The most prominent current event that has to do with economic and trade issues in the European Union is the continuing crisis with sovereign debt within various EU countries such as Greece, Portugal, and, most currently, Cyprus. This crisis is having a tremendous impact on economies around Europe and even outside of the continent.
The major problem with these countries is that they have taken on too much debt. They have not run their governments in very efficient ways. They have not liberalized their economies well enough and so they lack economic growth. They have borrowed a great deal of money on the international financial markets and are therefore vulnerable when investors in other countries get skittish.
This has affected the economy in the EU and even beyond. When countries like Greece and Portugal need to be bailed out, it is other EU countries that must come up with the money. When this happens, EU members such as Germany might need to raise taxes, borrow money, or cut domestic spending. All of this affects their economies and those of their trading partners. The entire problem affects the value of the euro which also affects trade.
This crisis has been going on for years and is the most important current event related to trade and economics in Europe.