European Union News - Internal Market

The Commission presided the signature of a Memorandum of Understanding (MoU) in which libraries, publishers, authors, and their collecting societies have agreed to a set of Key Principles that will give European libraries and similar cultural institutions the possibility to digitise and make available on line out-of-commerce books and learned journals which are part of their collections.

The special report issued by the European Court of Auditors (ECA) shows that thanks to the European agri-environment support aims to respond to society's increasing demand for environmental services by encouraging farmers and other land managers to introduce or continue to apply agricultural production methods compatible with the protection and improvement of the environment. The report shows on the other hand, the existing problems concerning the aid amounts.

Manufacturing production was 4.5% higher than a year ago, but was almost unchanged compared to the first quarter, in the last three months to July 2011. In addition, EU manufacturing production in recent months has been affected by supply disruptions stemming from the Japanese tsunami.

Finance Ministers of the EU have reached an agreement on Economic Governance Package. The Polish Presidency will now complete the necessary formal procedures in order to make possible for the European Parliament to vote the package already. According to the Ecofin, the new rules will improve budgetary discipline in the Member States and strengthen stability of the EU economy.

According to the latest EU interim forecast, GDP growth is now expected to remain subdued in the second half of the year, coming close to standstill at year-end. Although the soft patch predicted in the spring forecast is now likely to deepen, it will not result in a double dip. Moreover, the current outlook is uncertain, and the balance of risks to this forecast is to the downside.

Parliament approved a resolution that urge EU-wide sanctions against corruption because it costs the EU economy €120 billion per year, almost as much as the EU's annual budget. Also, MEPs requested enhancing transparency in order to prevent and fight corruption that infiltrates in politics and the media.

According to a latest data issued by Eurostat, Euro area annual inflation stable at 2.5% in August, unchanged compared with July. With regard to the EU annual inflation was 2.9% in August 2011, also remains unchanged compared with July.

The report published by the Commission on the EU public finances sets out how Member States' fiscal policies have evolved in the wake of the current crisis. It also proposes a set of reforms to put prevention and debt reduction at the centre of EU budgetary surveillance.

The directive extending the term of protection of the rights of performers and phonogram producers on music recordings within the EU from 50 to 70 years has been adopted by the Council. However, it has been approved with the vote against from the Belgian, Czech, Dutch, Luxembourg, Romanian, Slovak, Slovenian and Swedish delegations and the Austrian and Estonian delegations were abstained.

Compared with 3.9% in June, the annual growth rate of the outstanding amount of debt securities issued by euro area residents was 3.8%. For the outstanding amount of quoted shares issued by euro area residents, the annual growth rate was 1.8% in July 2011, compared with 1.6% in June.

The EU external current account recorded a deficit of €43.2 billion in the second quarter of 2011, compared with a deficit of €33.1 billions in the second quarter of 2010, according to the latest available data. In addition, the external balance of trade in services was in surplus by €22.9 billion.

The European Commission adopted a Communication on security of energy supply and international cooperation. According to the Commission, this Communication sets out for the first time a comprehensive strategy for the EU's external relations in energy which has as main goal to improve coordination among EU Member States in such field.