European Union News

The euro area unemployment rate was 11.1% and the EU was 10.3% in May 2012. In both cases, it represents a slight increase compared with April 2011, according to Eurostat. The lowest unemployment rate was once again registered in Austria (4.1%), and the highest in Spain (24.6%).

A new report from the European Network and Information Security Agency (ENISA) calls for kick-start in cyber insurance market. According to ENISA, if the cyber insurance market can be kick started, Europe’s citizens and businesses could benefit from better protection for their computer systems and data.

The European Commission is gathering views on its first draft of a revised communication on the application of EU state aid rules to short-term export credit insurance. In light of the comments received, the Commission will adopt a reviewed communication in December 2012.

European Commission presented the High Level Group on Logistics (HLGL) which has been set up to provide strategic advice on the future transport policy measures with impact on logistics. At its first meeting, the discussion focused on the main bottlenecks that hinder freight logistics and transport.

The European Commission adopted the detailed rules aimed at reducing the risk of settlement failures linked to naked short selling, as well as the means by which market participants should disclose significant short positions to the market. Also, the new rules also detail how ESMA is to determine the shares which are exempt from the Short Selling Regulation by virtue of their principal trading venue being outside the Union.

According to Eurostat, in 2011, EU residents made 1.2 billion trips for both leisure and business. In addition, as for total trips, holiday trips made by EU residents rose strongly between 2006 and 2008 and then remained nearly stable between 2008 and 2011.

The European Commission announced that the two-year transition period for the organic food sector to comply with new EU labelling rules is reaching its end. As from 1 July 2012, the EU organic logo will be obligatory on all pre-packaged organic food products produced in EU Member States which meet the necessary standards.

Herman Van Rompuy President of the European Council, announced among other things, that the Council agreed that Member States will boost the financing of the economy by mobilising around €120 billion for immediate growth measures. In addition, Member States from the euro area asked to the Council to consider the possibility of recapitalizing banks directly under certain conditions.

The European Commission reminds that from 1 of July 2012, the using mobile internet to access maps, videos, photos, social networks and email will be much cheaper while travelling in other EU Member States. It will also be cheaper the voice and SMS prices.

The EU will contribute with €35.9 million of a total of €70.7 million to 20 programmes to promote agricultural products in the European Union and in third countries. The selected programmes cover fresh and processed fruit and vegetables, milk and milk products, PDOs (Protected Designations of Origin), PGIs (Protected Geographical Indications) and TSGs (Traditional Specialities Guaranteed), seed oil, wine and meat.

Ministers agreed on a general approach as regards a new regulation on the tachograph used in road transport. The general approach does not retain the Commission's proposal to incorporate a microchip with the driver card functionalities into the driving licence for professional drivers.

With the aim at strengthening current measures and sets out possible new initiatives for eliminating fraud and evasion in Europe, the European Commission presents a Communication that adopts a holistic approach to tackle this problem. This holistic approach sets out a 3 tier approach aimed at attacking evasion and fraud from every possible angle.