Lessons have been learnt, including that a minimum safety buffer zone of 1, 640ft (500m) is established before firing smoke rounds.

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At a minimum there must be a euro-zone-wide system of deposit insurance and oversight, with collective resources for the recapitalisation of endangered institutions and regional rules for the resolution of truly failed banks.

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But Army General Tommy R Franks, who heads the US Central Command and enforces the southern no-fly zone, recommended reducing the number of patrols but maintaining a minimum number to check possible movements of Iraqi troops towards the Saudi and Kuwaiti borders.

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At a minimum, Turkey and Egypt will be at a relative disadvantage, as Israel pursues a natural gas production zone not tied to the distribution network of the former and ultimately will reduce imports from the latter.

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