EUROPEAN UNION

The European Central Bank will start to unwind its crisis support for the euro zone economy this month but made clear on Thursday these moves are not meant to signal a coming rise in benchmark interest rates.

The European Central Bank kept rates at a record low of 1 percent as expected on Thursday, leaving markets firmly focused on how it plans to handle the delicate process of phasing out its financial crisis support.

The European Central Bank kept its main interest rate on hold at a record low of 1 percent for the seventh month running on Thursday, as expected by economists. Markets are now turning their attention to President Jean-Claude Trichet's news conference at 1330 GMT, when he will release new staff economic forecasts and is widely expected to give further details on how the ECB will start phasing out...

The benchmark price for European Union carbon emissions futures rose almost 3 percent toward a three-week high on Thursday as banks increased buying ahead of a U.N. climate summit next week, traders said.

The European Central Bank is set to begin the delicate process of phasing out its financial crisis support on Thursday, backed by new staff forecasts which should show greater economic optimism.

Britain has warned its EU partners not to stifle the City of London's financial services industry with excessive regulation, responding to concerns that France will push for tighter rules at its expense.

The European Union hailed the start of a new era Tuesday after its Lisbon reform treaty went into force, carrying with it the bloc's hopes of become a more powerful force on the world stage.

Euro zone finance ministers will take their first step towards exiting discretionary fiscal stimuli on Tuesday by accepting deadlines for deficit reductions proposed by the European Commission last month.

The European Commission on Monday approved Swiss company Syngenta's genetically modified (GMO) maize type MIR604, a move that could enable the resumption of imports of soymeal and soybeans for animal feed.

The euro zone's top economic officials pressed China on Sunday to let the yuan resume its rise but said they were not counting on immediate results.

The euro zone does not risk the sort of debt problems plaguing Dubai, senior European Union officials said on Sunday.

The yuan's link to the dollar is problematic for some sectors in the European economy, European Commission President Jose Manuel Barroso said on Sunday, ahead of a summit with Chinese leaders.

A gradual, orderly rise in the yuan against all major floating currencies is in the interest both of China and of the world economy, senior euro zone officials said on Sunday.

The euro zone does not risk the sort of debt problems plaguing Dubai, senior European Union officials said on Sunday.

Finnish liberal Olli Rehn will oversee efforts to revive Europe's economy and France's Michel Barnier will have an important role reforming financial services in the new European Commission unveiled on Friday.

European Commission President Jose Manuel Barroso unveiled the EU executive's new line-up on Friday, handing Finn Olli Rehn a key role overseeing monetary affairs as part of efforts to revive the European Union economy.

Leading euro zone officials expect no immediate results from talks in China this weekend to push for an appreciation of the yuan, euro zone sources said. We are reasonable enough to understand that two months is not feasible, and we are determined enough to convey the message that two years is too long, one of the sources said of European views on when the yuan should be allowed to rise.

The next European Commission, the powerful regulatory arm of the European Union, should be in place by the end of January, Commission President Jose Manuel Barroso said on Tuesday.

The dollar fell broadly on Monday after dovish comments from a U.S. Federal Reserve official added weight to expectations that U.S. monetary policy would stay ultra-loose for a prolonged period.

Herman Van Rompuy's appointment as the first European Union president provoked fears in Turkey that he might hinder Ankara's hopes of joining the bloc, with some media declaring outright that he is anti-Turkish.

European Union leaders named Belgian Prime Minister Herman Van Rompuy, who is little known outside his own country, as the bloc's first president on Thursday to lead efforts to make it more influential on the world stage.