European Union News - European Union

Finance Ministers of the euro area have reached a political understanding on the draft Memorandum of Understanding (MoU) underlying the financial assistance for the recapitalisation of financial institutions for Spain, to be provided via the EFSF until the ESM becomes available. In addition, they also supports the Commission's recommendation to extend the deadline for the correction of the excessive deficit in Spain by one year to 2014.

The European Parliament announced that thanks to the MEPs pressure, the Council has decided to accept in full a Commission proposal to reshuffle funds between budget headings so as to liberate the necessary funding of €485 million for research projects. Contracts for EU-funded research programmes in the areas of health, biotechnology and nanotechnology can finally be signed.

Since 1 of July, the Council Presidency of the EU will be carried out by Cyprus. The Cyprus Presidency, their first since joining the European Union in 2004, follows the Danish Presidency. The main objective of the Cyprus Presidency is to work 'Towards a Better Europe', one that is more relevant to its citizens and closer to its neighbours. Recently, Cyprus requested financial aid to the Eurogroup.

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.

Jean-Claude Juncker, President of the Eurogroup, has confirmed through a statement that the Spanish authorities have formally requested he financial assistance. In addition, he also welcomed the formal application for financial assistance from the Cypriot authorities. Cyprus will hold the Presidency of the Council of the EU from 1 of July 2012.

The 2011 annual report on the European Data Protection Supervisor (EDPS) activities was presented to the Committee on Civil Liberties, Justice and Home Affairs of the European Parliament. The report includes a list a priorities for 2012 among which there are raising awareness or focusing in technological developments, especially those connected to the Internet and associated policies.

The European Commission published a Communication that proposes a renewed strategy for eight regions: the four French overseas departments, the overseas Collectivity of St Martin; the Portuguese autonomous regions of the Azores and Madeira and the Spanish Autonomous Community of the Canary Islands. The Commission highlighted that the aim is to support the outermost regions realise their potential above all through diversification and modernisation of their economies.

At the last month of the Danish Presidency of the Council, this presidency has been certified as sustainable under the new international ISO20121 standard for sustainable events. On the other hand, the Cyprus Presidency of the Council that will start in July 2012 has already a website where consult the priorities of this presidency.

G20 leaders agreed on the Los Cabos Action Plan for Jobs and Growth in order to address key weaknesses in the global economy. Also the G20 meeting was particularly focused on the situation in the Euro area. Among other things, G20 leaders recognised the value of the European project and of the EU's currency, the Euro.

A report approved in plenary session by the European Parliament calls for high-level EU human rights envoy with strong mandate and tasked with raising the EU's human rights profile worldwide. For her part, Catherine Ashton, the High Representative of the European Union stressed that she is looking for somebody with an established track record and international experience in human rights, as well a strong understanding of EU policy.

The European Parliament adopted its position on the so-called "two pack". MEPs agreed that next round of economic governance legislation must be geared more towards growth. In addition, they added to the initial Commission's proposal a new chapter on coordinating debt issuance, including the partial pooling of Eurozone debt, and legal protection for countries about to default. With this plenary mandate, Parliament's negotiators will enter into talks with them in order to reach a deal on the legislation with the Council.