Finland's Olli Rehn is expected to take charge of economic and monetary affairs in the European Union, diplomats said, giving him a big role in efforts to revive Europe's economy after the credit crunch.

European heads of states appointed Baroness Catherine Ashton as the European Union's foreign-policy chief, the so-called first EU Foreign Minister, Thursday evening.

In the dense forests of the idyllic Danube island of Persin, home to the endangered sea eagle and the pygmy cormorant, lie the ghastly remains of a communist-era death camp.

General Motors is already feeling the backlash of its decision not to sell European automaker Opel to Magna International, as workers in Germany went on strike.  GM faces not just ire over American-European cultural differences, but worker unease at job security, European-style.

Keeping Opel is the best strategic option for General Motors given the improved economic conditions, but the automaker needs to appease German politicians' and trade unions anger over its about-face and adapt itself to German ways, European analysts said Wednesday.

Europe's economy will rebound next year and accelerate in 2011, the  European Commission said, paving the way for major deficit cuts.

The European Union's former communist members spooked the West earlier this year, when some investors and analysts believed their crumbling economies could send shockwaves through the system and even sink the EU. The International Monetary Fund and the EU have pumped billions of euros in Central and Eastern European countries to alleviate the pain of the crisis, but their economies are still suffering. Click ahead to see what they expect for this year.

East Germans are nostalgic for the "good life" they had under communism despite a propaganda campaign to discredit the German Democratic Republic (GDR), the widow of ex-GDR leader Erich Honecker says in a new video.

London celebrated 25 years of British fashion at the British Fashion Council's London Fashion week. Held at the iconic Somerset House in London's West End, the catwalk shows and exhibitions highlighted the UK's place in the global fashion landscape along with featuring new talent.

Erste Bank said the worst of the crisis may now be over for banks in emerging Europe, after it beat third-quarter earnings forecasts and launched a 1.65 billion euro ($2.4 billion) cash call.

A handful of top Russian business figures have created an MBA program that tackles the issues they faced themselves: bribery, relentless bureaucracy, imperfect laws.

Young foreigners are coming to China to look for work in its unfamiliar but less bleak economy, driven by the worst job markets in decades in the United States, Europe and some Asian countries.

Latvia will continue to intervene to defend its fixed-rate currency as it has sufficient foreign exchange reserves to do so, Bank of Latvia governor Ilmars Rimsevics told CNBC in an exclusive interview Wednesday.

The singe European currency may bring the end of the whole European Union, because its one-size-fits-all approach means countries on the "wrong" side of the economic cycle lose out, European MP Nigel Farage said.