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Between 4.5 and 8 million immigrants live illegally in the European Union. Most work in sectors such as the building industry, agriculture and hotels. Civil Liberties Committee MEPs examining a proposed directive to penalise employers of illegal immigrants called on Tuesday for penal sanctions in the worst cases, stressed that immigrants must be paid legally and sought to make companies take responsibility for the practices of their sub-contractors.

In September 2008, compared with August 2008, the volume of retail trade fell by 0.2% in the euro area (EA15) and by 0.1% in the EU27. In August retail trade increased by 0.3% and 0.4% respectively.

In the second quarter of 2008, the annual growth rate of net disposable income in the euro area equalled 2.7%, compared with 3.1% in the first quarter of 2008. The annual growth rate of consumption was 4.2% in the second quarter, which was higher than in the first quarter (4.0%). In the second quarter the annual growth rate of net saving declined to -11.8%, from -4.8% in the previous quarter. The annual growth rate of gross fixed capital formation was 3.8% in the second quarter of 2008, compared with 4.4% in the previous quarter.

Jean-Claude Juncker, Chair of the Eurogroup, told the Economic and Monetary Affairs Committee on Tuesday that the risk of the financial system collapsing had diminished, but the real economy was now being affected, and governments should act to help the most vulnerable sections of society. He called for more regulation and supervision of financial markets in future.

The world food price crisis and the climate change debate have put the EU's common agricultural policy (CAP) back in the news spotlight. MEPs and MPs in Brussels on 3 and 4 November for an inter-parliamentary meeting on the future of European agriculture and its global role began reflecting on the CAP's future shape in the context of food and energy challenges.

The World Bank’s Board of Executive Directors today approved two projects totaling 142 million Euros that aim to strengthen Bulgaria’s integration into the European Union and to raise living standards.

In the second quarter of 2008, the seasonally adjusted gross saving rate of households was 13.9% in the euro area (EA15).

In September 2008 compared with August 2008, the industrial producer price index fell by 0.2% in both the euro area (EA15) and the EU27. In August, prices decreased by 0.5% and 0.8% respectively.

European Union economic growth should be 1.4% in 2008, half what it was in 2007, and drop even more sharply in 2009 to 0.2% before recovering gradually to 1.1% in 2010 (1.2%, 0.1% and 0.9%, respectively, for the euro area). The Commission's autumn forecasts show that the EU economies are strongly affected by the financial crisis, which is aggravating housing-market correction in several economies at a time when external demand is fading rapidly.

In October, the Economic Sentiment Indicator (ESI) declined sharply in both the EU and the euro area. It fell by 7.4 points in the EU and by 7.1 points in the euro area, to 77.5 and 80.4 respectively. In both regions, the ESI recorded its largest month-on-month decline ever to hit its lowest level since 1993.