WE have been through another week of absurd politics in the European Union, and who knows what the leaders summit on Thursday and Friday will bring.

THE EU will sign the loan agreement with Ireland before Christmas and be ready to raise the bailout money in the new year, the head of the European Financial Stability Fund announced following last night’s eurozone finance ministers meeting in Brussels.

BUSINESSES with branches in different EU member states could have the same telephone number for customer support under a suggestion floated by the European Commission.

IRELAND will be allowed to retain its 12.5% corporation tax rate, but is under pressure in bailout talks to give fewer tax breaks to foreign multinationals, say EU sources.

THE European Commission document on reforming the €55 billion Common Agricultural Policy outlines three options, ranging from a gradual change from the present system to a radical overhaul that would phase out direct payments in their current form.

DESPITE two years of restructuring and up to €50 billion of taxpayers’ money, there is growing consensus the country’s banking system is still in need of a complete overhaul.

IRELAND moved closer to accepting an EU-IMF bail out last night as a team from the IMF, the ECB and the European Commission arrives in Dublin later this week to assess the condition of the Irish banks.

A NEW tax regime will be among the issues EU Economics Commissioner Olli Rehn and Finance Minister Brian Lenihan will discuss when they meet this evening in Dublin.

“BUNGA bunga” was the most popular phrase being used at the EU leaders’ summit last week.