EUROPA - Newsroom - Latest stories - Economy, finance, tax and competition

Stricter rules for credit rating agencies to enter into force

18/06/2013 - Economy, finance, tax and competition

The new rules aim to reduce over-reliance on credit ratings while at the same time improving the quality of the rating process. Credit rating agencies will have to be more transparent when rating sovereign states.

May 2013 : Euro area annual inflation up to 1.4%, EU up to 1.6%

14/06/2013 - Economy, finance, tax and competition / Statistics

Euro area annual inflation was 1.4% in May 2013, up from 1.2% in April. A year earlier the rate was 2.4%. Monthly inflation was 0.1% in May 2013.

Fighting tax evasion: Commission proposes widest scope of automatic exchange of information within the EU

12/06/2013 - Economy, finance, tax and competition

Under the proposal, dividends, capital gains, all other forms of financial income and account balances, would be added to the list of categories which are subject to automatic information exchange within the EU.

Commission presents an action plan for the steel sector

11/06/2013 - Business / Economy, finance, tax and competition

The European Commission puts forward an action plan for the European Steel Industry to help this sector confront today’s challenges and lay the foundations for future competitiveness by fostering innovation, creating growth and jobs.

EU strategy to step up fight against illicit tobacco trade

06/06/2013 - Economy, finance, tax and competition / Justice and citizens rights

The European Commission has adopted a comprehensive package to step up its fight against illicit tobacco trade, especially cigarette smuggling.

European Central Bank keeps interest rates unchanged

06/06/2013 - Economy, finance, tax and competition

The Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.50%, 1.00% and 0.00% respectively.

Commission concludes that Latvia is ready to adopt euro in 2014

05/06/2013 - Economy, finance, tax and competition / Institutional affairs

The Commission concludes that Latvia has achieved a high degree of sustainable economic convergence with the euro area and proposes that the Council decide on Latvia’s adoption of the euro as from 1 January 2014. |PHOTOS|VIDEO 1|2|

May 2013: Business and Consumer surveys

30/05/2013 - Business / Economy, finance, tax and competition

In May 2013, the Business Climate Indicator (BCI) for the euro area increased by 0.28 points to ‑0.76. The Economic Sentiment Indicator (ESI) increased by 1.1 points in the EU, to 90.8, and by 0.8 points in the euro area, to 89.4.

Moving Europe beyond the crisis: country-specific recommendations 2013

29/05/2013 - Economy, finance, tax and competition

The European Commission has adopted recommendations to EU Member States designed to move Europe beyond the crisis and strengthen the foundations for growth. |PHOTOS|VIDEO 1|2|

EU leaders agree to step up the fight against tax fraud

22/05/2013 - Economy, finance, tax and competition / Institutional affairs

Extending automatic exchange of information at both the EU and global level is a priority task in fighting tax evasion and tax avoidance, say the EU leaders in the summit conclusions. |PHOTOS 1|2|3|4|VIDEO|

April 2013: Euro area annual inflation down to 1.2% EU down to 1.4%

16/05/2013 - Economy, finance, tax and competition / Statistics

Euro area annual inflation was 1.2% in April 2013, down from 1.7% in March. A year earlier the rate was 2.6%. European Union annual inflation was 1.4% in April 2013, down from 1.9% in March. A year earlier the rate was 2.7%.

Main results of the Economic and Financial Affairs

14/05/2013 - Economy, finance, tax and competition / Institutional affairs

The Council adopted a mandate for the Commission to negotiate updated savings tax agreements with Switzerland, Liechtenstein, Monaco, Andorra and San Marino. It also adopted conclusions on tax evasion and tax fraud. |PHOTOS|VIDEO|

President Barroso calls for progress on energy and tax fraud and evasion

08/05/2013 - Economy, finance, tax and competition / Energy and natural resources / Institutional affairs

President Barroso has made a push to make significant progress on energy and tax fraud and evasion at the European Council on 22 May.

Bank accounts: Commission acts to make bank accounts cheaper, more transparent and accessible to all

08/05/2013 - Economy, finance, tax and competition

European Commission publishes its proposal for a Directive on the transparency and comparability of payment account fees, payment account switching and access to a basic payment account.

