European Union News - Internal Market

The European Parliament approved a report which ask to apply the financial transaction tax even if only some Member States opt for it. MEPs also ask to design better this tax in order to capture more traders and make evasion unprofitable.

The new European Commission's strategy intends to boost the confidence and growth by putting consumers at the heart of the Single Market. For achieving this objective, the European Consumer Agenda has four main objectives, and it also presents a number of key actions to be implemented between now and 2014.

MEPs adopted a resolution which stresses that Member States must formally accept tougher transposition goals. According the European Parliament, it will be also necessary an independent internal market prosecutor with the power to institute infringement proceedings.

The European Commission adopted new rules to ensure that national support measures are designed to preserve the EU objective of decarbonising. In particular, under the new framework Member states may compensate electro-intensive users for part of the higher electricity costs expected to result from a change to the EU Emissions Trading Scheme (ETS) as from 2013.

Joaquín Almunia, European Commissioner responsible for Competition highlighted in a speech last 21 of May that the antitrust investigation launched by the European Commission has led to identify four concerns where Google business practices may be considered as abuses of dominance. Having into account that Google Inc. has repeatedly expressed its willingness to discuss any concerns that the Commission might have, the Commissioner explained that he had sent a letter to Google giving to this company the opportunity to offer remedies to the raised concerns.

The Council position on two proposals amending the EU's rules on credit rating agencies ("CRA 3") has been agreed by the Permanent Representatives Committee on 21 of May. The draft directive specifically amends current directives on undertakings of collective investment in transferable securities (UCITS) and on alternative investment funds managers (AIFM) in order to reduce these funds' reliance on external credit ratings when assessing the creditworthiness of their assets.

The European Commission presented the Your First EURES job pilot project with the aim at improving cross-border mobility for 5,000 people, and thus, at helping young people find jobs. It will also serve as a testing ground for transforming EURES - the network of Member States' employment services – towards a pan-European employment service.

Eurostat published its figures on the taxation trends in the EU which shows the that average standard VAT rate in the EU has risen strongly since 2008. Furthermore, in 2012, the average top personal income tax rate and the corporate tax rates have also increased in the EU.

Compared with the first quarter of 2011, GDP was 0.0% in the euro area and +0.1% in the EU during the first quarter of 2012, i.e. remained stable. In the fourth quarter of 2011, growth rates were -0.3% in both zones.

The list adopted by the Commission, which is based on sound scientific advice, is a list of health claims on food labelling and in advertising, for example on the role of calcium and bone health or vitamin C and the immune system, have become vital marketing tools to attract consumers' attention.

The Economic and Financial Affairs Council meeting ended with an agreement on the conclusions on the future of VAT. Among other things, the Council stressed the importance of ensuring that initiatives designed to arrive at a simpler VAT system for businesses do not impose additional burdens on national authorities. It also agreed with the need to examine in further detail the present EU rules on the application of VAT to the public sector.