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The weighted tax-to-GDP ratio (i.e. the total amount of taxes and social security contributions) in the EU27 increased to 39.9% in 2006 from 39.3% in 2005. The EU27 tax ratio is nevertheless lower than in 1996 (40.3%) and the peak of 41.0% in 1999. The downtrend which had started in 1999 in most Member States stopped in 2005. In 2006, the overall tax ratio in the euro area (EA15) was 40.5%, up from 39.8% in 2005. Since 1996, taxes in the euro area have followed a similar trend to the EU27, although at a slightly higher level.

Aiming to spur competition among operators and lower phone charges for European consumers, the Commission today starts a public consultation on the future regulation of "voice call termination rates" in the EU based on a draft Commission Recommendation on termination rates.

Despite rising costs and financial market turmoil, high net worth individuals (HNWIs) and ultra-high net worth individuals (Ultra-HNWIs) last year spent considerable amounts of their wealth on investments of passion – tangible luxury items, such as fine art, luxury automobiles, private yachts, sports teams, jewelry, and intangible passion investments, such as "live the dream" experiential vacations, according to the 12th annual World Wealth Report, issued Tuesday, June 24 by Merrill Lynch and Capgemini.

Most jobs in the EU are provided for by Small and Medium Sized Enterprises (SMEs), companies of 250 employees or less. They have a crucial importance for the future development, but very often face enormous bureaucratic hurdles and obstacles. European SMEs deserve to be better assisted to fully unlock their potential of long term sustainable growth and of more job creation. To achieve this goal, the European Commission has unveiled the Small Business Act for Europe (SBA), based on ten guiding principles and proposes policy actions to be undertaken by both the Commission and Member States.

Agricultural Policies in OECD Countries: Monitoring and Evaluation says current policies are limiting the ability of farmers to respond to market signals, to become more competitive and innovative, and thus contribute to improving the global food situation.

Portugal has made significant progress in fiscal consolidation and has launched important structural reforms to modernise the economy and enhance growth. After a weak performance from 2001 to 2005, output growth recovered in the past two years and, in 2007, it reached 1.9%, still insufficient to close the large income gap with wealthier OECD countries. Reaping the full benefits from globalisation in terms of faster and more sustainable growth and a durable decline in unemployment will require securing fiscal consolidation, improving the business environment and enhancing the adaptability of the labour market.

A combination of slower growth in spending on healthcare and expanding economies has led to a stabilisation of health spending as a proportion of GDP in many OECD countries, according to OECD Health Data 2008.

The annual rate of growth of M3 stood at 10.5% in May 2008, unchanged from the previous month. The three-month average of the annual growth rates of M3 over the period March 2008 - May 2008 declined to 10.4%, from 10.6% in the period February 2008 - April 2008.

The US Federal Reserve left rates alone but continued to push its concern about inflation. In the usual statement issued after the two day meeting in Washington which left the Federal Funds rate at 2%, the Fed stopped short of saying that it now sees inflation as the dominant risk.

Ten years of Economic and Monetary Union have been a major success, but improving growth rates is largely up to national governments implementing economic reform, MEPs were told at an Economics Committee hearing on Tuesday. Strengthening the international representation of the eurozone was also a key goal.