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Achievements and Omissions in the European Council Conclusions on the EU Economy

I’ll make an attempt to list the achievements and the omissions in the European Council conclusions from the meeting on the 17 June 2010 on the EU economy.

Achievements:

The Europe 2020 Strategy – it is supposed to promote a series of reforms aimed at competitiveness and employment, placing research and development at the centre of economic initiatives for the next decade. The aim is to raise to 75% the employment rate for women and men aged 20-64, raising combined public and private investment levels in research and development to 3% of GDP, reducing greenhouse gas emissions by 20%, reducing school drop-out rates to less than 10%, and aiming to lift at least 20 million people out of the risk of poverty and exclusion.

Economic governance – explicit objective for strengthening both the preventive and corrective arms of the Stability and Growth Pact; introducing the concept of dynamic debt; a scoreboard to better assess competitiveness developments and imbalances and allowing for an early detection of unsustainable or dangerous trends; publication of results of ongoing stress tests by banking supervisor; introduction of systems of levies and taxes on financial institutions to ensure fair burden-sharing and to set incentives to contain systemic risk.

Iceland – start of accession negotiations.

Estonia – adoption of the euro on 1 January 2011.

Iran – new sanctions based on UN Security Council Resolution 1929.

Omissions – the European Council failed to produce any specific measures on dealing with growth imbalances and actual, serious fiscal policy coordination. In other words the European Council delayed taking painful decisions on the future of economic governance in the European Union, while setting strategic objectives that may or may not produce effective results.

EU Achievements in 2009

The European Commission has issued its annual multimedia yearbook presenting some of the European Union’s most important achievements of the past year.

The main achievements according to the Commission are:

Paving the way towards economic recovery – The EU and its Member States have mobilised huge resources to put the economy back on its feet and to protect the citizens.

Staying in touch for less – Europeans can stay in touch via mobile phone more easily and more cheaply, thanks to the EU’s efforts to ensure cheaper costs and connections.

Pooling resources to fight dementia – the EU’s €2 billion ‘innovative medicines initiative’ brings together industry and academia to ensure the rapid transition from new science to new medicines.

Tackling climate change – The EU has made it possible to prevent 32 million tonnes of CO2 emissions at the flick of a light switch.

Fighting hunger in the world’s poorest countries – As its €1 billion Food Facility clearly showed in 2009, the EU is tackling poverty and hunger across the globe.

Caring for the environment – To keep the environment as clean as possible, the EU has brought in new rules to cut down on harmful pollutants from petrol or pesticides.

Rebuilding Europe when disaster strikes – EU countries have acted rapidly to support one another, by sending aid to areas affected by natural disasters, as was the case for the Abruzzo earthquake in 2009.

Giving bank customers value for money – The EU created the single market for the benefit of citizens as well as companies; now it is making sure that banks give their customers a fair deal.

Protecting animals on land and in the oceans – the EU has made it illegal to put seal products on the market and proposed a new action plan to save sharks.

Keeping online shopping hassle-free – the EU has cracked-down on websites that were not giving consumers the rights they are entitled to under EU laws.