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National parliaments opposed to creating an EU-wide prosecutor want the European Commission to rework its flagship proposal, but EU officials say it is likely to go ahead. Chambers in 11 national parliaments got enough votes to trigger a so-called “yellow card” procedure when they filed their complaints to Brussels earlier this week. They are against the creation of a new European Public Prosecutor’s Office (EPPO), saying that national authorities or existing EU bodies, such as the OLAF anti-fraud agency or the joint judicial office, Eurojust, are sufficient. …

Europe pledged Wednesday to press on with new charges for airline carbon emissions across its airspace as of January 1, after scoring a key victory over US rivals in the EU's top court. The decision was welcomed as vindication by the European Union, which told US airlines to get ready to obey the law in the same way EU companies respect American regulations. But it was not without collateral damage, with industry sources fearing a possible trade war after US Secretary of State Hillary Clinton warned of reprisals ahead of the ruling. A high-ranking source in the aviation sector told...

NEW YORK (CNNMoney) -- Americans often fret about the price of gasoline, which has surged dramatically in recent days, fueled by turmoil in oil-producing nations in the Middle East and North Africa. But the price of gas in America lags far behind its European counterparts. While Americans tear their hair out at the pump, Europeans watch them enviously from across the Atlantic. Most Europeans pay at least double what Americans do. Some of them, including the Greeks and the Scandinavians, shell out even more. In the U.S., the nationwide average for the price of gas was $3.53 per gallon on...

Just hours after Greece erupted into bond-widening chaos yet again, Portugal has joined the fray. Negotiations on the country's budget have collapsed when the opposition party, needed because the governing Socialists do not have an outright majority, backed out, according to Reuters. The disagreement: how to cut spending. The spread between the German bund and 10-year Portuguese sovereign debt has widened to 332, up 20 bps on the day. CDS on the country's sovereign debt has spiked up 20 bps to 355 bps