The annual rate of growth of M3 stood at 5.9% in February 2009, compared with 6.0% in January 2009. The three-month average of the annual growth rates of M3 over the period December 2008 - February 2009 decreased to 6.5%, from 7.1% in the period November 2008 - January 2009.
The Conference Board Leading Economic Index™ (LEI) for the Euro Area decreased 0.3 percent in February to 92.9 (2004 = 100), following a 0.9 percent increase in January and a 1.7 percent drop in December. Falling stock prices, as well as declines by the Economic Sentiment Index and The Purchasing Managers' Index (manufacturing), more than offset the widening interest rate spread.
European aviation will be governed by more efficient rules, leading to shorter flights, fewer delays and reduced fuel consumption, thanks to the adoption today by the European Parliament of the "Single European Sky II" legislation.
Europe leads the world in mobile phone services with the number of subscriptions in 2008 at 119% of the EU population (up 7 percentage points from 2007), well ahead of the US (87%) and Japan (84%). This is a finding of Commission progress report on the single telecoms market.
The effects of the economic crisis on the European car industry and its supply chain are the subject of a cross-party resolution adopted by the EP during this week's Strasbourg plenary. The car industry is a key sector of the European economy, which directly employs 12 million European workers or 6% of the employed population of Europe. MEPs are calling for measures to support job creation in the industry, and to encourage the development of green technologies.
The European Commission and the European Central Bank (ECB) are issuing a joint statement providing further clarification, with the aim of encouraging the European Payments Council (EPC) to launch the SEPA direct debit (SDD) scheme on 1 November 2009.
A gradual increase in minimum tax rates on cigarettes, to at least €1.50 per pack by 2014, and other tobacco products, was backed by the European Parliament in Strasbourg, but it advocated smaller increases than those proposed by the Commission.
Parliament's views on how to get the best out of EU regional policy spending are set out in five own-initiative reports adopted by the European Parliament in Strasbourg on 24 March.
In January 2009 the working day and seasonally adjusted current account of the euro area recorded a deficit of EUR 12.7 billion. In the financial account, combined direct and portfolio investment showed net outflows of EUR 23 billion.
