Author: inadim

— last modified 22 February 2010 A list of key EU legal terminology: JAdvertisementJoint action A legal instrument under the former Title VI of the EU Treaty that was used between 1993 to 1999. It provided for coordinated action by Member States on behalf of the Union or within the EU framework in cases where the Union’s objectives could be attained more effectively by joint action than by the Member States acting individually. Under the Treaty of Amsterdam it has been replaced by ‘decisions’ and ‘framework decisions’.Joint position A legal instrument under Title VI of the Treaty on European Union…

— last modified 02 October 2009 The European Commission’s Directorate-General for Economic and Financial Affairs (DG ECFIN) strives to improve the economic wellbeing of the citizens of the European Union by developing and promoting policies that lead to sustainable economic growth, a high level of employment, stable public finances and financial stability.AdvertisementEconomic and Financial Affairs DGThe Economic and Financial Affairs DG works mainly on economic policy – whereas monetary policy is the responsibility of the European Central Bank. Its major role is in monitoring the economic performance of the member states, and in that respect it publishes economic forecasts for…

— last modified 20 March 2014 All EU Member States form part of Economic and Monetary Union (EMU), which can be described as an advanced stage of economic integration based on a single market. It involves close co-ordination of economic and fiscal policies and, for those countries fulfilling certain conditions, a single monetary policy and a single currency – the euro.AdvertisementThe process of economic and monetary integration in the EU parallels the history of the Union itself. When the EU was founded in 1957, the Member States concentrated on building a ‘common market’. However, over time it became clear that…

— last modified 02 October 2009 In addition to cutting costs and risk, the European Union’s single currency benefits business by encouraging investments and bringing more certainty to business planning – thus allowing businesses to be more effective overall.AdvertisementMore cross-border tradeA direct benefit of the euro is that, within the euro area, there is no need for businesses to work in different currencies. A company can buy and sell throughout this area, paying and being paid in euro.Previously, when doing business in another EU Member State, a company would need to take account of the risk of fluctuating exchange rates…

— last modified 02 October 2009 The euro is a key global currency which has an important role in international financial markets. It is used widely by third-country governments and private actors worldwide as a currency of choice for their reserves, their borrowing and for trade.AdvertisementThe euro is an attractive currency for the international financial markets because of the size of the euro-area economy, its openness to trade with the world, its commitment to prudent economic management, and the clear mission of the European Central Bank to run a monetary policy that ensures price stability.These factors give international financial markets…

— last modified 02 October 2009 The European Commission’s DG ECFIN oversees programmes which provide access to finance for Small and Medium-sized Enterprises (SMEs). The day-to-day management of these activities is handled by major International Financial Institutions (IFIs). SMEs are the main source of employment and development in the European economies, but they often experience difficulties in gaining access to financing for their business. To alleviate these difficulties, the Commission has put in place a variety of programmes for SME financing through equity, loans, guarantees and grants. The implementation of these activities is handled by the major IFIs (the European…

— last modified 02 October 2009 The 2002 Monterrey Consensus is the partnership between developed and developing countries to find ways of financing development that will meet the Millennium Development Goals. The EU, which provides over half of all official development assistance worldwide, made a number of commitments to achieve this consensus. AdvertisementEU Commitments:The EU agreed to increase its official development assistance to achieve 0.39% of gross national income (GNI) by 2006 (as a step towards the 0.7% target set by the UN). This collective pledge was based on individual promises by some member countries to donate at least 0.33%…

— last modified 02 October 2009 The main objectives of Thematic Programme for Environment and Sustainable Management of Natural Resources including Energy for the period 2007-2013 are to integrate environmental protection requirements into the Community’s development and other external policies and to help promote the Community’s environmental and energy policies abroad in the common interest of the Community and partner countries and regions. AdvertisementThis strategy addresses the following challenges, which have a profound effect on the lives of poor people:rapidly degrading key ecosystems,climate change,poor global environmental governance,inadequate access to and security of energy supply.The response strategy is based on the…

— last modified 02 October 2009 ‘Investing in People (2007 – 2013)’ is the main thematic instrument of the European Commission for support of programmes in the area of human and social development, on top of country programmes that form the corner stone for the implementation of the EC activities in this area.AdvertisementDriven by the ambition to help the EC’s partner countries to achieve the Millennium Development Goals (MDGs), the ‘Investing in people’ programme supports activities under four main pillars:good health for alleducation, knowledge and skillsgender equalityother aspects of human and social development: employment and social cohesion, children, youth and cultureHealthUnder…

— last modified 02 October 2009 When exploring ways to accelerate progress towards achieving Millennium Development Goals (MDG), the European Union (EU) considers how non-aid policies can assist developing countries in attaining the MDGs. The EU activity in this field is not only a key political commitment in the context of the MDGs, but also has a firm legal basis in the Treaty establishing the European Community (Article 178).AdvertisementCommunication from the Commission to the Council, the European Parliament and the European Economic and Social Committee of 12 April 2005 – Policy Coherence for Development – Accelerating progress towards attaining the…