EU government involves application of economic sanctions to France, Spain and Slovenia, as these countries don't cope with reforms and didn't reduce the levels of their public debt. These sanctions will be introduced for the first time for modern history of Europe.

After negotiations with the president of Cyprus Nikosom Anastasiadis, the head of European Commission José Manuel Barroso let know that the European Union will continue to support Cyprus as the country confirmed its commitment to the rules and EU standards.

The phrase "European Financial Crisis" become enough established in the everyday life of most financial analysts, experts and representatives of the mass media, who discuss more than four years the economic and bank problems which are taking place in many European states.

The euro fell against the dollar on Wednesday by details about the dynamics of GDP in France, Germany and Italy for the I quarter of this year.

Summit of G7, which includes the U.S., Canada, UK, Germany, France, Japan and Italy ended on May 11, near London. Although the final document wasn't accepted by participants of a meeting, but participants declared that they "synchronized watches" and agreed positions on the economy and financial sector.