It said customers in Italy and Spain had been reducing their spending on mobile phone tariffs because of economic weakness in those countries.

BBC: Vodafone writes down value of Italy and Spain units

The TPP will deepen regional economic integration not only by lowering tariffs, but by addressing 21st century trade and investment issues.

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Besides this, better aligning the various countries in the EU to create an actual common market (which, contrary to what many people in the UK like to believe, is not simply the absence of tariffs) is a key challenge and bound to improve economic conditions, too.

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The IMF's mission was to give countries temporary short-term loans so they could put their economic houses in order, coping with temporary balance-of-payment problems without resorting to destructive tariffs or massive devaluations.

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