The 7th legislative period in the European Parliament brings some significant changes: with regard to the political majority situation, at 55 percent the parties with close industrial ties are clearly a step ahead. Almost 50 percent of MEPs are new to the Parliament and will have to acquaint themselves first.

The European Commission again changes the capital requirement directives for banks. In Brussels last week, it presented a further tightening as a reaction to the inglorious role played by the banks during the financial crisis.

Last week the representatives of the European Social Partners signed the first framework agreement on the avoidance of injuries caused by needle sticks and other sharp objects in the hospital and health sector. The framework agreement will be implemented by a Directive, which will apply to all 27 Member States. A nice success for the European Social Partners.

Almost unnoticed by the general public, the Commission devotes a new Communication to a volatile subject, which is regarded as one of the main causes for the current finance and economic crisis, the so-called derivatives. No other example would be better suited to illustrate the economic and social undesirable developments of the past decades: the belief in free, unregulated markets and in the alleged ingenuity of the financial industry. A dangerous misbelief, for which the labour force and the citizens worldwide are now expected to pay the price.

This week, the European Commission published a Green Paper on “Promoting the learning mobility of young people”. The aim of the Paper is to increase the mobility of young people by a stay abroad to learn new skills and to acquire new competences. Today, a stay abroad is one of the fundamental opportunities by which in particular young people can improve their chances on the labour market.

In a comprehensive sector enquiry, the Commission addresses the question why the market entrance of generic products is so often delayed in the European Union. The costs for the delaying tactics of the pharmaceuticals industry have to be borne by health insurance funds, patients and the labour force.

A panel discussion organised by the Austrian National Bank in the Permanent Representation of Austria to the EU in Brussels stood under the motto of overcoming the recession.

This week, Meglena Kuneva, EU Commissioner for Consumer Protection, was a guest of the Brussels Think Tank European Policy Centre to announce a new Commission Communication on the enforcement of EU Consumer Law.

In a meeting with the civil society, the European Commission outlined the great importance of the trade ties between the EU and China. If two decades ago, hardly any ties existed with the People's Republic of China, in 2008, the EU imported goods from China worth about € 248 billion; exports accounted for € 78 billion.

On Monday, the Council of Ministers for Employment and Social Affairs decided to extend the restricted free movement of labour for workers of the eight Member States that had joined the EU in May 2004. Hence, persons working under employment contracts from Central and Eastern Europe can still only get a work permit in Austria in exceptional cases.