EU-funded seminars constitute a third form of bad welfare and a waste of talent because in most cases they recycle and disseminate public information and knowledge providing income for both, those who give them and those who take them-often the right political clientele-rather than a vehicle for defusing and disseminating genuine knowledge.

FORBES: Behind the Eurozone Stagnation: Bad Welfare

The latest setback for London's banking sector -- the largest in Europe -- comes in the form of the EU's announcement it will cap bankers' bonuses at a year's salary, or two years' if there is explicit approval from shareholders.

CNN: Would EU bonus cap spark banker flight?

Yet three-quarters of the EU's budget comes in the form of direct contributions from governments, based on national income.

ECONOMIST: Much stroppiness lies ahead in the EU budget negotiations

The plan, currently in draft form, would involve the creation of a pan-EU advisory body that would take over many tasks that currently reside with national regulators.

FORBES: Magazine Article

Labour is also likely to give up Britain's veto rights to EU-proposed legislation and move towards majority voting in some areas, a form of decision-making favored by the rest of Europe.

CNN: Europe, world react to Blair victory

With no direct liquidity from the ECB forthcoming in the form of an IMF-partnered bailout, the onus is firmly on the EU summit this week to find a way to pull indebted sovereigns out of the red.

FORBES: Leading German Bank Denies Need For Public Funds

He accused Mr Sarkozy of having reduced the role of the European Commission - the EU's executive arm - to that of a "secretariat" for the presidents and prime ministers who form the European Council.

BBC: Sarkozy attacks federalists in EU

Knowing this may influence the decision about whether the EU and IMF should require Greek bond holders to share in the pain with some form of debt restructuring, re-profiling or default.

FORBES: Who's The AIG In This Financial Greek Tragedy?