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EU Legislation, Initiatives, etc.
EU News: EU Trade Commissioner Karel De Gucht has launched a joint initiative for improving conditions for workers in Bangladeshi garment factories. The move is a response to the collapse of the Rana Plaza building in Dhaka in April which resulted in over 1,100 deaths.
The Sustainability Compact seeks to improve labour, health & safety conditions for workers, as well as to encourage responsible behaviour by businesses in the ready-made garment industry in the South Asian country.
EU News: As the summer season kicks off, the European Commission is taking action to improve protection for holiday makers by modernising EU rules on package holidays.
The reform responds to a fundamental transformation of the travel market: Citizens are increasingly taking a more active role in tailoring their holidays to their specific requirements, notably by using the internet to combine travel arrangements rather than choosing from ready-made packages out of a brochure.
The reform responds to a fundamental transformation of the travel market: Citizens are increasingly taking a more active role in tailoring their holidays to their specific requirements, notably by using the internet to combine travel arrangements rather than choosing from ready-made packages out of a brochure.
EU News: The European Commission has proposed a Single Resolution Mechanism (SRM) for the Banking Union. The mechanism would complement the Single Supervisory Mechanism (SSM) which, once operational in late 2014, will see the European Central Bank (ECB) directly supervise banks in the euro area and in other Member States which decide to join the Banking Union.
The SRM would ensure that – not withstanding stronger supervision - if a bank subject to the SSM faced serious difficulties, its resolution could be managed efficiently with minimal costs to taxpayers and the real economy.
EU News: The European Commission has adapted its temporary state aid rules for assessing public support to financial institutions during the crisis. The main changes are aimed at improving the restructuring process and the level playing field between banks. In particular, banks will be required to work out a sound plan for their restructuring or orderly winding down before they can receive recapitalisations or asset protection measures.
Moreover, in case of capital shortfalls, bank owners & junior creditors will be required to contribute as a first resort, before banks can ask for public funding.
EU News: The European Commission has recently announced €600m of new funding to unblock congestion in Europe's airspace. The Commission is looking to head off a capacity crunch as the number of flights is forecast to increase by 50% over the next 10-20 years. The goal is to develop the new technology needed to deliver Europe's Single Sky – the ambitious project to reform Europe's airspace, doubling capacity & halving air traffic management costs.
EU News: The European Commission invites comments on a proposal to revise its guidance notice for assessing when minor agreements between companies are not caught by the general prohibition of anticompetitive agreements under EU competition law – See ‘Consultations’ section for more information.
EU News: The European Commission is gathering views on how to reduce the environmental impacts of buildings. The consultation asks citizens, businesses, NGOs and public authorities for ideas on how to reduce the impacts of the construction sector, make buildings more sustainable and create green opportunities for businesses – See ‘Consultations’ section for more information.
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