The updated cepDefault-Index makes clear that the euro crisis has not been averted. The Index shows that, with the exception of Ireland, the crisis countries in receipt of financial assistance have not succeeded in halting the decline in creditworthiness. Italy’s creditworthiness has been deteriorating continuously since 2009. The reforms implemented so far are insufficient.

Moreover the creditworthiness of France is under threat. Even if the French situation is not yet as dramatic as in the southern European countries, it still requires an urgent course correction. A drop in France's creditworthiness could place the entire Euro rescue package in doubt therefore the trend in French creditworthiness is of significant importance for the future development of the Euro Zone.

The Commission wishes to combat offences that have a detrimental effect on the EU budget by harmonising provisions on penalties. To this end, it proposes a harmonisation of the relevant offences and prescription periods for prosecutions as well as minimum sanctions depending on the severity of the offence.

In the EU operators of fixed installations and aviation companies may emit greenhouse gas emissions only if they possess the corresponding emission allowances. According to the Commission, the reduction of prices for emission allowances is a result of the “imbalance between supply and demand”. Now, it proposes options for eliminating structurally and sustainably what it perceives as a "supply-demand imbalance“ in the EU emissions trading system (EU ETS).

The Commission wishes to introduce uniform key information documents on investment products (PRIPS) in order to strengthen investor protection and to create a level playing field for investment product manufacturers. The key information documents must be provided to retail investors before the acquisition of an investment product (e.g. an investment fund) and must have a standardised structure.

The Commission wishes to reduce the greenhouse gas emissions caused by indirect land-use changes. To this end it wishes to limit the amount of how much conventional biofuels count to a maximum of five percentage points of the 10% expansion target, amongst other things.

The Commission proposes a “major and rapid transformation” in the EU’s external aviation policy in order to strengthen the international competitiveness of European airlines, create benefits for consumers and improve public safety and environmental protection. To this end it proposes amongst other things to agree at ICAO level on a global system for CO2 emissions from air transport and to conclude agreements between the EU and third countries on the liberalisation of the national regulations on ownership and control of airlines.

The Commission’s proposal comes as no great surprise. By 2020, 40% of the non-executive directors of stock-listed companies are to be women. In order to comply with the principle of proportionality, several exceptions are allowed. For instance, the Directive applies solely to companies with an annual turnover exceeding 50 million and with more than 250 employees. Where a third of the company’s board of directors are already women, then the quota can be considered fulfilled. And if a company can prove that they could not find any eligible female applicants, they do not have to comply with the quota requirement. With regard to filling the positions on management boards, the introduction of a ‘flexi-quota is proposed’, according to which companies set their own targets.

In order to ensure that companies comply with the quota, Member States must provide for penalties -  what form these may take is up to the Member States. They must, however, be effective, proportionate and serve as a deterrent.

The Commission wishes to reform State aid law and in particular re-target it as to better promote economic growth in Member States. This serves the purpose of implementing the growth strategy “Europe 2020” and of supporting Member States in consolidating their public budgets through a re-targeted State aid approach.

The Fiscal Compact of 2 March 2012 obliges the Contracting Parties to introduce a debt brake into national law. Amongst other things, it provides for a correction mechanism obliging the Contracting Parties directly in case of default. Thus the budgetary discipline of Contracting Parties is to be strengthened. The Commission proposes seven principles which the Contracting Parties should take into in shaping national laws.

The Commission wishes to delegate key tasks of banking supervision from national banking au-thorities to the European Central Bank (ECB). The tasks of the European Banking Authority (EBA) and the voting rules in its supervisory council must be adjusted accordingly.