Source: McKinsey Global Institute

Europe's growth since the start of the financial crisis has been sluggish, and the continent faces some difficult long-term challenges on demographics and debt levels. But new McKinsey Global Institute research finds that thanks to a convergence of low oil prices, a favourable exchange rate and quantitative easing (QE), Europe has a window of opportunity to undertake ambitious reforms, stimulating job creation and investment, and unlock new economic dynamism.

Greece is € 323 billion in debt- more than 175% of its GDP. It cannot pay what it owes to the other European countries and the European Central Bank. Greece will run out of money by 30 June unless creditors release an additional € 7.2 billion in bail-out funds.  Greece must pay the IMF 1.54 billion euros by June 30, which is also when its bailout agreement is due to expire. It does not have access to international credit markets and without the bailout money, it would have to default on its debts.

The SCO is now dominated by two powers, Russia and China, and also includes the Central Asian Republics Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan. Those were the original six members when the group was founded in 2001. Russia's interest in SCO expansion is relatively obvious: in the wake of the collapse of its relations with the West, the Kremlin is eager to make it appear that it doesn't need Europe or the U.S.

Nearly a quarter-century after the collapse of the Soviet Union, the West faces a greater threat from the East than at any point during the cold war. The war of words between America and Russia is escalating. So, too, is the movement of implements of war -- from U.S. fighter jets to Russian nuclear weapons.

Overdue Directives by Member States 

Source: European Parliament

Overview of Priority Dossiers

Luxembourg will hold the Presidency of the Councilin the second half of 2015. Luxembourg's European priorities will focus on the Growth and Jobs Agenda, the social dimension of European policies, the implementation of the European Agenda for Migration and the Energy Union, the reform of the Economic and Monetary Union, the negotiation of the TTIP agreement and the preparation of the COP 21 climate change conference in Paris.

1. Inter-institutional Agenda

Founded in 1978, EFPIA's members comprise 33 national pharmaceutical industry associations and 40 leading pharmaceutical companies undertaking research, development and manufacturing of medicinal products in Europe for human use. Its mission is to promote pharmaceutical research and development and the best conditions in Europe for companies to bring to market medicines that improve human health and the quality of life around the world.

Today, sanctions against Russia are probably the most counterproductive ever launched, in view of the perilous state of the Eurozone and the globalised nature of the world economy. In 2015 the EU and its core component the Eurozone desperately need as much economic expansion as they can contrive. Instead, they are using their fragile economy as a weapon of war – at the behest of politicians. It is estimated that the EU has lost € 21 billion in exports because of sanctions against Russia.

1. Europe needs Russia is needed because the entire history of international relations is moving away from Europe. It’s played out in Asia. Where are the huge countries that will play the big roles located? In Asia. And Latin America.  Now what’s the current state of European-Asian relations? Europe is of no interest to Asia. If we view Europe as a landmass that reaches the Pacific Ocean – Russia and Europe are not a whole. But if we picture them as an alliance then we can say Europe reaches the Pacific. This is the reason Europe needs Russia.