Hugh Williamson, the FT’s Europe news editor, reports from Athens. Read more
The Crann nanotechnology research centre in Dublin is an example of the EU’s Lisbon agenda, which 10 years ago set out to make Europe the world’s most dynamic knowledge-based economy. But how well have those ambitions been met? Can Europe compete with the US? And how realistic are the EU’s R&D targets? John Murray Brown reports from Dublin. Read more
An unambiguous message of solidarity among eurozone states will come from Thursday’s European Union summit in Brussels, but it is still unclear if this will translate into a specific financial rescue plan for Greece. Debate among governments is continuing. However, expectations in financial markets have been raised so high over the past 24 hours, what with European Central Bank president Jean-Claude Trichet flying in for the summit from Sydney and officials in Berlin hinting at a German-led rescue, that it would be risky for the EU leaders not to commit themselves to some sort of initiative.
There are various possibilities: bilateral loans from Germany and France, with perhaps Italy and the Netherlands chipping in; an International Monetary Fund-style standby facility, organised among the 16 eurozone countries; or an EU-wide loan, involving a show of support from all 27 member-states. It is quite likely that the IMF will be asked to continue providing Greece with expert technical advice, but I don’t think the eurozone countries will go further and call on IMF financial resources. Apart from anything else, there is a fear that the US may raise objections on the grounds that the IMF’s firepower should be reserved for fighting emergencies not in prosperous Europe but in other, more disadvantaged financial hotspots. Read more