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Europe Breaking News: Britain's Osborne Reaches Deal on Spending Cuts

Wochit 1:14 mins

British finance minister George Osborne completed talks on Sunday with government departments aimed at securing spending cuts worth 11.5 billion pounds ($17.70 billion) in 2015-16 to help reduce the country's budget deficit, the Treasury said. The finance ministry said it had reached agreement with all departments, three days before Osborne is due to publish details of their spending limits on June 26. The observation about the thicket of British talent in the American media landscape is hardly new, but something is at work here. European Central Bank policymaker Joerg Asmussen said on that closer integration within Europe called for European Union institutions - in particular its parliament - to be strengthened to ensure democratic control and accountability. "The increasing level of integration within Europe calls for a new institutional design to ensure legitimization, accountability and democratic control," the German ECB Executive Board member said at an event organized by the Kiel institute for the World Economy.

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