The inevitable fiscal adjustment

Slowly but surely, the tightening of fiscal policy will be increasingly felt no matter whose view of the new Stability Pact prevails in the European Union - the regulations promoted by France and Italy, which are adapted to the peculiarities of each European country, or the rigid view of Germany and its 10 backers, or something in between.

Hotel occupancy rate at nearly 100 pct in some resort towns

Occupancy rates at resort towns on the Aegean coast have climbed to nearly 100 percent thanks to the long Eid al-Adha holiday, according to hoteliers in the region.

For instance, some 100,000 cars entered the popular destination of Bodrum in the province of Muğla within a space of four and a half days.

Berlin and Paris ‘missing in action’ as EU lacks leadership in defense

A lack of leadership by countries such as Germany and France and narrow industrial interests keep Europe from boosting defense cooperation as warranted by Russia's war on Ukraine, a report by the Munich Security Conference stated on Wednesday.

"The crucial capability gap in European defense is still political leadership," the Munich Security Report on European Defense said.

Germany, France and Italy agree raw materials cooperation

Germany, France and Italy have said they would cooperate more closely on the procurement of raw materials as Europe seeks to reduce its reliance on imports from countries such as China.

"Better diversification of our raw material supply is economic security," German Economy Minister Robert Habeck said in a statement.