"The economic crisis has a global nature, its impact has been global and the remedies must also have a global dimension," said European Commission President José Manuel Barroso in New York today. In his address to the UN General Assembly, he pointed out that "there is a tendency to view the ongoing crisis in the eurozone as distinct from the financial crisis that struck the United States in 2007. But in fact, their causes are the same." President Barroso highlighted Europe's...

Read more

The European Union is set to make its banking sector more resilient to financial shocks following EU's Finance Ministers unanimously approving stricter capital requirements for banks and investment firms."The rules we are proposing are crucial: once adopted, they will profoundly alter the behavior and solidity of financial actors," said Internal Market and Services Commissioner Michel Barnier. "Our overall objective remains to strengthen the resilience of the banking sector in the EU while ensuring that banks continue to finance economic...

Read more

The European Commission today projected economic growth in 2013 at 1.3 percent in the European Union and 1.0 percent in the 17 euro area countries. The euro area economy will shrink by 0.3 percent this year with a recovery forecast to set in slowly from the second half of 2012.  "A recovery is in sight, but the economic situation remains fragile, with still large disparities across Member States," said Olli Rehn, European Commission Vice-President for Economic and Monetary Affairs and...

Read more

On May 11, the European American Chamber of Commerce hosted a high profile, high energy gathering of senior level transatlantic business officials assembled at the New York Stock Exchange to welcome visiting European Union Vice President and Commissioner for Industry and Entrepreneurship, Antonio Tajani. Vice President Tajani was accompanied by a delegation of prominent European industry federations from the chemical, pharmaceutical, luxury goods, energy, construction and venture capital sectors, with the objective of internationalizing businesses in the EU and the U.S. and to start a...

Read more

On 21 May, the European Commission will present the 2012 edition of its Taxation trends report. This report takes stock of the tax systems in the Member States, including extensive and comparable data on their tax structures and rates. The report will include for the first time key data on property taxes in all 27 Member States. The background: The Taxation trends report compiles tax indicators that allow comparison of the tax systems and tax policies between EU Member States. It...

Read more

The G8 summit will take place from 18 to 19 May in Camp David (U.S.). The European Union will be represented by the President of the European Commission, José Manuel Barroso, and the President of the European Council, Herman Van Rompuy. The G8 summit continues to play an important role in shaping global responses to global challenges. This year, G8 Leaders will address the following main topics: regional and political developments and security issues the global economy energy and climate issues food security There will...

Read more

Copenhagen, 11 May 2012 Speech by Herman Van Rompuy, President of the European Council at the Europe Conference in Copenhagen "Building the Europe of the Future: Post Crisis Reflections" It is a pleasure to be in Copenhagen today and to speak here at the "Europe Conference". I accepted this invitation with all the more pleasure that it allows me to also meet the Danish Prime Minister in her capital. Her government is running an outstanding rotating Council Presidency. I am no doubt...

Read more

Brussels, 11 May 2012 Sea ports play an important role facilitating the European Union's external trade (90% of the total, in terms of weight) and internal market exchanges (40% of the total). They provide a service to many other industrial sectors and are nodal points of inter-modal logistic chains of key importance for the sustainable growth of transport in Europe. European ports are also important job generators. At EU level, the extent of the employment effects of port activity (direct, indirect,...

Read more

Brussels, 13 May 2012 Statement by Olli Rehn, Vice President of the European Commission responsible for Economic and Monetary Affairs and the Euro: I welcome the measures announced on Friday by the Spanish authorities to further reform the banking sector. A prompt and profound reform of the banking sector is a cornerstone of Spain's crisis response and its overall reform strategy. It is an indispensable supplement of the determined fiscal consolidation and front-loaded structural reforms that can bring sustainable growth and more and better jobs. The current crisis...

Read more

The draft 2013 budget amounts to about €138bn in payments, 6.8% more than in 2012. The increase is in line with calls by EU governments for more growth-friendly investment. The Commission proposes to concentrate spending on areas most likely to encourage growth and lead to more jobs. More money will be put into research, education, training, energy and transport networks, and improving the EU’s competitiveness, for example. The increase also reflects the additional sums needed for ongoing programmes. The bills for many...

Read more