Planes flying across Europe again after 95,000 flight cancellations; Third al Qaeda leader killed in Iraq leaving terrorists "severely weakened"; G20 meeting to press China on currency; Somali pirates take fourth ship this week; and more

Top of the Agenda: European Airports Resume Flights

European airports resumed flights (BBC) nearly one week after the Icelandic volcano's ash cloud halted travel in the region. Air traffic agency Eurocontrol said roughly 75 percent of European flights would operate Wednesday, though the buildup of ninety-five thousand flight cancellations would cause delays. The international air transport group IATA said the disruption cost the airline industry $1.7 billion. The Royal Navy retrieved nearly three hundred British travelers stranded in northern Spain. Responding to criticism that the EU lagged in reopening airspace, the UN International Civil Aviation Organization said it would lead efforts to create a global safety standard for flying in the presence of air-borne ash. Other businesses were also hit by the delays, including Japanese and German carmakers; South Korean mobile phones; European clothing production in Bangladesh; and produce exporters in Zambia, Kenya, and Uganda.

The US Travel Association said the incident cost the US economy $650 million and affected (WSJ) some six thousand US jobs.

Analysis:

In the Financial Times, Christopher Meyer says policymakers' overly cautious approach to the ash cloud, focusing on minimizing only one type of risk, fails to consider systemic costs and the "substitute risk of action."

The Peterson Institute's Jacob Kirkegaard says airlines at the brink of bankruptcy could collapse and Europe's GDP will suffer as a result of the ash-cloud disruption.

 

PACIFIC RIM: China Faces Growing Pressure on Yuan

China will face growing international pressure to begin appreciating (FT) its currency, as G20 finance ministers and central bankers meet Thursday in Washington.

In this roundup, six experts debate whether the Obama administration's approach to China's currency policy is the right one, and why.

South Korea: The South Korean government says it uncovered (TimesofLondon) a plot to assassinate the most senior North Korean government official ever to have defected.

Read CFR's Asia Unbound blog, featuring timely analysis from CFR's Asia experts.

 

ELSEWHERE:

Odierno : Third al-Qaeda Leader Killed
Somali Pirates Seize Another Ship

 

This is an excerpt of the CFR.org Daily News Brief. The full version is available on CFR.org.