In its third consecutive meeting, the Governing Council of the European Central Bank (ECB) cut all three key interest rates by a quarter of a percentage point, as expected. They are now in the range of 3.00–3.40 per cent.
I came across a statement that surprised me with its boldness. It claimed that in 2008, the economic strength of the eurozone was roughly at par with that of the US.
The EU influences regulations in all member states directly through EU regulations, which have immediate legal effect within their national legislative system, and indirectly through EU directives.
The European Commission is meant to be the non-partisan, executive branch of the EU that consists of experts rather than politicians. However, the appointment of Commissioners is certainly a politicised process, so many argue for the democratisation of this procedure.