Europe’s  economy is going to expand very slowly. The European Central Bank (ECB) has stabilized sovereign debt  markets and systemic risk is for now substantially reduced. But growth will not follow early. Most of the south of Europe has nominal unit labor costs well above Germany’s post- reform levels, and the process of reconvergence with common exchange rate is slow and difficult. Reforms to increase structural flexibility and accelerate a structural shift toward the tradable sectors have been limited.

The European Union is today facing an important turn in its history. The political situation in Europe has importantly shifted over the past few years. Indeed in the current context today’s Euro skepticism is often combined with a new highly concerning rise of extreme parties who, despite their many differences, all share at least one important common thread: they are anti-Euro and anti-Europe. It is this dangerous cocktail of skepticism, lack of interest, and national political instability, that most experts are afraid of.

Codes of conduct are common in many professions and occupations. Codes of conduct provide guidance to individuals on responsible and ethical professional practices. They define rules of behaviour based on core principles and ethical standards for members of the profession or occupation. They increase peer pressure on professionals to comply with certain generally accepted standards. They can also enhance the reputations of individuals by publicizing the principles for which they stand, and provide a means of evaluating the ethics of individuals who practise in the profession.

The EU Commission has intensified its dialogue on the rule of law with candidate and potential candidate countries. In the reports on these countries, the fight against corruption has been highlighted. The aim of the dialogue on the rule of law is to strengthen benchmarking aimed at enhanced transparency at earlier stages of the accession process as well as building capacities and establishing effective tools in fighting corruption in respective countries.