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Olli Rehn, Commissioner-designate for Economic and Monetary Affairs
José Manuel Barroso, President of the European Commission, announced the portfolio responsibilities for the next Commission on 27 November. The appointments must still be approved by the European Parliament in January. Olli Rehn has successfully served as Commissioner for Enlargement and has a long political career at European level as a Member of the European Parliament, Economic Policy Adviser to the Prime Minister of Finland, and Head of Cabinet of former Finnish Commissioner Liikanen. He has a doctoral degree in international political economy and enjoys a solid reputation in the Council and the European Parliament. Outgoing Commissioner Joaquín Almunia will take over the Competition portfolio and become a Vice-President of the Commission.
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EU Finance Ministers reach "groundbreaking" agreement on new financial supervisory framework
Yesterday the ECOFIN Council agreed on the creation of three European authorities for the supervision of banking, insurances and pensions, which together with the new European Systemic Risk Board, complete the new supervisory framework to be put in place over the course of 2010. Ministers also agreed on a common approach to exit strategies from financial market support measures, which should encourage banks to return to a competitive market through the gradual withdrawal of government guarantees.
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Commission launches consultation on EU 2020 strategy
On 24 November, the Commission issued a consultation document on EU 2020, a new strategy setting long-term goals for 2020 which will be transposed into the Commission's work programme for the next 5 years. EU 2020 aims to deliver greener and socially inclusive growth, and to solidify recovery from the crisis while preventing a similar one from occurring again. Building on the achievements of the Lisbon Strategy, it will take a more integrated approach to fiscal, macro and structural reform policies, and will address, in more depth, key policy areas where the Lisbon Strategy had only limited success, such as knowledge & innovation or market functioning. |
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Business cycle indicators continue to improve
In November, the Economic Sentiment Indicator (ESI) rose to 87.9 (+1.9 points) in the EU and to 88.8 (+2.7) in the euro area. The indicator has improved in both areas for eight consecutive months since its trough in March 2009, but it remains significantly below the long-term average. The Business Climate Indicator (BCI) for the euro area also improved in November for the eighth consecutive month but it remains at a subdued level, suggesting that growth in industrial production has stayed negative. |
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Lisbon Treaty enters into force
The Lisbon Treaty entered into force on 1 December. Under the treaty, the euro area acquires the capacity to decide autonomously on matters regarding euro-area Member States. The Commission’s role as an independent ‘referee’ has also been reinforced. The Commission will now be able to issue direct warnings to Member States whose economic policies are inconsistent with their European commitments or when there is a risk of excessive deficit. The voting process will also be improved since the Member State affected by decisions and recommendations will no longer be allowed to vote on them. |
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Travelling euro exhibition visits Lithuania
The Commission's exhibition “The euro, our currency” continues its European tour with a 2-month visit to Lithuania. The exhibition was shown at various locations in Portugal, Spain and Germany earlier this year. Fun and interactive as well as informative, the exhibition features touch screens, a quiz, computer games for children, a coin press machine, and a video on how and why the euro came to be. It can be seen at the Bank of Lithuania, Kaunas branch, until 7 January, during bank opening hours. |
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