Why does a study-abroad program in a small, English-speaking country on the edge of Europe matter in a time of austerity and budget crises?

FORBES: Scholarship Program For Future Leaders Gets New Lease On Life

The amendment was not binding on ministers, but was seen as a blow to David Cameron's authority on Europe ahead of the EU budget summit.

BBC: Cameron and Merkel hold 'warm and friendly' EU budget talks

But David Cameron described himself as a "good European", a "sensible, pragmatic British politician", who had "the people of Europe on his side" for campaigning for a tighter EU budget this week.

BBC: Ed Miliband: Britain 'sleepwalking' into EU exit

Labour's decision to vote for an EU budget cut was seen as evidence that the party is repositioning itself on Europe towards a more Eurosceptic position, but Mr Miliband said he "passionately believes that Britain is stronger in the European Union".

BBC: Ed Miliband: Britain 'sleepwalking' into EU exit

His investment team came into the year with a cautious stance on the equity market, given worries about the ongoing debt crisis in Europe and budget wrangling in Washington.

WSJ: Dow Closes Above 15000

The big issues in Europe -- establishing a banking union, shoring up Spain, agreeing on a new seven-year European Union budget and, last but by no means least, keeping Greece in the eurozone -- are in the hands of politicians, and not of the ECB.

CNN: Is the eurozone crisis almost over?

Unlike France Europe's other seat of fashion power the Italian government spends only a fraction of its budget on art preservation.

WSJ: The Fashion Set Saves Italy