France

The issue of how and when to admit new members to the European Union is stirring more controversy. France and its president have objected to Turkey, arguing that the country does not belong culturally or economically in Europe. This week, the French national assembly voted in favor of a resolution calling for a popular referendum on any new members to the EU.

'THE AMERICAN' WANTS TURKEY REFERENDUM: Frenc h President Sarkozy continues to oppose allowing Turkey to join the European Union. Now he says that he's prepared to call a referendum in his country on whether to support it.

THE WORST REFERENDUM IN THE WORLD: The Burmese have arrested about 60 people who dared to campaign for the "no" side in the sham May 10 constitutional referendum being staged by the military junta there. The rules for the vote mock all notions of fairness and democracy. Domestic media also were formally barred from reporting on the referendum this week.

CAYMAN CONSTITUTION: The Cayman Islands is planning a new constitution, and that could require multiple votes by the public.

Business sentiment rose in both Germany and France according to recent monthly surveys, pushing the dollar to new lows and bolstering support for the eurozone economic outlook. Although European banks have been damaged by the sub prime crisis, the recent business sentiment surveys indicate it may have limited effect on the eurozone economy. This may be in part due to Germany's smaller financial sector and limited exposure to the great uncertainty in markets in the U.S. and U.K.

Snapshot asks, how will Europe weather the financial crisis?