompuy for the biannual high-level summit to China, originally planned for the October 25. [continue reading]
_1997 Korea vs. 2011 eurozone, The Korea Times
© Atlantic Council
In the European Union, the Greek sovereign debt problem is a hot issue. If it triggers fears of a default in Ireland and Italy as well, the crisis could rapidly spiral out of control.
Therefore, the European Central Bank with the help of the German and French governments is trying to hammer out a way to forge the Greek national debt into a manageable form. It may be useful to compare and contrast the underlying causes of this crisis for the current EU countries in question with Korea in 1997, and the course of action to cope with each crisis respectively. [continue reading]