Spring 2013 forecast: The EU economy – slowly recovering from a protracted recession

03/05/2013 - Economy, finance, tax and competition

Following the recession that marked 2012, the EU economy is expected to stabilise in the first half of 2013. GDP growth is projected to turn positive gradually in the second half of the year before gaining some traction in 2014. |PHOTOS|

European Central Bank lowers interest rates

02/05/2013 - Economy, finance, tax and competition

The Governing Council of the ECB decided to decrease the interest rate on the main refinancing operations of the Eurosystem by 25 basis points to 0.50%, starting from the operation to be settled on 8 May 2013. The interest rate on the marginal lending facility will be decreased by 50 basis points to 1.00%, with effect from 8 May 2013.

Improving access to finance for SMEs: key to economic recovery

02/05/2013 - Business / Economy, finance, tax and competition

Small and medium sized enterprises (SMEs) will drive the recovery in Europe, but they need improved and easy access to finance. Over the last few years the European Commission has been constantly working to improve their situation.

April 2013: Business and Consumer surveys

29/04/2013 - Business / Economy, finance, tax and competition / Statistics

In the euro area, the Economic Sentiment Indicator's decline was broad-based across all business sectors, with services witnessing the sharpest drop, while consumer confidence went up. The Business Climate Indicator for the euro area decreased by 0.18 points to 0.93.

Taxation trends in the European Union : The overall tax-to-GDP ratio in the EU27 up to 38.8% of GDP in 2011

29/04/2013 - Economy, finance, tax and competition / Statistics

The tax burden varies significantly between Member States, ranging in 2011 from less than 30% in Lithuania (26.0%), Bulgaria (27.2%), Latvia (27.6%), Romania (28.2%), Slovakia (28.5%) and Ireland (28.9%), to more than 40% in Denmark (47.7%), Sweden (44.3%), Belgium (44.1%), France (43.9%), Finland (43.4%), Italy (42.5%) and Austria (42.0%).

Commission report underlines importance and urgency of financial sector reforms as a basis to restore long-term growth

25/04/2013 - Economy, finance, tax and competition

Overall, the report shows that despite improvements, the financial crisis continued to exert a significant impact in holding back economic growth in 2012. |PHOTOS|

Fighting tax evasion: Commission sets up a Platform for Tax Good Governance

23/04/2013 - Economy, finance, tax and competition

The Platform will monitor Member States' progress in tackling aggressive tax planning and clamping down on tax havens, in line with the Recommendations presented by the Commission last year. |PHOTOS|VIDEO|

EU Cohesion Policy is helping to weather the crisis and produce growth, says Commission 2013 Strategic Report

18/04/2013 - Economy, finance, tax and competition / Regions and local development

With 4 more years to go until the programmes finish in 2015, investments under the European Regional Development Fund, Cohesion Fund and European Social Fund have already led to progress and improvement for many citizens. |VIDEO|

Parliament votes reform package to strengthen EU banks

16/04/2013 - Economy, finance, tax and competition

From 1 January 2014, EU banks will be stronger. Changes voted by Parliament will cap banker's bonuses to curb speculative risk-taking, step up capital provisions to help banks cope better with crises and stiffen supervision.

Commission concludes in-depth reviews of macroeconomic imbalances in 13 Member States

10/04/2013 - Economy, finance, tax and competition

The in-depth reviews have found that the macroeconomic adjustment in Europe is proceeding, though with differences in nature and pace among Member States. |PHOTOS|

European Central Bank keeps interest rates unchanged

04/04/2013 - Economy, finance, tax and competition

The Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.75%, 1.50% and 0.00% respectively.

March 2013: Business and Consumer surveys

27/03/2013 - Business / Economy, finance, tax and competition / Statistics

In March 2013, the Business Climate Indicator (BCI) for the euro area decreased by 0.14 points to 0.86. The Economic Sentiment Indicator (ESI) decreased in both the euro area and the EU, putting on hold the recovery that had started in November of last year.

