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BackThe regulation of the financial markets has reached a sad high point. Last weekend, the heads of government of the 20 largest economies met in Canada to discuss stricter rules for financial markets. The result, however, was nothing more than the declaration of intent to half budget deficits by 2013. No agreement was reached with regard to the bank levy, the Financial Transaction Tax or the introduction of stricter equity rules. In view of the meagre results, leading politicians have already voiced doubts about the usefulness of expensive monster meetings.
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BackEvery six months, another Member State takes over the Presidency of the European Union. From July 2010, it is the turn of Belgium. Since yesterday, the Belgian Presidency is officially at the helm. An own programme has been developed and presented. Under the motto “Europe in Action!”, the Belgian Presidency is prepared to meet future challenges.
Labour market central issue during Belgian Presidency
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BackAt a hearing in the European Parliament, the new Tax Commissioner Šemeta presented his plans for the current and the coming years. He wants to increase the quality of tax systems and overcome problems with double taxation. However, the aim to introduce a Financial Transaction Tax at EU level was hardly mentioned.
To begin with, the Lithuanian Tax Commissioner Algirdas Šemeta stated that it would be important for the Member States to improve the quality of tax revenues and to change the tax systems accordingly in times of crisis and budget consolidations.
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BackOver the past weeks and months increasing deficits and public debts, which were caused by the economic crisis, resulted in nervous debates and hectic adoptions of over ambitious austerity programmes in the EU. The warnings of economists, who see the economic recovery put at risk by the rigorous cutting of public expenses remained largely unheard. Now, the European Commission does once again join those forces, which demand an immediate expenditure side budget consolidation.
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BackThe EU Commission has long been planning a Directive on seasonal migrants. The intention is to present it now mid July. There is already a first unofficial draft Directive of which first details have already been leaked. The EU Commission has established an urgent demand for seasonal migrants in the EU. Its main argument is an imminent labour shortage in the EU and the fact that seasonal work is regarded as unattractive in the EU.
EU intends to support circular migration
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BackA draft for the so-called Prospectus Directive provides new rules for securities investors. The European Parliament has adopted its relevant notions in its last plenary meeting - with disappointing results for small investors.
It should be made mandatory that each investor would be handed a prospectus in the language of the relevant Member State at the emission of securities. This was one of the requests of the Chamber of Labour during the revision of the Prospectus Directive. In the adopted text, however, one will look for such provisions in vain.
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BackYes to labelling sugar, salt and fat content, trans fats and calories, no to voluntary additional information on food at national level. These are only two of a whole number of voting results on future food labelling. For Consumer protection organisations, this result certainly contains some drops of bitterness.
This week, the European Parliament has determined its position on food labelling in a plenary vote. Some of the new provisions are to be welcomed; other regulations should be clearly rejected from a consumer point of view. Positive aspects are:
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BackThe European Commission will probably present a draft proposal in the coming September, which will make derivatives trading subject to stricter regulations. In preparation for this, the Commission has now opened consultation proceedings, during the course of which the civil society will have its say.
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BackThe rights of consumers should be regulated uniformly throughout the EU. The Chamber of Labour and other consumer organisations already warned in the run-up to the current discussion in the European Parliament that some EU Regulations, which were recommended by the Commission, would entail substantial disadvantages for consumers. Successfully: the draft report is clearly distancing itself from the Directive proposal of the Commission.