EC amends Regulation on certain international accounting standards regarding financial instruments

Due to the current International economic scenario, the European Commission has published in the Official Journal of the European Union on October 16th, some amendments on Regulation (EC) Nº 1725/2003 adopting certain international accounting standards, in accordance with Regulation (EC) Nº 1606/2002 of the European Parliament and of the Council as regards International Accounting Standard (IAS) 39 and International Financial Reporting Standard (IFRS) 7.

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More EC funding to support simulation exercises in the field of the Community Civil Protection Mechanism

The European Commission, DG for Environment, Civil Protection Unit launched October 14th, a call for proposals aiming to improve civil protection preparedness and response for emergencies throughout providing a testing environment and learning opportunity for all actors involved in civil protection assistance interventions under the Community Civil Protection Mechanism. This support will take the form of co-financing grants.

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EC sets out proposal to increase minimum protection for bank deposits to 100,000 €

The European Commission has put forward a revision of EU rules on deposit guarantee schemes that puts into action the commitments made by EU Finance Ministers on October 7th. The new rules are designed to improve depositor protection and to maintain the confidence of depositors in the financial safety net. In the first stage of the application of these new rules bank deposits protection will be increased to 50,000 €.

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How get the most out of EU-quality food and drink? Commission launches consultation

The European Commission adopted on October 15th, 2008, a Green Paper to open the debate on how to help European farmers make the most of the quality of the food and drinks they produce. This consultation responds to current trends in food production, globalisation spreads, increasing pressure from overseas low cost products as well as the evolution of consumer demands. The consultation will be opened until December 31st.

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EU corporate R&D investment growth overtakes US for the first time in five years

R&D investment by EU companies has increased by 8.8% compared to the increased R&D investment by US companies of 8.6%, according to the 2008 edition of the European Commission's annual Industrial R&D Investment Scoreboard. Trends show increased sales and profitability for EU companies and for the first time since records began in 2004, R&D investment growth in the EU companies is greater than that of their US counterparts.

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Commission call for Proposals for the Implementation Plan of Fuel Cells and Hydrogen Joint Undertaking - FCH-JU

The Commission has published in the Official Journal of the European Union on October 15th, 2008, a Call for Proposals referred to the Implementation Plan of Fuel Cells and Hydrogen Joint Undertaking (FCH-JU). This call be opened for submitting proposals until January 15, 2009.

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Coordinators of Trans-European Transport Network present their annual reports for 2007/08

The eight European coordinators have each presented to Vice-President Tajani with their third annual report giving a detailed “state of play” of the priority projects for which they are responsible. These reports provide EU institutions with a detailed  analysis of nine major European projects, showing the important progress which has been made over the past year. For the first time, the two new coordinators for inland waterways and motorways of the sea, have submitted their reports. Alongside, the Commission has launched a broad debate over the future of TEN-T Policy, which will take place in the TEN-T Days 2008, held in Brussels October 14th and 15th.

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Levies for exceeding milk quota amount to 340 M€

According to  a provisional calculation provided by the European Commission, based on Member States' annual declarations, certain Member States face levies totalling just over 340 M€ for exceeding their milk quotas during the 2007/2008 marketing year.

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Council proposes MS contribution to the EDF for 2009 of 1,820 M€

The Council has adopted on October 10th, 2008, a Proposal of Decision (COM (2008) 631 final) about the financial contributions to be made by Member States to the European Development Fund, for the period of 2009 and 2010. The amount of the first instalment of MS contributions for 2009 will be of 1,820 M€.

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EC publishes a new Call for Proposals under the VII FP

The European Commission has published in the Official Journal of the European Union (OJEU) on October 14th, a Call for Proposals concerning the 2009 work programme “People” of the 7th EC Framework Programme for Research, Technological Development and Demonstration Activities (2007-2013) for the coordination and support Researchers' Night actions.

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Commission gives guidance for MS on how to implement measures for banks in crisis

The European Commission has published some guidelines for Member States on how they can best support financial institutions in the current financial crisis whilst respecting EU state aid rules and so avoiding excessive distortions of competition. Those guidelines, based in the EC Treaty rules,  will help MS to put in place coordinated concrete measures to restore confidence in financial markets in accordance with the October 12th Eurogroup declaration.

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Eurogroup leaders reach an agreement on action to safeguard the financial system

The Eurogroup Heads of State and Government held a financial crisis summit in Paris on October 12th, in order to define a joint action plan for the eurozone and the European Central Bank. In this meeting the Eurogroup reinforced the idea of a common framework for MS actions against the financial turmoil and support to their financial system.

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