Eurogroup reaches an agreement with Cyprus

25/03/2013 - Economy, finance, tax and competition / Institutional affairs

The euro area finance ministers reached a political agreement with the Cyprus authorities on the key elements paving the way for the future economic adjustment programme. The aim of the programme is to form the basis for restoring the soundness of Cyprus' public finances and the viability of its financial sector. The |VIDEO 1|2|

European Commission launches Green Paper on the long-term financing of the European economy

25/03/2013 - Economy, finance, tax and competition

Europe faces large-scale long-term investment needs, which are crucial to support sustainable growth. To fund long-term investment, governments, businesses and households need access to predictable long term financing. |PHOTOS|

A Free Trade Agreement between the EU and Japan

25/03/2013 - Economy, finance, tax and competition

The EU and Japan officially launched the negotiations for a Free Trade Agreement. The aim is for a comprehensive agreement in goods, services and investment eliminating tariffs, non-tariff barriers and covering other trade-related issues, such as public procurement, regulatory issues, competition, and sustainable development.

Main results of the Environment Council

21/03/2013 - Economy, finance, tax and competition / Environment, consumers and health

The Council adopted a new venture capital framework aimed at facilitating access to finance for European companies. It also adopted an energy infrastructure regulation, which will help to modernise and expand Europe's energy infrastructure in order to allow the EU to meet its core policy objectives of competitiveness, sustainability and security of supply. |PHOTOS|VIDEO|

Commission sets out next steps towards a deep and genuine Economic and Monetary Union

20/03/2013 - Economy, finance, tax and competition

The European Commission presented two new Communications on the next steps towards a deep and genuine Economic and Monetary Union (EMU). The aim is to strengthen economic policy coordination and integration in the euro area.

Leaders endorse EU's economic priorities for 2013

15/03/2013 - Economy, finance, tax and competition / Institutional affairs

At the European Council meeting on 14-15 March the EU leaders endorsed the Union's economic priorities for 2013 and provided strategic guidance for the member states' national budgetary policies and structural reforms for this year. |PHOTOS 1|2|3|VIDEO 1|2|

Long-term EU budget negotiations: EP sets out its stance

13/03/2013 - Economy, finance, tax and competition

Parliament's mandate to negotiate the EU budget for 2014-2020 with the EU member states' Irish Presidency was approved in a resolution. Parliament rejects the 8 February European Council conclusions in their current form. |VIDEO|

Green light for economic governance "two pack"

12/03/2013 - Economy, finance, tax and competition

The next round of EU economic governance legislation will do more to deliver growth and the European Commission's new powers to vet Eurozone countries' budgets will be better democratically controlled, thanks to the “two pack” economic governance legislation voted by Parliament. |VIDEO|

European Central Bank keeps interest rates unchanged

07/03/2013 - Economy, finance, tax and competition

The Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.75%, 1.50% and 0.00% respectively.

Bank capital requirements: Council reaches broad political agreement

05/03/2013 - Economy, finance, tax and competition

The Economic and Financial Affairs Council broadly endorsed the outcome of the most recent political trilogue of 27 February 2013 with the European Parliament on stricter capital requirements for banks ("CRD 4" package). |PHOTOS|VIDEO|

MEPs cap bankers' bonuses and step up bank capital requirements

28/02/2013 - Economy, finance, tax and competition

Bankers' annual bonuses must not normally exceed their annual salaries and banks must hold more high quality capital to increase stability in the sector, says a deal reached by European Parliament and Council negotiators.

January 2013: Euro area annual inflation down to 2.0% EU down to 2.1%

28/02/2013 - Economy, finance, tax and competition / Statistics

Euro area annual inflation was 2.0% in January 2013, down from 2.2% in December 2012. A year earlier the rate was 2.7%. EU annual inflation was 2.1% in January 2013, down from 2.3% in December 2012. A year earlier the rate was 2.9%.

February 2013: Business and Consumer surveys

27/02/2013 - Business / Economy, finance, tax and competition

In February 2013, the Business Climate Indicator (BCI) for the euro area increased by 0.36 points to 0.73. The Economic Sentiment Indicator (ESI) continued its recovery that has started in October/November of last year.

Financial Transaction Tax under Enhanced Cooperation: Commission sets out the details

14/02/2013 - Economy, finance, tax and competition

The proposal follows EU Finance Ministers' agreement last month to allow the 11 Member States to move ahead with an FTT under enhanced cooperation.

Ecofin sets guidelines for a sustainable economy

12/02/2013 - Economy, finance, tax and competition

The Ecofin Council discussed actions to support budgetary discipline and competitiveness, such as guidelines for the EU's 2014 budget, the annual growth survey, the alert mechanism report, and the fiscal sustainability report.

