European Union News

The work on the legislative proposal on the EU financial transaction tax has started at the Economic and Monetary Affairs Committee in the European Parliament with a very broad agreement in favour. Various MEPs said that in recent months they had shifted their position in favour the proposal than was the case some months ago.

According to a preliminary report issued by the European Aviation Safety Agency, there is a modest improvement for global aviation safety in 2011. The report shows among other findings that in commercial air transport operations, the number of fatal accidents decreased from 46 in 2010 to 45 in 2011.

The Defence data for 2010 shows among other findings that total defence spending by EDA remained constant at €194 billion. The Defence Data exercise has been running for five years and it has been published by the European Defence Agency (EDA).

The European Commission launched an statement in which defends the reform proposals to modernise the existing tools and instruments on public tendering. According to the Commission, the revision of the public procurement Directives will improve the access to the public procurement for SMEs.

The Economic Sentiment Indicator (ESI) declined moderately in December in both, the EU and the euro area. The overall decline in the EU resulted from weakening confidence in services, construction and among consumers, while sentiment improved in retail trade and remained broadly stable in industry. On the other hand, the Business Climate Indicator (BCI) for the euro area increased for the first time in ten months.

The European Parliament representatives at the working group drafting the international agreement on a reinforced economic union stressed the need to base all decisions on normal EU procedure in order to ensure democratic accountability. They also called on Member States to establish a national debt reduction fund and to adopt a roadmap towards eurobonds.

Pancretan Cooperative Bank Ltd (PCB) is joining the group of microcredit providers under Progress Microfinance. PCB will therefore be able to offer up to €6 millions of microloans to Greek micro-entrepreneurs. This is the first time there is a Greek microcredit provider under Progress Microfinance.

Using EU research funding, scientists and surgeons from France, Germany, United Kingdom and Switzerland have developed a "virtual liver" which will help surgeons better plan and carry out tumour operations and ensure quicker patient recovery. The virtual software being used in the project is based on open source technology.

According to Eurostat, industrial new orders were higher in October 2011 compared with September 2011. In particular, the increase was by 1.8% in euro area and by 0.5% in EU27. On the other hand, in November compared with October 2011, the industrial producer price up by 0.2% in euro area and by 0,3% in EU27.

The European Medicines Agency (EMA) eventually followed the European Ombudsman's recommendation to release the adverse reaction reports related to Septrin, a medicine for the treatment of bacterial infections. EMA disclosed the documents after removing personal data.

The establishment of an Urban Development Fund will boost the investment to revitalise six major cities in Bulgaria. The funds will be provided by private investors and from the JESSICA funds, which is manage by the European Investment Bank. The investment will be addressed to urban projects located in the cities of Plovdiv, Varna, Burgas, Ruse, Stara Zagora and Pleven in the next four years.

2.8% is the Euro area annual inflation is expected in December 2011 according to the flash estimation published by Eurostat. In November 2011 the Euro area annual inflation was 3.0%.