European Union News - European Union

On January 1st 2013 the Treaty on Stability, Coordination and Governance in Economic and Monetary Union, commonly known as the "fiscal compact", formally entered into force. This agreement aimed at strengthening the fiscal discipline in the euro area by introducing the balance budget rule and the automatic correction mechanism.

From January 1st 2013 Ireland has assumed the presidency of the European Union. Forty years after its entry into the Union, the country assumes the presidency for the seventh time with the objective of strengthening the stability and initiate the renewal of economic governance in the EU ensuring job creation and economic growth.

Twenty years after the establishment of the European citizenship in the Maastricht Treaty, the European Union celebrated the European Year of Citizens 2013. This year will be dedicated to highlight the rights enjoyed by European Union citizens and to set up a debate between governments and civil society in order to build the new Union of 2020.

The European Commission adopted in December 2012 a roadmap describing the actions to be implemented in order to help to improve the performance, governance and transparency of European agencies. The measures described in the document which fall under the responsibility of the European Commission will start to be implemented in 2013 and are to be concluded by the end of 2014.

The president of the European Commission announced that the prize money from the Nobel Peace Prize that was recently awarded to the European Union, will be used to help 23,000 children affected by wars and conflicts in the world. The decision was unanimously taken by the Presidents of the Commission, the Council and the European Parliament.

Heads of State and Government within the EU adopted on 14 December the European Council conclusions on completing the Economic and Monetary Union (EMU). They agreed that the priority is to complete and implement the framework for stronger economic governance, including the "six-pack", the Treaty on Stability, Coordination and Governance (TSCG) and the "two-pack", in order to break the vicious circle between banks and sovereigns.

The Economic and Financial Affairs Council reached an agreement on the regulation conferring supervisory tasks on the European Central Bank, and the one which establishes the European Banking Authority. The President of the European Commission welcomed the agreement which considers as a crucial and very substantive step towards completion of the banking union.

The deal on 2013 EU budget reached by the Cyprus presidency, representatives of the European Parliament and of the European Commission was approved by the Council. President of the European Parliament, Martin Schulz, confirmed that a majority is emerging which is ready to vote favourably during the vote next week under certain conditions.

The political agreement already reached between the European Parliament and the Council to reform the European Anti-Fraud Office (OLAF) has been officially ratified by the Council. The main objectives of the reform are to increase the efficiency of OLAF's investigation, to strengthen cooperation between the office and the competent authorities of the member states and third countries, and to increase OLAF's accountability.