MFF agreed by EU leaders

08/02/2013 - Economy, finance, tax and competition / Institutional affairs

The European Council reached agreement on the next multiannual financial framework (MFF), which defines the budgetary priorities of the EU for the years 2014-2020.

Things we learnt in the February plenary

08/02/2013 - Economy, finance, tax and competition / Institutional affairs

French president François Hollande spoke of the need for common growth-oriented policies when debating Europe with MEPs in Strasbourg, while the plenary sent a stark warning to governments not to try to impose unreasonable cuts on the EU budget.

Leaders to focus on the budget framework and on trade

06/02/2013 - Economy, finance, tax and competition / Institutional affairs

European Council President Herman van Rompuy has invited the EU's heads of state or government to a meeting on 7 and 8 February. The main purpose, he stated in his invitation letter, is "to agree on the next Multiannual Financial Framework (MFF)". Other points on the agenda include trade and international relations.

European Commission strengthens the protection of the euro by means of criminal law

05/02/2013 - Economy, finance, tax and competition / Justice and citizens rights

The European Commission has proposed to crack down on criminals who counterfeit euro notes and coins. Counterfeiting of the euro is estimated to have cost at least €500 million since the currency was introduced in 2002.

Anti-Money Laundering: Stronger rules to respond to new threats

05/02/2013 - Economy, finance, tax and competition / Justice and citizens rights

The Commission has adopted two proposals to reinforce the EU's existing rules on anti-money laundering and fund transfers.

Council prepares February summit

04/02/2013 - Economy, finance, tax and competition / Institutional affairs

The Council examined draft conclusions for the European Council meeting to be held on 7-8 February. The main aim for EU leaders will be to agree on the EU's multiannual financial framework (MFF) for the 2014-2020 period.

Commission adopts a European Retail Action Plan and consults on unfair trading practices

31/01/2013 - Business / Economy, finance, tax and competition

The European Commission has adopted a European Retail Action Plan and a Green Paper on unfair trading practices in the business-to-business food and non-food supply chain.

January 2013: Business and Consumer surveys

30/01/2013 - Business / Economy, finance, tax and competition

In January 2013, the Business Climate Indicator (BCI) for the euro area remained broadly unchanged at -1.09. The Economic Sentiment Indicator (ESI) increased by 1.4 points in both the EU (to 90.6) and the euro area (to 89.2).

The EU launches enhanced cooperation on the financial transaction tax

22/01/2013 - Economy, finance, tax and competition

The Ecofin Council adopted a decision authorising eleven member states to go ahead with enhanced cooperation on a financial transaction tax (FTT).

Mr Dijsselbloem appointed new Eurogroup president

22/01/2013 - Economy, finance, tax and competition / Institutional affairs

The Eurogroup appointed its new president, Dutch Minister of Finance Jeroen Dijsselbloem. Mr Dijsselbloem takes over from Jean-Claude Juncker and will hold the post for two and a half years.

Tougher credit rating rules confirmed by Parliament's vote

16/01/2013 - Economy, finance, tax and competition

New rules on when and how credit rating agencies may rate state debts and private firms' financial health were approved by Parliament.

December 2012: Euro area annual inflation stable at 2.2% EU down to 2.3%

16/01/2013 - Economy, finance, tax and competition / Statistics

Euro area annual inflation was 2.2% in December 2012, the same as in November. A year earlier the rate was 2.7%.

European Central Bank keeps interest rates unchanged

10/01/2013 - Economy, finance, tax and competition

The Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.75%, 1.50% and 0.00% respectively.

Customs: strengthening the security of the supply chain

08/01/2013 - Business / Economy, finance, tax and competition

The Commission adopted a Communication on Customs Risk Management and the Security of the Supply Chain. It sets out a strategy to enable customs to better tackle risks associated with goods being traded in international supply chains.

December 2012: Business and Consumer Surveys

08/01/2013 - Economy, finance, tax and competition

In December the Economic Sentiment Indicator (ESI) improved by 1.3 points in the euro area, to 87.0 and remained broadly unchanged (+0.3 points) at 88.4 in the EU. The Business Climate Indicator (BCI) for the euro area increased slightly by 0.05 points to 1.12.

