The Banking Structural Reform (BSR) shall make the financial system more resistant and less dependent on state aid in times of crisis. In order to achieve this, major system relevant banks shall separate high-risk trading activities from their deposit and lending business. However, in his draft report, the rapporteur responsible in the European Parliament, the Conservative MEP Gunnar Hökmark, has massively watered down the proposal by the Commission on BSR.

The Banking Structural Reform is an important pillar to prevent any repetition of the last financial crisis.

As promised, the EU Commission introduced its 2015 Work Programme before the end of the year. In it, the Commission boasts in grandiose terms that over the coming twelve months it will provide important impulses for more jobs, growth and investments and that citizens will be able to enjoy actual benefits. That is exactly how one imagines a Christmas present to be but will it deliver on its promise? One thing already catches the eye - there will be far fewer legislative proposals in 2015; talk is about only 23. Normally, the Commission introduces 130 legislative proposals per year!

At the two-day meeting of the EU heads of state and government in Brussels, which is probably brought to a close this lunchtime, the focus has been on the 315 billion investment package as well as on further action against Russia and respective sanctions. In the run-up to the meeting, the AK had supported the idea that Austria would use the summit to increase her effort to drive forward concepts of public investments and to promote domestic demand.

The thought behind the Investor-state dispute settlement (ISDS) is to provide enterprises with incentives for foreign investments. However, ISDS also means that corporations may sue states if they suspect that new laws might cut their profits. Hence, this means, which is more than questionable in terms of democracy, has led to widespread protests by trade unions, political parties and civil society.

AK EUROPA, the Brussels Office of the Austrian Chamber of Labour, the European Office of the Austrian Trade Union Federation ÖGB, the Brussels Office of the Austrian Trade Union Federation and the Austrian Chamber of Civil-Law Notaries this week invited to an event under the title “Societas Unius Personae (SUP) – a Trojan horse?” Behind the title is a draft proposal, which was presented by the EU Commission in April that does not only concern companies and company founders, but also intervenes in national standards in corporate law and entails the threat to co-determination rights of employees

A short while ago, the European Commission published its “Annual Growth Survey 2015”, thereby presenting its ideas for the European economic and financial policy. However, the economic assumptions, on which the annual analysis by the Commission is based, as well as the formulas shown therein, are neither objective, nor without alternative. In order to emphasize this, the so-called “Independent Annual Growth Survey” was presented in Brussels this week for the third time (after 2012 und 2013).

On Tuesday, the “Investments” Task Force, set up by the EU, published a report, which attributes an enormous investment potential to Europe. According to this report, there are over 2,000 projects with a combined investment potential of EUR 1,300 billion. EUR 500 billion could be implemented in the next three years alone. However, the danger is that many projects will not make it beyond the planning stage.

At a press conference on Tuesday, EU Trade Commissioner Cecilia Malmström announced a new approach in respect of transparency and openness regarding TTIP documents. The intention is to make more negotiation text available for the 751 Members of the European Parliament and their assistants.

Just less than two weeks until the EU Employment and Social Affairs Ministers will meet in Brussels. This is the last opportunity for the Italian Council Presidency to prove whether it is capable of bringing important social policy initiatives to conclusion. However, the way things stand this is unlikely to be achieved, even though allegedly, the agenda includes politically charged dossiers. Thus, instead of political agreements one will only present reports to be at least able to show that one has definitely made an attempt to find solutions.

The EU Commission made the decision this week that from 1 December it would publish all contacts and meetings of Members of the Commission on its homepage. This shall also apply to Cabinets and Directors General. The AK views the development regarding more transparency in the lobby business positively and regards it as an opportunity to make the voluntary transparency register mandatory at last!