European Union News - Internal Market

The new technologies applicable to constructive methods represent an important opportunity not only for the construction of new buildings but also for renovation of the existing housing stock. This opportunity is one of the elements the European Commission has considered in its new strategy for the European construction industry, a sector which accounts for more than 10% of employment in the EU.

Nearly four years after the adoption of EU guidelines on state aid for environmental protection, the European Commission considers that i is time to take stock on the current situation and the results of their application. The conclusions drawn from this analysis will inform the draft of new guidelines in 2013.

Commission Vice-President and Commissioner for Industry and Entrepreneurship, Antonio Tajani, announced the forthcoming celebration of a round table which will open dialogue on competitiveness of the European steel industry. Steel sector has been one of the most affected by the financial crisis as it is heavily exposed to international competition.

The European Commission has put forward a proposal with a series of measures aimed at strengthening the European security industry, a market whose turnover in the EU is estimated at €30 billion in the European Union. This program will contribute to create a true internal market for EUe security industry.

The European Commission announced that this year it has been received over 400 projects to compete for a chance to enter the European Enterprise Promotion Awards. The 57 national competition winners will now go forward to the pan-European Awards, whose jury will begin reviewing the entries before releasing in September a shortlist of the top 12 entrants to go forward to the final competition.

On 27 of July, the EU Official Journal will publish the new rules that will bring legal certainty and will make it easier for European citizens to handle the legal side of an international will or succession. The Member States now have three years to align their national laws so that the new EU rules become effective.

The European Commission launched a public consultation on a future framework for investment funds. The consultation raises a series of issues and policy options aimed at maintaining investor confidence in money market funds. According to the Commission, the consultation raises a series of issues and policy options aimed at maintaining investor confidence in money market funds. The contributions can be made until 18 of October.

Due to the recent LIBOR scandal, serious concerns have been raised about false submissions of banks' estimated interbank lending rates. Therefore, the European Commission decided to act to address this kind of market manipulation, by adopting amendments to the proposals for a Regulation and a Directive on insider dealing and market manipulation, including criminal sanctions.

The Decision adopted by the European Commission proposes to clarify the provisions of the EU ETS Directive on the timing of auctions of emission allowances. According to Climate Action Commissioner Connie Hedegaard, this short-term measure will improve the functioning of the market. If the political will is there, all the necessary decisions can be taken before the next auctioning phase starts at the beginning of 2013.

The European Commission has given green light until 31 December 2012 to a new Spanish scheme aimed at strengthening the capital basis of credit institutions under EU state aid rules. The scheme serves as a backstop facility for banks with urgent capital needs materialising before the stress test is completed, and will provide state support to banks which need to cover short-term capital needs following the stress test.