“Fiscal compact" entered into force on 1 January 2013

21/12/2012 - Economy, finance, tax and competition / Institutional affairs

The Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (popularly known as the "fiscal compact") will enter into force on 1 January 2013 following its ratification by Finland. The treaty aims to strengthen fiscal discipline in the euro area through the "balanced budget rule" and the automatic correction mechanism.

Customs: Boosting EU competitiveness, protecting EU citizens in the 21st century

21/12/2012 - Economy, finance, tax and competition / Justice and citizens rights

The European Commission adopted a Communication on the State of Customs Union. The Communication takes stock of the current state of the EU customs union, identifies the challenges that it currently faces, and sets out priority actions for ensuring its future evolution.

Commission adopts implementing rules for the Directive on Alternative Investment Fund Managers

19/12/2012 - Economy, finance, tax and competition

It also adopts technical standards for the regulation on OTC derivatives. The AIFMD is part of the Union's response to the financial crisis, and aims to create a comprehensive and effective regulatory and supervisory environment for alternative investment fund managers in Europe.

Fighting tax evasion: stronger EU rules enter into force on 1st January

17/12/2012 - Economy, finance, tax and competition

One of the key aspects of the Directive on Administrative Cooperation in the field of taxation is that it brings an end to bank secrecy. On the same date new EU VAT rules enter into effect, which will make life much simpler for businesses across Europe.

European Council conclusions

14/12/2012 - Economy, finance, tax and competition / Institutional affairs

The European Council agreed on a roadmap for the completion of the Economic and Monetary Union, based on deeper integration and reinforced solidarity.

November 2012: Euro area annual inflation down to 2.2% - EU down to 2.4%

14/12/2012 - Economy, finance, tax and competition / Statistics

Euro area annual inflation was 2.2% in November 2012, down from 2.5% in October. A year earlier the rate was 3.0%. Monthly inflation was -0.2% in November 2012.

Taxation: Clarifying EU rules on car taxes

14/12/2012 - Economy, finance, tax and competition / Transport and travel

The Commission presented a Communication clarifying EU rules on car taxation and recommending measures to strengthen the Single Market in this area.

Council agrees position on single supervisory mechanism

13/12/2012 - Economy, finance, tax and competition / Institutional affairs

EU finance ministers agreed on the general approach on the legislative package that establishes single supervisory mechanism (SSM) for the oversight of credit institutions, which is a key element in the EU's plan to establish a banking union.

Parliament confirms deal on 2012 and 2013 budget package

12/12/2012 - Economy, finance, tax and competition / Institutional affairs

Six billion Euros to pay bills in 2012, priority for growth and jobs in next year's budget and a strategy for dealing with payment shortfalls in 2013 – these are the main parts of the budget package formally adopted by Parliament.

Clamping down on tax evasion and avoidance: Commission presents the way forward

06/12/2012 - Economy, finance, tax and competition

The Commission presented an Action Plan for a more effective EU response to tax evasion and avoidance. It sets out a comprehensive set of measures, for now and for the future, to help Member States protect their tax bases and recapture billions of euros legitimately due.

Stricter EU rules on credit rating agencies agreed

05/12/2012 - Economy, finance, tax and competition

Credit rating agencies in the EU will soon be operating according to an amended set of rules recently agreed by the Council and the European Parliament.

Economic and Financial Affairs

04/12/2012 - Economy, finance, tax and competition

The Council agreed to adjust fiscal consolidation measures required of Greece, granting it an additional two years to correct its excessive budget deficit in the light of an agreement between the Greek government and the "troika" of international creditors.

November 2012 : Business and Consumer Surveys

29/11/2012 - Business / Economy, finance, tax and competition

In November 2012, the Business Climate Indicator (BCI) for the euro area increased by 0.42 points to -1.19. The Economic Sentiment Indicator (ESI) increased by 2.0 points in the EU, to 88.1, and by 1.4 points in the euro area, to 85.7.

Annual Growth Survey 2013: Charting the course to recovery

28/11/2012 - Business / Economy, finance, tax and competition / Employment and social rights

The European Commission adopted the 2013 Annual Growth Survey (AGS), setting out five priorities designed to guide Member States through the crisis to renewed growth: pursuing differentiated, growth-friendly fiscal consolidation; restoring normal lending to the economy; promoting growth and competitiveness for today and tomorrow; tackling unemployment and the social consequences of the crisis; and modernising public administration.

