European Commission president Romano Prodi has floated the idea of a "common European economic space" for the EU and its neighbours "We should establish a framework for cooperation with our neighbours where we could share everything but institutions," Prodi said in speech note "And the economic basis for this joint political venture could be an inclusive common European economic space," he said, without elaborating He said now is the time for the EU to explore such questions and "set ourselves the objective of formulating a strong and consistent policy to embrace all countries on our continent and around the Mediterranean" Prodi said the EU should open up the prospect of EU membership for Balkan countries "I am also thinking of a new system of relations between the enlarged EU and an encircling band of friendly countries stretching from the Maghreb to Russia," he said// /www.fxcentre.com