It threatens to engulf Italy, severely testing the bloc's financial ability to handle the crisis.
It is the biggest, most sophisticated vehicle the bloc has ever flown in space.
The ministers' withdrawal was confirmed to CNN by Nasser al Rubaie, a spokesman for the bloc.
Further, Italy and Spain could suffer bank runs that could exacerbate the bloc's pain.
The Germans want to limit the budget to 1% of the bloc's GDP.
It is for this reason that I presented the bloc with the chance to review their position.
The bloc has ruled out an alliance with Mr Berlusconi's centre-right alliance, which finished a close second.
The withdrawal will not affect the bloc's 30 members of parliament, said Saleh al-Ageili, another bloc spokesman.
That could give the bloc the numbers it needs to control parliament after the June 7 elections.
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Finally, it is also uncertain whether the bloc's debt dilemma will be resolved on French or English lines.
President Chavez has in the past described the bloc as a counter to US influence in the region.
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The bloc currently buys about 20% of Iran's oil exports, which account for a majority of government revenue.
The Bloc will not join in but its 49 MPs will back it for the next 18 months.
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In February, the bloc amended the arms embargo to allow for non-lethal equipment and medicine to protect Syrian civilians.
The figures underline the bloc's struggle with record joblessness and limited economy growth.
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I've written before about the wide range of development levels within the bloc.
Markets had grown afraid of financing the deficits of the bloc's struggling economies.
Given the history of EU fisheries regulation, you might think the bloc is ill-placed to pose as a reformer.
There was, in the statement from Oslo, recognition that the current economic crisis facing the bloc is presenting particular problems.
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After the Serbian approval, the EU's executive Commission recommended on Monday that the bloc should start membership negotiations with Serbia.
And as aviation pricing is now EU law, it would indeed be tough for the bloc to amend or annul.
Thursday's interest rate cut, designed to combat a three-year debt crisis, will not stimulate economic growth in the bloc, they say.
The President of the German Bundesbank, Jens Weidmann, warned that the bloc was "constantly mutualising risks and weakening the agreed rules".
Industrial production in the euro zone rose in March, offering hope that the bloc's economy might have grown in the first quarter.
Declining Spanish and Italian bond yields suggest a stabilizing European Union debt situation, even though serious financial problems in the bloc remain.
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Compromise with the Bloc will also be personally galling for Mr Martin.
The EU has told the world that if a global deal is done, then the bloc will cut its emissions by 30%.
The Spanish economy is the eurozone's fourth-largest -- after Germany, France and Italy -- making up around 11% of the bloc's GDP.
However, in France the downturn deepened, with the manufacturing PMI for the bloc's second-largest economy sinking to a four-month low of 42.9.
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Currently, the bloc is walking a tightrope between a rising China and an America that is reasserting its status as an Asia-Pacific power.
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