It also said the EU should seek to add value rather than merely recycle money (eg, directing funds to poorer areas of rich countries that ought to be able to look after themselves).

ECONOMIST: Much stroppiness lies ahead in the EU budget negotiations

The Regional Policy Commissioner, Johannes Hahn, said "we need to spend more intelligently, focus on the EU's top priorities and add visible value to what national and regional authorities are already doing".

BBC: Elton John gig in Italy probed by EU over funding

However, I caution that lower EU rates may have a serious implication for the value of the euro.

FORBES: FOCUS: Markets More Focused On FOMC Than ECB

By the early 2000s EU subsidies to olive oil production amounted to twice the total value of olive oil trade in the world.

FORBES: Europe's Disintegration: It's Not About the PIIGS or the Euro

The Obama administration is said to link Britain's value as an ally to its weight in the EU: hence Mr Brown's new respect for Europe.

ECONOMIST: Charlemagne

There are also fears that the violence could spread to poor immigrant communities in other EU countries, and this has helped to push down the value of the euro.

ECONOMIST: A wounded nation resorts to extreme measures | The

EU, if not yet as a member, include its value as a diplomatic and commercial bridgehead into the energy-rich, newly independent countries of Central Asia, and as a cultural bridgehead into Islam.

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The government said in June that the Siemens bid to build 1, 200 train carriages represented the best value for money, and that it was following EU procurement rules, which do not allow where companies are based to be taken into account.

BBC: Miliband calls for Commons debate on Bombardier layoffs

That suggests a restructuring of Greek sovereign debt - which would see a formal reduction in the value of that debt - is a more imminent prospect than official pronouncements by eurozone governments and EU officials would suggest.

BBC: Stress-test message to banks: Prepare for possible Greek default - BBC News