EU regions develop but unbalances remain The cohesion policy, one of the main fields of competence of the European Union meant to benefit territorial development “promotes regional growth”, although large “economic differences between regions remain”, states the EU Commission’s 5th Report on Economic, Social and Territorial Cohesion. In view of the substantial economic and social developments over recent years – is written in the document – the policy now “has to address new challenges”, in the wider context of the EU budget review, and the objectives of Europe 2020. EU Regional Policy Commissioner, Johannes Hahn, said: “”This report shows how cohesion policy has had a major impact on the European economy, reducing economic differences and promoting environmental and social development. To ensure more value for money, we need to make the policy even more effective, in delivering concrete and measurable result”. EU Commissioner for Employment, Social Affairs and Inclusion László Andor, said: “Cohesion policy has played a crucial role in dealing with the economic crisis and the European Social fund has, in particular, helped to cushion the impact of the crisis on workers and small businesses”. For the Commission this policy helped to create an estimated 1.4 million new jobs, supported small firms and boosted research offering “valuable training opportunities to millions of women and young people”, modernised “transport links”, and improved environmental conditions for millions of Europeans bringing the quality of drinking water and treatment of waste water up to EU standards”. Moreover, the report reveals striking regional differences in areas from productivity, to infant mortality rates and vulnerability to climate change”. On these themes will focus the EU Forum on cohesion (Brussels January 31 – February 1 2011). The Commission will table formal legislative proposals on the future cohesion policy by the summer of 2011.Blueprint for a Common Agricultural Policy “Greener, fairer, more efficient and more effective”: EU Agriculture and Rural Development Commissioner Dacian Ciolos’ thus described the future of European agriculture a few days ago whilst presenting the document titled “the Common Agricultural Policy (CAP) towards 2020 – Meeting the food, natural resources and territorial challenges of the future”. Following discussion by EU27, the EU Commission will present formal legislative proposals in mid-2011, aimed at making European agriculture more competitive. Ciolos added: “The CAP is not just for farmers, it is for all EU citizens – as consumers and taxpayers. It is therefore important that we design our policy in a way which is more understandable to the general public and which makes clear the public benefits that farmers provide to society as a whole”. The future strategy is especially important also since the CAP and rural development represent over 40% of the EU budget. According to the Commissioner the primary objectives to be pursued in this framework are viable food production; sustainable management of natural resources and climate action; maintaining the territorial balance and diversity of rural areas. Financial supervision: in London, Paris and FrankfurtThe meeting of the Economic and Financial Affairs Council of the European Union (ECOFIN) held November 17, adopted legal texts underpinning a reform of the EU framework for supervision of the financial system, that will be operational as from 1 January 2011. Ecofin explains in a note: “The regulations establish a European Systemic Risk Board (ESRB), which will provide macro-prudential oversight of the financial system”, and three new supervisory authorities (a banking authority, a securities and markets authority and an insurance and occupational pensions authority) “at the micro-financial level”. The four new bodies will be part of a European system of financial supervisors, “which will include the supervisory authorities of the member states” that will be sited in London, Paris and Frankfurt. “The purpose of the reform is to eliminate deficiencies that were exposed during the financial crisis”. In the European Council report released at the end of October EU27 Finance ministers agreed to set up a team of experts tasked with evaluating the Commission’s legislative proposals. The committee will be operational until June 2011.
