This week, the European Parliament has decided to set up a special committee on the financial and economic crisis (CRIS). During the coming twelve months, the 45 members of the committee will examine the extent and the impact of the crisis in the Member States and propose measures for restructuring stable financial markets.

For the first time, the Committee on Civil Liberties, Justice and Home Affairs discussed the impact of the Treaty of Lisbon within the scope of freedom, security and justice. With the Treaty of Lisbon coming into force, the European Parliament automatically assumes an important role with regard to protecting the Fundamental Rights. The codecision procedure becomes a “normal” procedure. That way, Parliament gains in importance towards the Council.

Europe’s ageing population will have a profound social impact on the future. It is therefore important that all participating players will become aware of the challenges and opportunities that this entails.

The parties with close industrial ties have now for the first time indicated, which is the direction they prefer: with a narrow majority of 25:24 in the Employment Committee they have voted for the exemption of independent HGV drivers from the new Working Time Directive in road transport.

This week the first debate of the new legislative period of the European Parliament took place with Vladimir Špidla, Commissioner for Employment, Social Affairs and Equal Opportunities. Špidla took stock of the activities of the Commission and gave a forecast on the coming years. The MEPs showed their disappointment and criticised him in the strongest terms.

It appears from a new report of the Social Protection Committee that the income disparity has increased throughout the EU during the last decade of economic growth. This is among others the result of precarious employment relationships such as temporary employment contracts and part-time work. The share of people excluded from the labour market remained at a constant rate of 10 %. The risk of poverty in the EU has also not been reduced. Social security systems in the Member States are an important means to redistribute income and to reduce poverty.

Both at the G20 Summit in Pittsburgh last week and also in a Communication of the European Commission at the beginning of July, reforms were decided for trading with derivatives, which belong to the main causes for the Financial crisis. A public hearing of the European Commission on the planned reforms in derivatives trading took place on the day of the G20 Summit.

The autumn work of the European Parliament and the other European institutions in Brussels is in full swing again. At the very top of the agenda is the regulation of the financial markets. The finance lobby, however, hopes that the eagerness of the politicians, to impose regulations on the financial sector at last, would ease under the impression of a possible recovery of the economy. In the meantime, the lobbyists position their troops in Brussels. Latest example: the hedge funds.

One week before the G20 Summit in Pittsburgh, the 27 EU heads of state and government published their joint position on the crisis. The intention is to continue with the reforms in the financial sector and to tackle the precarious situation in the labour market. Also requested is more transparency with regard to manager salaries and to increase the core capital of banks.

European Commission introduces new plans for the reorganisation of the financial regulation in the EU