This WEEK in the European Union

But that plan seems on hold now that Italy has agreed to IMF supervision and the premier is facing a crucial vote on Tuesday that could topple him. Italy's woes, as the third-largest eurozone economy, coupled with the Greek political and economic fiasco, have pushed the monetary union to the brink of collapse.

Gloomy growth perspectives for the EU's 27 economies are expected on Thursday and likely to further aggravate the woes of highly indebted countries, as the EU commission is due to publish its autumn economic forecasts for 2011 GDP, inflation, employment and public finances. In the last 'interim' forecast published in September, the commission announced that economic growth in the EU is slowing down.

The EU executive on Tuesday will also present a beefed-up customs and taxation IT program for the EU in the 2014-2020 period. Dubbed the "Customs-Fiscalis 2020", the program is designed to exchange information, knowledge and expertise between national customs and taxation administrations when fighting fraud and tax evasion.

Money issues also dominate the European Parliament's agenda: MEPs will have another attempt at reaching a compromise on the 2012 EU budget on Tuesday, ahead of a final deadline on 21 November. Member states have so far rejected their demands for a 5.23 percent increase compared to this year. If no deal is reached, the budget will be formed according to this year's figures.

Euro-deputies in the agriculture committee will also meet up with ministers and the EU farm commissioner on Monday, to discuss the proposed reform package. A special meeting dedicated to dairy sector reform is scheduled for Thursday.

Financial support for people who got fired in Ireland, Austria and Greece due to companies moving to cheaper locations will also be unblocked soon after the EU parliament gives its green light. On Monday, MEPs in the budgets committee are to vote on the matter.