A Blueprint for a deep and genuine Economic and Monetary Union: Launching a European debate

28/11/2012 - Economy, finance, tax and competition / Institutional affairs

The European Commission adopted a Blueprint for a deep and genuine Economic and Monetary Union, which provides a vision for a strong and stable architecture in the financial, fiscal, economic and political domains.

Eurogroup approves next disbursement to Greece

27/11/2012 - Economy, finance, tax and competition / Institutional affairs

The Greek programme got back on track, when the Eurogroup on 26 November 2012 gave political approval to the next disbursement of financial aid to Greece. Ministers commended Greek policy actions and agreed on a package of measures to ensure Greek debt will be sustainable.

Commission's new proposal for EU budget 2013

26/11/2012 - Economy, finance, tax and competition / Institutional affairs

The Commission is presenting a new Draft Budget for 2013. The new proposal takes into account elements to facilitate convergence between the European Parliament and the Council as well as the imperative need to honour past commitments.

EU seven-year budgetary framework: work will continue

23/11/2012 - Economy, finance, tax and competition / Institutional affairs

Following constructive discussions on the EU's Multiannual Financial Framework (MFF) 2014-2020, the European Council on 23 November 2012 mandated President Herman Van Rompuy to pursue the consultations to find a consensus among all EU leaders.

Budget 2012/2013: Don't try to push the EU into deficit, say MEPs

21/11/2012 - Economy, finance, tax and competition / Institutional affairs

Parliament's President Martin Schulz urged the blocking minority of member states to stop preventing the Commission from paying bills it is legally obliged to pay.

Final preparations for summit on 2014-2020 budget framework

20/11/2012 - Economy, finance, tax and competition / Institutional affairs

The General Affairs Council held its last meeting before the special European Council on 22-23 November. The summit is dedicated to the EU's multiannual financial framework (MFF) for 2014-2020.

Accountability is vital to future Economic and Monetary Union, say MEPs

20/11/2012 - Economy, finance, tax and competition / Institutional affairs

Powers transferred to the EU level to strengthen economic and monetary union must be matched by enhanced accountability, says a resolution adopted by the European Parliament.

Euro area annual inflation down to 2.5% - EU down to 2.6%

15/11/2012 - Economy, finance, tax and competition / Statistics

Euro area annual inflation was 2.5% in October 2012, down from 2.6% in September. A year earlier the rate was 3.0%. EU annual inflation was 2.6% in October 2012, down from 2.7% in September. A year earlier the rate was 3.4%.

EU budget 2013: more efforts needed

14/11/2012 - Economy, finance, tax and competition / Institutional affairs

The Council had to take note of the impossibility to reach an agreement with the European Parliament on the 2013 budget and other related items.

Main results of the Economic and Financial Affairs Council

13/11/2012 - Economy, finance, tax and competition

The Council amended its negotiating position on the so-called "two-pack" of proposals aimed at further improving economic governance in the euro area. The proposals provide for enhanced monitoring of member states' budgetary policies, as well as strengthened surveillance of countries experiencing financial difficulties.

EU Budget 2013: negotiations to continue

09/11/2012 - Economy, finance, tax and competition / Institutional affairs

The Council and the European Parliament, meeting within the Conciliation Committee, could not yet reach agreement on the 2013 EU budget and other related items.

European Central Bank keeps interest rates unchanged

08/11/2012 - Economy, finance, tax and competition / Statistics

The Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.75%, 1.50% and 0.00% respectively.

Autumn forecast 2012-14: sailing through rough waters

07/11/2012 - Economy, finance, tax and competition

The short-term outlook for the EU economy remains fragile, but a gradual return to GDP growth is projected for 2013, with further strengthening in 2014.

October 2012 : Business and Consumer Surveys

30/10/2012 - Business / Economy, finance, tax and competition

In October 2012, the Business Climate Indicator (BCI) for the euro area decreased by 0.28 points to 1.62. The Economic Sentiment Indicator (ESI) remained unchanged in the EU, at 86.2, and declined by 0.7 points in the euro area, to 84.5.

