Euro needs ground-up reform before any United States of Europe

The European Union has earned its place as an instrument for peace in Europe. Free trade has brought prosperity to its peoples, and the freedom to choose a place of residence guards against the resurgence of totalitarian regimes.

Italian, Spanish bond yields rise on talk local banks may sell

LONDON, Dec 23 (Reuters) - Spanish and Italian bond yields rose on Monday amid speculation that banks in both countries may reduce their holdings before the European Central Bank reviews their balance sheets next year.

Recession-hit Spain holds huge Christmas lottery

MADRID (AP) — Champagne corks popped around Spain on Sunday as jubilant winners celebrated scooping up prizes in the country's famed Christmas lottery, the world's richest.

EU loses AAA rating in S&P downgrade

Credit rating agency Standard & Poor's incited the ire of European Union officials on Friday when it snatched away the region's top AAA rating, citing tensions between member states and a deterioration in their overall financial health.

EU Parliament head Martin Schulz warns of tough talks on banking union

BRUSSELS: European Parliament head Martin Schulz warned Thursday that EU leaders face "very long negotiations" with lawmakers over a new bank regulatory system which many of them believe falls well short of what it should be.