FINANCE MINISTERS FAIL TO AGREE ON EUROPEAN TAX.

EU Finance Ministers broadly approved on July 10 the priorities Belgium has picked for its six-month stint as EU President. However, they were completely at odds with each other over the Belgian suggestion of creating a European tax so money can be poured directly into the EU budget without exacerbating fiscal pressures. The Netherlands, Sweden, the United Kingdom, Denmark and Ireland would have nothing to do with the idea. On the opposite end of the scale, Germany, Italy, Luxembourg and the European Commission warmed to the Presidency's plan. The other countries said they would be willing to consider the matter but did state any clear support.The Council adopted a timetable for reaching an...