European Union News - Internal Market

Jean-Claude Junker, President of the Eurogroup, considers that the results of the independent valuation of Spanish banks show that the financial assistance decision to Spain in the form of a banking recapitalisation programme (it would cover financing needs of up to €100 billion) is adequate. Upon approval of the restructuring and/or orderly resolution plans, the recapitalisation of a first group of banks is scheduled to occur by November, according to the European Commission.

The new strategy presented by the European Commission to drive European business and government productivity via cloud computing, is based in "unleashing the potential of cloud computing in Europe". The actions foreseen seek to deliver a net gain of 2.5 million new European jobs, and an annual boost of €160 billion to EU GDP by 2020.

The European Commission seeks to close loopholes in current legislation on drug precursors - legal chemicals contained in a wide range of products, including pharmaceuticals, perfumes and plastics, but which can also be illegally diverted to produce narcotics. It is proposed to reinforce the controls on specific chemicals, both within the Single Market and at the EU borders through Customs.

The Economic Affairs Committee in the European Parliament wants to apply new updates to the EU directive and regulation on markets in financial instruments, that would apply to almost all such instruments and almost all market players, in order to get that financial products are tailored to the investors' needs, and so they should be less likely to be misled.

The European Commission presented am ambitious package of proposals to boost the international competitiveness of the EU's aviation industry, which include opening negotiations with key partners to access new business opportunities in the fast growing markets, developing new tools to fight unfair competition and creating the right regulatory conditions to stimulate investment.

Members of the European Economic and Social Committee (EESC) adopted an opinion on the cost of non-Europe. They stressed that it is important in mapping a way out of the financial crisis, but also because it is crucial to the success of the Europe 2020 strategy and the next Multiannual Financial Framework.

The European Commission launched a new plan aimed at unlocking the full potential of the cultural and creative sectors in the EU to boost jobs and growth. In particular, this strategy aims to increase the competitiveness and export potential of these sectors, as well as to maximise their spill-over benefits for other areas such as innovation, ICT and urban regeneration.

The European Commission proposed two Regulations that aim to ensure that patients, consumers and healthcare professionals can reap the benefits of safe, effective and innovative medical devices. The medical device sector is highly innovative, particularly in Europe and has an estimated market value of around €95 billions.

The Internal Market Committee in the European Parliament adopted a non-binding resolution which points to difficulties for EU citizens at opening bank accounts, registering cars and having professional qualifications recognized in the EU and blames these problems on member states' reluctance to implement EU rules swiftly, coordinate with each other and inform citizens of their rights.

On the basis of a revised negotiating box prepared by the Cyprus presidency, the Council discussed the EU's multiannual financial framework (MFF) for the 2014-2020 period. With regard to the overall expenditure ceiling, some member states welcomed the presidency intention to reduce the figures proposed by the Commission and insisted on the need of better spending. Others defended the Commission proposal, arguing that the MFF was the major investment tool for promoting growth and creating jobs. They also expressed their willingness to reach agreement at a special European Council scheduled for 22-23 November.

A loan of €200 million has been granted by the European Investment Bank (EIB) to Banco Santander for financing investment projects carried out by small businesses. Banco Santander will match this amount with a further €200 million, meaning that a total €400 million will be pumped into financing SMEs under the loan agreement.