European Union News

The European Commission launched a public consultation on a future framework for investment funds. The consultation raises a series of issues and policy options aimed at maintaining investor confidence in money market funds. According to the Commission, the consultation raises a series of issues and policy options aimed at maintaining investor confidence in money market funds. The contributions can be made until 18 of October.

A new paper from the EU drugs agency (EMCDDA) reviews some of the approaches used today to minimise the hazards for young people in recreational settings. Surveys confirm that in many recreational venues drug use is more prevalent than in the general population. The report highlights the need for a balanced mix of prevention, harm reduction and law enforcement interventions to tackle the issue.

Due to the recent LIBOR scandal, serious concerns have been raised about false submissions of banks' estimated interbank lending rates. Therefore, the European Commission decided to act to address this kind of market manipulation, by adopting amendments to the proposals for a Regulation and a Directive on insider dealing and market manipulation, including criminal sanctions.

The Decision adopted by the European Commission proposes to clarify the provisions of the EU ETS Directive on the timing of auctions of emission allowances. According to Climate Action Commissioner Connie Hedegaard, this short-term measure will improve the functioning of the market. If the political will is there, all the necessary decisions can be taken before the next auctioning phase starts at the beginning of 2013.

The European Commission is dedicating the 4th European Road Safety Day to seek a more engagement of youth in this subject. The main objective of this Day is to raise awareness of the challenges relating to road safety among decision‑makers and public opinion and to change road users' behaviour so that mobility is safe and accessible to all.

The European Commission has given green light until 31 December 2012 to a new Spanish scheme aimed at strengthening the capital basis of credit institutions under EU state aid rules. The scheme serves as a backstop facility for banks with urgent capital needs materialising before the stress test is completed, and will provide state support to banks which need to cover short-term capital needs following the stress test.

Ministers took note of a revised proposal for the EU's multiannual financial framework (MFF) for the 2014-2020 period in a meeting celebrated on 24 of July. The Cyprus presidency announced its intention to put the MFF on the agenda of each General Affairs Council meeting and to continue work through the instrument of the "negotiating box" in order to reach an agreement on this subject by the end of the year.

The 2011 report on the Instrument for Stability (IfS) has been adopted by the European Commission. The report highlights that with new and ongoing actions in some 50 countries, the EU has used the IfS to respond rapidly to events around the world, such as the unfolding Arab Spring. In its fifth year of operation, the IfS budget has more than doubled from an amount of €139 million in 2007 to €282 million in 2011.

The European Commission sent Statement of Objections to suspected participants in a cartel for the supply of computer CD and DVD drives. The Commission has concerns that those suppliers may have coordinated their behavior in bidding events organised by two major original equipment manufacturers for optical disk drives used in personal computers (desktops and notebooks) and in servers.

Ministers at the General Affairs Council reached an agreement on the Council's position on the EU 2013 EU draft budget. However, the Dutch, Swedish and UK delegations voted against and the Austrian delegation abstained. The decision limits the increase in payments to 2.79% compared to 2012.

A report published by the European Commission shows that in 2011, EU Customs detained almost 115 million products suspected of violating intellectual property rights (IPR). The number of intercepted cases increased by 15% compared to 2010. Products for daily use and products that could be potentially dangerous to the health and safety of consumers accounted for a total of 28.6% of the total amount of detained articles.

The European Commission launched a public consultation in order to know experiences and EU possible responses to cyber incidents which cause disruption to essential Network and Information Systems (NIS), including the internet. The consultation runs until 12 October 2012.