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EU looking for a compass

Published Monday, July 28th, 2014

You have to admire or despair at the short-sightedness of stock markets that continue to plough onward in the face of the events taking place in Gaza and Ukraine. Whatever the eventual outcome it is inconceivable that there will not be long-term repercussions both economically and politically. The lies, or if you wish to be more generous ‘the mistakes’, that were told in the run up to the Iraqi invasion have left a legacy whereby the western version of who is to blame and therefore what action to take is viewed with great skepticism elsewhere.

There was a fanfare at the end of last week suggesting that EU leaders were close to an agreement on new sanctions to be imposed on Russia. According to Catherine Ashton, the EU foreign policy commissioner, “the direction of travel here is clear but we are still travelling”. She could have added “and therefore there is still a danger we will get lost”. Hermann Van Rompuy tells us that for sure any sanctions will not be retroactive and they will not affect the gas sector so, unless Russia goes into a retaliatory rage, already agreed French defence contracts are safe as are gas supplies to Italy, Germany et al.

to read the rest of the report, please click here 

Posted by David Hufton