Many politicians are currently lacking the courage with regard to regulating the financial markets. The loudly heralded reforms have been flogged to death with the result that there is hardly anything left. There does not appear to be any intention, either internationally or at European level, to draw lessons from the crisis. This was not only demonstrated last week when the G20 Finance Ministers met, but also during debates in the European Parliament.

Only recently, did the European Council, on the suggestion of the Commission, approve a new strategy for growth and employment, Europe 2020. The same shall soon be taking place with regard to the Integrated Guidelines. These form the basic framework for the implementation of national employment and economic measures. The proposal is now on the table; hence, the negotiations can begin.

The internal market should be more beneficial to consumers, commented the new Commissioner for Health and Consumer Policy this week during a debate of the Internal Market Committee of the European Parliament. The Commissioner wants to introduce activities this year, which concern among others the Package Tour Directive, collective remedies (collective action), consumer complaints and digital products.

The travel arrangements to attend the informal summit of the EU Economics and Finance Ministers in Madrid were not the only challenge the ministers had to cope with. The plan was to discuss how the economic cooperation within the Eurozone could be improved against the background of the Greece debt crisis.

This week, the European Commission presented an action plan to create a single area of security and justice for 500 million European citizens in the next five years. Among others, the action plan provides for stricter data protection, for strengthening the rights of the accused in criminal proceedings and for specifying in more detail the conditions of entry and residence of third country nationals for the purpose of seasonal employment.

This week, many MEPs too were among the “volcano victims” unable to travel to Strasbourg to attend the plenary meeting. Due to the fact, that a regularly vote could not be guaranteed it was decided to postpone voting to the next plenary session in May.

This week, the European Court of Justice (ECJ) in Luxembourg has delivered a judgment, which is, also from an Austrian point of view, very exiting. Roughly spoken, the ECJ decided that in case of a risk of a shortage of doctors in their own country, universities are able to limit access for foreign students. Austria may now be able to heave a sigh of relief and to maintain its quotas applicable to foreign students.

In the past week, both the Social Democrats and the Conservatives invited to a hearing on the Consumer Rights Directive. At the centre of the debate is the question to which extent the planned regulations should be harmonised throughout Europe. After the original proposal of the Commission had been extensively criticised, the new Commissioner for Consumer Affairs, Viviane Reding has now signalled her willingness to engage in discussion.

According to the independent analysis of the European Commission in a report published this week, financial institutes can best be made to face up to their responsibility with regard to the costs of the financial and global economic crisis by introducing a bank levy.

Tackling the crisis and sustaining Europe’s social market economy are only two of the key issues, the new EU Commission wants to deal with this year. The Commission does not hold back with fine words and says right at the beginning of the Communication on this year’s Work Programme “It is impossible to carry on as if nothing had happened” and “It is now a matter of political will”.