EP: Presidency MFF proposal puts EU policies in jeopardy

30/10/2012 - Economy, finance, tax and competition

Parliament's key negotiators on the EU long-term budget for 2014-2020 expressed dismay at the Cypriot Presidency proposal for the so-called multiannual financial framework (MFF).

Faster and simpler access to EU funds for European businesses, towns, regions and scientists

29/10/2012 - Economy, finance, tax and competition

Following the recent entry into force of the new Financial Regulation the Commission has adopted its new detailed Rules of application.

EU budget 2013: avoid payments shortfalls and invest in growth and jobs

23/10/2012 - Economy, finance, tax and competition / Institutional affairs

To enable the EU to pay its bills in 2013, Council cuts in the European Commission's budget proposal must be reversed, said Parliament in a vote. Reinstating funding for payments in 2013 would help to protect popular EU programmes, such as Erasmus Mundus and the Social Fund, against funding shortfalls like those that disrupted them this year.

Commission proposes green light for enhanced cooperation on financial transactions tax

23/10/2012 - Economy, finance, tax and competition

The 10 Member States that wish to apply an EU financial transaction tax (FTT) through enhanced cooperation should be allowed to do so, because all the legal conditions for such a move are met.

European Council in Brussels on 18 and 19 October

19/10/2012 - Economy, finance, tax and competition / Institutional affairs / External relations and foreign affairs

The European Council reiterated its firm commitment to take resolute action to address financial market tensions, restore confidence and stimulate growth and jobs.

Commission reduces 2013 draft EU budget

19/10/2012 - Economy, finance, tax and competition

Following the usual autumn update of EU funding needs in agriculture, and reflecting the international fisheries negotiations, the Commission agreed to decrease by EUR 25.1 million its draft budget for 2013 presented this April.

September 2012: euro area annual inflation stable at 2.6% EU stable at 2.7%

16/10/2012 - Economy, finance, tax and competition / Statistics

Euro area annual inflation was 2.6% in September 2012, unchanged compared with August. EU annual inflation was 2.7% in September 2012, unchanged compared with August.

Main results of the Economic and Financial Affairs Council

09/10/2012 - Economy, finance, tax and competition / Institutional affairs

The Council adopted a decision modifying the conditions underpinning financial assistance to Portugal, granting it an additional year, until 2014, to correct its excessive deficit.

The European Stability Mechanism inaugurated

08/10/2012 - Economy, finance, tax and competition / Institutional affairs

This mechanism will be globally the largest international financial institution with a strong capital base of 700 billion euro of which 80 billion euro will be paid-in by early 2014, including about 33 billion euro by 12 October 2012.

Internal market scoreboard: Member States have improved their performance

08/10/2012 - Economy, finance, tax and competition

The EU average transposition deficit – the percentage of internal market directives that have not been written into national law in time –has decreased from 1.2% to 0.9% over the last six months and the number of Member States achieving the 1% target went up from eleven to sixteen.

European Central Bank keeps interest rates unchanged

04/10/2012 - Economy, finance, tax and competition

The Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.75%, 1.50% and 0.00% respectively.

Single Market Act II: twelve priority actions for new growth

03/10/2012 - Economy, finance, tax and competition

These actions are concentrated on four main drivers for growth, employment and confidence: a) integrated networks, b) cross border mobility of citizens and businesses, c) the digital economy, and d) actions that reinforce cohesion and consumer benefits.

'Connecting Europe' – business leaders and policy-makers strongly support the Commission's plan

02/10/2012 - Business / Economy, finance, tax and competition

With up to 50 billion euros the Connecting Europe Facility could become a key instrument for targeted infrastructure investment at European level to ensure the smooth functioning of the Single Market and boost sustainable growth, jobs and competitiveness across the European Union.

Report on reforming the structure of the EU banking sector

02/10/2012 - Economy, finance, tax and competition

The Commission has received the report prepared by the High-level Expert Group on reforming the structure of the EU banking sector. The Group chaired by Erkki Liikanen presented the main findings to Michel Barnier, Commissioner for internal market and services.

Past trends and latest data for the headline indicators of the Europe 2020 strategy

01/10/2012 - Economy, finance, tax and competition / Employment and social rights / Statistics

The key objectives of the strategy are expressed in the form of five targets on employment, research & development, climate change & energy, education and poverty & social exclusion. These targets are monitored on the basis of headline indicators that Eurostat compiles and publishes.

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