FACTBOX-EU Commission president sets our priorities

Sept 7 (BestGrowthStock) – European Commission President Jose Manuel
Barroso highlighted the following policy priorities in a speech
to the European Parliament on Tuesday:

ECONOMIC POLICY

— Structural reforms must be accelerated in the next 12
months and the 27 EU member states must show solidarity.

— Europe must tackle severe macro-economic imbalances,
especially in the euro area, and seek to achieve both fiscal
consolidation and growth.

— The executive European Commission will propose a ban on
abusive naked short-selling and tackle credit default swaps, as
well as legislation to outlaw bonuses “for quick wins today that
become big losses tomorrow”.

— Proposals to be presented for taxes on financial
activities in the autumn.

— Proposals will be made on derivatives, credit-rating
agencies and a framework for bank resolution and crisis
management, with the aim of a reformed financial sector by the
end of 2011.

— The European Union will push at the G20 for better global
economic coordination and more stable and responsible financial
markets through reform of international financial institutions
and more effective global financial safety nets.

JOB CREATION

— The Commission will propose a “European Vacancy Monitor”
to help fill the 4 million vacant jobs in the bloc and create a
stronger single market for jobs.

— The Commission will set out plans in October to advance
innovation by promoting world-class universities in Europe and
pushing for a single patent that is valid across the bloc. It
will also seek to cut bureaucracy that is hampering small and
medium-sized businesses.

— An EU “Platform against Poverty” is planned to coordinate
European action to assist vulnerable groups such as children and
the elderly.

HOME AFFAIRS/SECURITY

— The Commission will propose new steps to police borders
and crack down on the exploitation of illegal immigrants, and an
internal security strategy against organised crime and
terrorism.

EU BUDGET

— The Commission will present first ideas for a budget
review in October. Barroso will push for an “ambitious”
post-2013 budget which will aim at “spending more intelligently”
by looking at European and national budgets together.
Possibility seen for efficiency through cooperation in energy
infrastructure, in research and development and defence.

ENERGY/INFRASTRUCTURE

— The Commission will propose an action plan on energy,
infrastructure and energy efficiency in the coming year, looking
into new sources of financing for European infrastructure
projects and proposing the establishment of bonds for EU
projects together with the European Investment Bank. The
Commission will encourage more Public Private Partnerships.

— The Commission aims to create three million “green jobs”
by 2020.

EU AS A GLOBAL PLAYER

— The EU will continue to press on climate change and to
seek credible commitments from other countries for cuts in
harmful emissions.

— The Commission will present a renewed trade policy in
October and commit an additional 1 billion euros in support of
the Millennium Development Goals such as reducing poverty and
developing a global partnership for development.

— The Commission will propose in October the creation of a
European crisis response capacity for global disasters. Barroso
also underlined the need for the EU to adopt a common defence
policy if it wants to punch at its weight in global affairs.

For a story on Barroso’s speech, click on [ID:nLDE6860MM]

For highlights of his speech, click on [ID:nLDE6860EI]

(Compiled by David Brunnstrom)

FACTBOX-EU Commission president sets our priorities