Judging from the standing-ovation reaction from the crowd, Spurr, at least, has a hit on his hands.

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France, sensing an opportunity to push on with its aim of creating an EU standing army, wants to deploy a rapid-reaction force of some 1, 500 European troops but is so far being blocked by Germany.

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But this is no ordinary case, and the court cannot afford to blithely ignore how the nation's reaction might harm its long-term institutional standing.

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This strong reaction by Western credit markets contrasts sharply with the long-standing practice of Free World suppliers who, as demanded by Moscow, formerly agreed to conduct virtually all trade on an "open account" basis.

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