Other news - October 2011
Commissioner Barnier has given interviews to several television and radio stations following the meeting of the Heads of State and Government of the Euro area.
The European Commission has presented a package of measures to support entrepreneurship and responsible business. First, the Social Business Initiative will help companies that address social objectives as their corporate aim to fulfil their unexploited potential. This initiative is complemented by a new strategy for corporate social responsibility. The Commission has also proposed to revise the 'Accounting' directives and the 'Transparency' directive. This will improve transparency and promote sustainable business among multinationals - in particular those in the forest and mining industries - and will simplify accounting rules for SMEs, allowing them to save up to €1.7 billion per year.
MiFID revision and market abuse: Commission tables new rules for more sound and trasparent financial markets
The European Commission has tabled proposals to revise the Markets in Financial Instruments Directive (MiFID). These proposals consist of a Directive and a Regulation and aim to make financial markets more efficient and transparent, in particular by improving the oversight of less regulated markets and by addressing the issue of excessive price volatility in commodity derivatives markets. The Commission has also proposed a Regulation on market abuse and a Directive to ensure effective sanctions at European level for insider dealing and market manipulation.
Commissioner Michel Barnier welcomes trilogue agreement by Council and Parliament on new rules for short selling and Credit Default Swaps
Last night's agreement by the European Parliament and the Council represents a significant step towards greater transparency, stability and responsibility in short selling transactions and sovereign Credit Default Swap (CDS) markets. It will now need to be formally endorsed by the European Parliament, Council and Commission.
The Commission has presented a roadmap outlining the comprehensive response that is needed to restore confidence in the Euro area and the European Union as a whole. This response is designed to break the vicious circle between doubts over the sustainability of sovereign debt, the stability of the banking system and the European Union's growth prospects'.
Integrating the Outermost Regions (OR) of the European Union into the single market by making better use of their assets with a view to attaining the objectives of the 2020 Strategy: this is the goal of a series of recommendations put forward by the former European Commissioner, Pedro Solbes, in a report presented today to Commissioner Barnier.
"Faced with the enormous societal challenges the current financial crisis is placing in our path, I need your commitment as public representatives, so that the Single Market that we are building together becomes a more positive and concrete reality for everyone." Speech by Commissioner Barnier at the European Parliament.
October 6th 2011 marks the first anniversary of the Innovation Union (IU) flagship initiative, one of the cornerstones of the Europe 2020 strategy for growth and jobs. Over the course of the past year a number of key milestones have been reached. Among them, the proposals to create a unitary European patent under enhanced cooperation, and other initiatives set out in the Single Market Act.
More than a thousand people, including citizens, representatives from the business community, social partners, non-governmental organisations, think tanks, journalists, public authorities and national parliaments gathered in Krakow for the Single Market Forum. Participants were invited to share their ideas on how the Single Market works and to fuel the debate on the future of economic integration in Europe. The European Commission was represented by Commissioners Barnier and Dalli.
"I congratulate the EU finance ministers in finding a unanimous agreement yesterday on this major text that is to bring transparancy and regulation to the OTC derivatives market. We will now move to the final stage of adoption with the European Parliament. I hope to see this important milestone to be in force by the end of the year."