Brussels, 23 February 2012 The unexpected stalling of the recovery in late 2011 is set to extend into the first two quarters of 2012. However, modest growth is predicted to return in the second half of the year. On an annual basis, real GDP in 2012 is now forecast to remain unchanged in the EU (0.0%) and to contract by 0.3% in the euro area. Uncertainty remains high and developments across countries are uneven. The inflation forecast for 2012 has...

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On February 24th, the White House announced two important steps to promote consumer privacy rights online and to give users more control over how their personal information is handled.  First, the White House released a comprehensive roadmap for online privacy protection centered on a Consumer Privacy Bill of Rights and robust enforcement by the Federal Trade Commission.  Second, industry has stepped up to the plate by promising to use the "Do Not Track" technology in most major Web browsers to make...

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Finance Ministers of the Eurogroup agreed in Brussels last night on a second financial assistance program for Greece, which they stated "provides a comprehensive blueprint for putting the public finances and the economy of Greece back on a sustainable footing and hence for safeguarding financial stability in Greece and in the euro area as a whole." Euro area Member States will provide through the EFSF and with an expected IMF contribution up to 130 billion euro until 2014, along...

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Flash Consumer Confidence Indicator In February 2012, the DG ECFIN flash estimate of the consumer confidence indicator improved in both the EU (up to -20.1 from -20.8 in January 2012) and the euro area (up to -20.2 from -20.7 in January 2012). Economic sentiment increases in both the EU and the euro area In January, the Economic Sentiment Indicator (ESI) rose by 1.2 points in the EU and by 0.6 points in the euro area, to 92.8 and 93.4, respectively -...

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Euro area countries agreed on providing up to €130bn until 2014 through the European Financial Stability Facility, with the International Monetary Fund expected to make a significant contribution. The complete statement can be reviewed here.

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Brussels, 21 February 2012 - COUNCIL OF THE EUROPEAN UNION The Council today¹ set out its position with a view to negotiations with the European Parliament on two draft regulations aimed at further strengthening economic governance in the euro area: • a regulation for enhanced monitoring and assessment of draft budgetary plans of euro area member states, especially those subject to an excessive deficit procedure; • a regulation on enhanced surveillance of euro area member states that are experiencing severe financial disturbance or...

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The Commission welcomes the USA's acceptance of an government-to-government approach to tackling tax evaders and implementing the US Foreign Account Tax Compliance Act (FATCA). This more business-friendly arrangement for EU financial institutions is the result of intense discussions with the USA, following a letter sent by the Commission and EU Presidency to the US tax authorities in April 2011 (see IP/11/413). Through a government-to-government approach to tax information exchange, the administrative burden, compliance costs and legal difficulties which EU financial institutions...

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