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Europe’s resistance to Russia is weakening

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THE BEST OF THE ECONOMIST ONLINE
 
 
 
 
Daily Dispatch | Thursday | December 1st 2016
 
 
 
 
The West against Russia: A fraying coalition
François Fillon, an avowed friend of Vladimir Putin, is the favourite to win the French election next spring. America’s election delivered an apparent Kremlin fan to the White House. From the refugee crisis to Brexit, Europe’s woes have allowed Russia’s president to portray himself as a bulwark of stability in a chaotic region. All this boosts the chances that Western sanctions against Russia will crumble, writes our European politics columnist
 
 
 
 
OPEC: Ending the glut
Yesterday the cartel pledged to remove 1.2m barrels a day from global oil production. Non-OPEC countries such as Russia will chip in as well. The size of the cut to global production, at almost 2%, caused a surge in Brent oil prices to above $50 a barrel. It showed that OPEC is not dead yet. But if oil prices keep rising, American shale producers will ramp up output, in effect capping the oil price, writes our energy editor
 
 
 
 
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Italy: What’s at stake
The referendum on Sunday is rattling markets. Matteo Renzi, the centre-left prime minister, has vowed to resign if he loses. Polls indicate his opponents are ahead by around 4%. That has fed fears of another setback for mainstream politicians in the West, and speculation that the populist Five Star Movement might win power. Apart from the risk of instability, the country also faces dangers from immobility, writes our Italy correspondent
 
 
 
America’s next treasury secretary: You’re hired
Donald Trump’s pick, Steve Mnuchin, will face three main challenges. The first will be to get his president’s profligate fiscal policy in order. The second will be to implement Mr Trump’s protectionist promises (Mr Mnuchin is said to share his boss’s scepticism of trade). Last, he will need to champion the administration’s wildly optimistic growth agenda. He will have his work cut out, writes our American economics editor
 
 
 
~6.05pm London
 
 
 
 
                                                           
 
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