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International Herald Tribune

European Union Prepares for Economic Crisis Meeting

By STEPHEN CASTLE Published: February 8, 2010

STRASBOURG - As the European Parliament gathers to install a new team of commissioners Tuesday to work with José Manuel Barroso, president of the European Commission, in his second term, Europe's economic modernization agenda risks being overwhelmed by one issue it would rather not have to tackle: The debt crises that has swept across the Continent.

With the markets taking fright at budget deficits in Greece, Portugal and Spain, and sapping confidence in Europe's single currency, the need for strong leadership within the 27-member European Union has rarely been greater. But the crisis has raised questions about the European Union's ability to deal with the structural problems that have led to a rift between richer and poor nations within the eurozone. Click here for more.