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While the single market has largely been achieved for the EU market for goods, the services sector has lagged behind. This has resulted in sluggish activity, low productivity growth, high prices, that show a wide dispersion and relatively high inflation in this sector. Both the OECD product market regulation study and the European Commission study on internal market barriers conclude that there are large barriers to trade between the EU countries. Since two-thirds of total output in the EU comes from the services sector it is crucial for the EU to pursue reforms of this sector. The proposed Directive on services in the internal market, also called the services directive, will be a helpful tool towards establishing a single market for services if it is implemented as proposed. The European citizens will gain from large welfare effects associated with the convergence of prices towards the best performers and faster trend economic growth. A watering down of the directive will however reduce the beneficial effects and should be avoided. This Working Paper expands on material presented in the 2005 OECD Economic Survey of the Euro Area (www.oecd.org/eco/surveys/eu).

Economics --- European Union

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Top earners have become the subject of intense public and scholarly debate. This is the first paper that comprehensively documents the profiles of the 1% highest paid employees across 18 European countries. The data come from the largest harmonised source available, an employer-based survey that covers the labour income of 10 million employees, excluding the self-employed. The patterns that emerge are broadly common across countries. Workers in the top 1% tend to be 40 to 60 years old, be men, have tertiary education, work in finance or manufacturing, and be senior managers. The analysis also uncovers several cross-country differences. For example, top earners are younger in Eastern Europe, and they include more women in countries with higher overall female employment. The new estimates in this paper are similar to related ones based on administrative records in the few countries for which such studies exist, indicating that the sample is broadly representative of the characteristics of top earners.

Economics --- European Union

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European energy policy faces a number of interrelated challenges, including making the transition to a low–carbon economy, increasing cross–border competition in electricity and gas markets and diversifying Europe’s energy supply. The EU has developed a comprehensive strategy in all of these areas, encapsulated in 2020 targets for reducing greenhouse gas emissions, raising renewable energy and increasing energy efficiency. These targets are underpinned by an Emissions Trading Scheme, legally binding reduction commitments by member states for the emissions not covered by the trading scheme, the third energy liberalisation package and the Energy Security and Solidarity Plan. The steps the EU have taken are worthwhile but there is also room for improvement. To ensure that the transition to a low–carbon economy is achieved at a low cost, the EU should seriously consider including all transport sectors in the Emissions Trading Scheme when practical and appropriate, and ensure that only sectors rigorously identified as being at genuine risk of carbon leakage should continue to receive free allowances until 2020. Consideration should be given to making use of an EU–wide market instrument to deliver the EU’s renewable energy target, and it will be important to ensure that the 10% renewable transport fuel target efficiently achieves its objectives of sustainability and security of supply given the high cost of many renewable transport fuels. Measures to raise energy efficiency will have to be designed carefully so that the overall cost of mitigation is not raised. The Commission’s third energy market liberalisation package should be strengthened by requiring full ownership unbundling of transmission service operators and ensuring the powers of the proposed Agency for Co–operation of Energy Regulators are broad enough to contribute effectively to a truly single European energy market. This Working Paper relates to the 2010 Economic Survey of the European Union. (www.oecd.org/eco/surveys/EuropeanUnion)

Economics --- European Union

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This paper reviews fiscal relations within the European Union in the context of the theory of fiscal federalism and of the principle of subsidiarity. It analyses the fiscal policy implications of the introduction of the single currency, tax harmonisation and competition issues and spending at the EU level. It also speculates as to whether there are economic gains from centralising more expenditure functions at the EU level ...

Economics --- European Union

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Over the past decade, the European Commission, as the institution responsible for implementing the Community Budget, has taken an increasingly active interest in the effectiveness of the control measures applied by Member States to Community funds. Indeed, it is in the common interest of the Member States to exercise proper supervision of Community funds. The responses of EU Member States’ Supreme Audit Institutions (SAIs) to the Commission’s external audit procedures and requirements are divergent for various reasons, including legislative ones. This issue overview paper draws on the separate country papers which describe in more detail the different experiences of selected national SAIs in their co-operation with the Commission’s services and the European Court of Auditors (ECA). The present publication complements SIGMA Paper No. 19 Effects of European Union Accession — Part 1, Budgeting and Financial Control on the impact of accession on budgeting and financial control. In both cases, the approach adopted has been analysis of selected issues for reflection and debate.

Governance --- European Union