EU finance ministers have on October 15 in Luxembourg approved legislation setting up the Single Supervisory Mechanism and exchanged views on backstop arrangements for bank resolution funds, including in the context of upcoming asset quality review and stress test exercises to be undertaken next year. “The decision on the Single Supervisory Mechanism is particularly important. It will set up one of the pillars of the Banking Union and will certainly add to the credibility of the European financial system,” said...

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The European Parliament’s Committees on Legal Affairs (JURI) and Women’s Rights & Gender Equality (FEMM) have today voted (40 for, 9 against and 2 abstentions) to support a proposal by the European Commission to address the gender imbalance on company boards in Europe. With this vote, the European Parliament (which decides with the Council of Ministers on an equal footing on this proposal), paves the way for further progress of the draft law in the EU legislative process. The vote...

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The European Commission today welcomed the decision by the UN Assembly responsible for International Civil Aviation (ICAO) to decide on a global mechanism to tackle emissions from aviation. The Assembly has agreed to develop by 2016 a global market based mechanism to tackle emissions, which can come into force in 2020. The market based mechanism will be accompanied by a series of technical and operational measures to reduce emissions. With this deal, the aviation industry becomes the first international transport...

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“Online security requires your participation.” That is the EU’s message to citizens about cyber security. Information and communications technology is the bedrock of today’s society and the global economy. Many vital services that deal with commerce, health, safety, and security depend on digital systems, and disruptions caused by either deliberate attacks or even simple technical failures could result in major social and economic damage. By designating October as European Cyber Security Month, the EU draws citizens’ attention to cyber security,...

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Speech by NATO Secretary General Anders Fogh Rasmussen at the Conference "A New Era for EU-US Trade" - Confederation of Danish Industry, Copenhagen Mr. Dybvad, Karsten Ladies and gentlemen, Thank you for that kind welcome. And let me thank the Confederation of Danish Industry for organising this conference. It’s a pleasure to be with you to talk about a topic that is close to my heart: The transatlantic relationship. Some may ask why the Secretary General of NATO should kick off a discussion...

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European Union justice ministers have on October 7 in Luxembourg discussed how to ensure efficient data protection benefitting citizens and businesses and approved an agreement regarding a Directive on the protection of the euro and other currencies against counterfeiting by criminal law, which is one of Lithuanian Presidency priorities in the area of justice. Discussing the data protection reform, ministers presented their positions on the so-called “one-stop-shop” principle, which is one of the key issues in the proposal for a...

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Transition in the patterns of global growth between advanced and developing economies Transition toward different kind of financial sector Stepped up international collaboration critical Countries will need to adopt strong national policies and work together even more closely to manage new transitions under way in the global economy, IMF Managing Director Christine Lagarde said in a speech at George Washington University ahead of the 2013 World Bank-IMF Annual Meetings. Two transitions—economic and financial Lagarde highlighted two new transitions: one in the pattern of economic...

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Following the Workshop on Crowdfunding organised on 3 June 2013 in Brussels, the European Commission has today launched a consultation inviting stakeholders to share their views about crowdfunding: its potential benefits, risks, and the design of an optimal policy framework to untap the potential of this new form of financing. Commissioner for Internal Market and Services Michel Barnier said: "Crowdfunding – this alternative form of fundraising that is collective, participatory and interactive – is becoming increasingly important. It has the...

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'Industrial policy is back!’ This is the message given in the European Commission’s October 2012 communication on industrial policy (COM(2012) 582 final), which seeks to reverse the declining role of the manufacturing industry, and increase its share of European Union GDP from about 16 percent currently to above 20 percent. Historical evidence suggests that the goal is unlikely to be achieved. Manufacturing’s share of GDP has decreased around the world over the last 30 years. Paradoxically, this relative decline...

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The European Commission has proposed to create a new scoreboard to allow for better and earlier identification of major employment and social problems in the framework of the European Semester, the EU's yearly economic policy-making cycle. Further involving trades unions and employers at both the EU and national level in the definition and implementation of policy recommendations during the European Semester, making better use of EU and national budgets to alleviate social distress and removing barriers to job mobility are...

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