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ECB President Jean-Claude Trichet told MEPs that risks to price stability were still on the upside, but that more data was needed before any new decision on interest rates could be taken. The economic fundamentals were favourable, though risks to growth prospects were on the downside.

The European Central Bank (ECB) published its annual report on EU banking structures, prepared by the Banking Supervision Committee of the European System of Central Banks (ESCB). The Committee comprises representatives of the national central banks and banking supervisory authorities of the European Union and the ECB.

The results of the October 2007 bank lending survey which refer to the third quarter of 2007 indicate a net tightening of the credit standards for loans to enterprises (from a net easing of -3% in the second quarter of 2007 to 31% in the third quarter of 2007). This follows a long period of standards remaining basically unchanged or being slightly eased. The net tightening most likely reflects the worsening of global credit market conditions. In the third quarter of 2007, banks also reported a net tightening of credit standards for housing loans to households (from a net easing of -1% in the second quarter of 2007 to 12% in the third quarter of 2007), following a slight net easing in the previous quarter. Credit standards for consumer credit and other lending to households were eased slightly, compared with basically unchanged standards in the previous quarter.

The European Builders Confederation (EBC) is clearly opposed to all forms of undeclared work. Undeclared work creates a distortion of competition with companies exercising their activity in full compliance with the law. In addition such illegal employment undermines the viability of European social security systems by reducing available financial resources.

Fitch says in a special report that Germany's major banks' are well positioned to withstand the current market turbulences, while growth in operating profit is likely to slow down.

According to the latest Flash Eurobarometer on entrepreneurial mindset the EU is still lagging behind the US, but over half of the EU’s young people find it desirable to become entrepreneurs within the next five years.

In the Commission Communication "Overcoming the stigma of business failure – for a second chance policy" the Commission proposes that second chances for entrepreneurs whose business failed in the past are promoted.

European Energy Commissioner Piebalgs welcomed the inauguration of the Norwegian Ormen Lange gas field, which will bring new gas supply to Easingtone, UK. At full production, Ormen Lange is expected to meet 20 percent of the UK's gas requirements for 30 - 40 years.

The average cost for setting up a new company in the EU 15 has fallen to € 554 in 2007 compared to € 813 in 2002 and coping with the administrative procedures to register a company was reduced from 24 days in 2002 to about 12 days today. As they are also the biggest providers of new jobs in the EU, small and medium sized enterprises (SMEs) have become truly central to policy-making in the EU. This is the main conclusion of the European Commission’s mid-term review on SME policy.

The 2007 edition of the European Commission's annual scoreboard of companies' spending on research and development (R&D) shows that corporate R&D has increased by 10%, with EU-based companies increasing their R&D investment by 7.4%. This compares to 5.3% growth reported in the 2006 edition. The scoreboard also shows an upward trend in companies' profitability all over the world. The world's biggest investor in R&D in the 2007 Scoreboard is Pfizer of the US, with €5.8 billion. The top EU company is DaimlerChrysler of Germany with €5.2 billion.