European Union News - Internal Market

Based on the expectation that inflation rates are to remain above 2% throughout 2012, the Governing Council of the European Central Bank, decided to keep the key ECB interest rates unchanged. Also, the ECB announced the modalities for undertaking Outright Monetary Transactions (OMTs) in secondary markets for sovereign bonds in the euro area. It also announced additional measures to preserve collateral availability for counterparties.

The Single Market Week for New Growth which will be celebrated from 15 to 20 October 2012 will focus on recalling the achievements of 20 years of the Single Market; presenting and discussing new initiatives to stimulate growth in the Single Market; and Mobilizing the views and expectations of young adults about the Single Market.

The Commission is legally obliged to open an anti-dumping investigation following the complaint from EU Pro Sun, an industry association, providing evidence that exporting producers from China are dumping a particular product into the EU and causing injury to the Union industry. The product covered by the investigation is solar panels and their key components, i.e. solar cells and solar wafers.

Following LIBOR manipulation, the European Commission launched a public consultation on possible new rules for the production and use of indices serving as benchmarks in financial and other contracts. The contributions can be made until the 15 November.

The European Commission has unconditionally approved the proposed creation of a joint venture between Vodafone, Telefónica and Everything Everywhere in the field of mobile commerce in the UK. Following its investigation, the Commission concluded that the proposed joint venture will not likely lead to a significant impediment to effective competition in the European Economic Area.

The Civil Liberties Committee in the European Parliament endorsed a draft law to restrict the general public's access to chemicals that can be used to make home-made explosives. Once definitly approved, the new law will mean that consumers will have to obtain a licence to buy these products, although some exemptions will be possible. The text has been already agreed by Parliament and Council representatives.