European Union News - Internal Market

Recent developments during the Euro debt crisis have highlighted the need for a revision on the regulatory framework of credit rating agencies (CRAs). Concerns have risen over the excessive trust put by financial institutions and institutional investors on external ratings instead of carrying an adequate risk assessment. For that purpose, the European Commission has launched a public consultation which will be open until 7 January 2011 in order to calibrate the scope and ambition of any possible future legislative initiative in the field of credit rating agencies.

European Commissioner Michel Barnier for the Internal Market and Services met United States Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler, during his official visit to the United States. During this visit Commissioner Barnier also had the opportunity to meet some of the most relevant economic authorities in the country such as the Chairman of the Federal Reserve Board, Mr. Ben Bernanke, the US Treasury Secretary, Timothy Geithner, or the President of the New York Federal Reserve Bank, Mr. Bill Dudley.

According to preliminary data published by the European Commission, only three Member states have exceeded their milk quotas in the 2009/2010 quota year. For that reason the superlevy fines have dropped to 19 million Euro, comparing to 99 million in the previous campaign. This reduction is due in a great part to the increase in quotas agreed in 2008.

The European Commission acted on 28 October to ensure fair access to public contracts by referring the Czech Republic to the Court of Justice for not complying with its obligation to award public supply contracts on the basis of public tenders. Commission's decision affects the contract for the purchase of four military tactical transport aircraft CASA-295M by Czech authorities.

The European Commission has looked back in time and analysed the development and challenges faced by the European Single Market with the purpose to put forward a series of measures which will help companies, consumers and workers to fully enjoy its benefits. For that reason, the European Commission has presented the Single Market Act and has open a debate on these measures with all interested parties.

The role of innovation is pivotal in tackling the economic, social and environmental challenges facing Europe, according to the recent Second European Innovation Summit held at the European Parliament in Brussels, Belgium. But getting ideas to market is a road often hampered by administrative bottlenecks and red tape. The causality is European competiveness and research in the global economy.

The Official Journal of the European Union published on 20 October the Regulation Nº 913/2010  of 22 September 2010 concerning a European rail network for competitive freight. This new legislation aims to boost rail freight in Europe fostering the development of a high-quality rail infrastructure management at international level.

Goods imported from outside the EU should clearly state their country of origin, to help consumers make informed choices, say MEPs. Parliament is proposing to allow the country of origin to be indicated in English on labels of goods sold anywhere in the EU. It would also like to see harmonised penalties for breaching the rules

The European Commission called for a dangerous ecstasy-like drug that is still legal in 12 EU countries to be banned. It asked the EU Member States to stop the free spread of the drug "mephedrone" across Europe by submitting it to control measures. Mephedrone is already illegal in 15 EU countries. It has been linked to at least 37 deaths in the UK and Ireland alone.

The Aviation Platform, whose first meeting took place on 20 October, was set up to give strategic advice to the Vice President in order to establish the basis for a sustainable future for air transport and a competitive future for the European aviation industry.