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

Antitrust: Commission welcomes General Court judgment in MasterCard case

Thu, 24 May 2012 15:28:00 +0200

The European Commission welcomes today's judgment by the General Court dismissing an action brought by MasterCard against a Commission decision of 2007 prohibiting MasterCard's cross-border inter-bank fees.

Parliament adopts ambitious approach on financial transaction tax

Wed, 23 May 2012 16:09:00 +0200

The proposed financial transaction tax should be better designed to capture more traders and make evasion unprofitable, said the European Parliament. The opinion also says the tax should go ahead even if only some Member States opt for it.

Infrastructure project bonds: MEPs secure deal with member states on pilot scheme

Tue, 22 May 2012 23:00:00 +0200

The EU will set aside €230 million in guarantees to support the issuance of "project bonds" for EU infrastructure projects under a deal concluded by MEPs and EU governments in Strasbourg. The deal will pilot test this innovative plan to attract private investment in transport, energy and information technology network projects.

Combine austerity with measures to boost growth, say Eurobarometer respondents

Tue, 22 May 2012 14:59:00 +0200

Almost half of the Europeans surveyed think that combining public spending cuts with measures to boost economic growth is the best way to end the current economic crisis, says the latest European Parliament Eurobarometer poll.

Taxation trends in the European Union – Further increase in VAT rates in 2012

Mon, 21 May 2012 13:58:00 +0200

Corporate and top personal income tax rates inch up after long decline. The average standard VAT rate in the EU27 has risen strongly since 2008. In 2012, the standard VAT rate varies from 15.0% in Luxembourg and 17.0% in Cyprus to 27.0% in Hungary and 25.0% in Denmark and Sweden.

April 2012 – Euro area annual inflation down to 2.6%, EU down to 2.7%

Wed, 16 May 2012 11:34:00 +0200

Euro area annual inflation was 2.6% in April 2012, down from 2.7% in March. A year earlier the rate was 2.8%. Monthly inflation was 0.5% in April 2012. EU annual inflation was 2.7% in April 2012, down from 2.9% in March. A year earlier the rate was 3.3%. Monthly inflation was 0.5% in April 2012.

Making European banks more solid

Tue, 15 May 2012 17:42:00 +0200

The EU is set to make its banking sector more resilient to financial shocks, as stricter capital requirements for banks and investment firms were given political approval by the Economic and Financial Affairs Council.

Euro area: fiscal consolidation and growth-oriented policies are not in contradiction

Mon, 14 May 2012 23:00:00 +0200

At their meeting the Eurogroup (the finance ministers of the member states whose currency is the euro) discussed the economic situation and outlook as well as the fiscal strategy for the euro countries.

Spring forecast 2012-13: towards a slow recovery

Fri, 11 May 2012 11:34:00 +0200

While uncertainty about economic and financial prospects remains high, strong policy actions and major advancements in the EU institutional framework have brought about an easing of financial market tensions in the beginning of 2012 and a tentative stabilisation of confidence, expected to further strengthen over the forecast period.

Statement from EFSF regarding next disbursement to Greece

Wed, 09 May 2012 12:31:00 +0200

The Board has confirmed the release of the outstanding amount of €5.2bn from the first instalment of €39.4bn by the end of June. An amount of €4.2bn will be disbursed on 10 May.

Commission launches major initiative to modernise state aid control

Tue, 08 May 2012 12:23:00 +0200

In the broader context of the EU's agenda to foster growth, state aid policy should focus on facilitating well-designed aid targeted at market failures and objectives of common European interest.

Putting our houses in order: how the EU bids to create a more stable mortgage market

Mon, 07 May 2012 13:47:00 +0200

The Parliament's economic and monetary affairs committee is scheduled to vote on a proposal that aims to make the market more stable in the second week of May.

European central bank keeps interest rates unchanged

Thu, 03 May 2012 15:40:00 +0200

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 1.00%, 1.75% and 0.25% respectively.

Main results of the Economic and Financial Affairs Council

Thu, 03 May 2012 09:56:00 +0200

The Council examined proposals to amend the EU's rules on capital requirements for banks and investment firms, the so-called "CRD 4" package, with a view to starting negotiations with the European Parliament aimed at adoption of the texts at first reading.

April 2012: Business and consumer surveys

Thu, 26 Apr 2012 14:11:00 +0200

The Economic Sentiment Indicator remained stable in April in the EU at 93.2. In the euro area it decreased significantly by 1.7 points (to 92.8). The Business Climate Indicator (BCI) for the euro area decreased by 0.24 points to -0.52.

Post-crisis policy measures in the financial sector give way to longer-term growth goals Commission report finds

Thu, 26 Apr 2012 13:10:00 +0200

"We all know that 2011 was a difficult year for Europe," said Internal Market and Services Commissioner Michel Barnier. "The report's careful analysis of past and current challenges is a solid basis for continuing our reform programme and shaping future policies."

Draft Budget 2013: Investing in growth and jobs

Wed, 25 Apr 2012 14:22:00 +0200

The EU's draft budget for 2013, presented by the Commission, reflects the European Council's statements that growth and employment in the EU can only be achieved by combining fiscal consolidation and investment into future growth.

State aid: Commission adopts de minimis Regulation for services of general economic interest (SGEI)

Wed, 25 Apr 2012 12:56:00 +0200

The European Commission has adopted a Regulation that exempts from EU state aid rules aid of up to € 500 000 per company over a three-year period that is granted as compensation for the provision of services of general economic interest (SGEI).

Growth for Greece: Commission points the way to unlock growth and create jobs

Wed, 18 Apr 2012 16:00:00 +0200

In a new Communication the Commission highlights the steps that need to be taken during 2012, as part of the programme and explains the huge range of support measures that it can mobilise to help Greece begin to generate new economic dynamism, job creation and social cohesion.

From austerity to growth: MEPs debate about the way out of the economic crisis

Wed, 18 Apr 2012 10:00:00 +0200

Once more a debate with Commission president José Manuel Barroso was dominated by talk about the pressing need for measures to promote growth and cut disastrous levels of unemployment in the crisis-stricken euro zone countries.

Euro area annual inflation stable at 2.7% - EU stable at 2.9%

Tue, 17 Apr 2012 11:33:00 +0200

Euro area annual inflation was 2.7% in March 2012, unchanged compared with February. A year earlier the rate was 2.7%. Monthly inflation was 1.3% in March 2012. EU annual inflation was 2.9% in March 2012, unchanged compared with February. A year earlier the rate was 3.1%. Monthly inflation was 1.1% in March 2012.

Anti-Money Laundering: creating a modern EU framework capable of responding to new threats

Wed, 11 Apr 2012 12:38:00 +0200

Without effective rules to combat money laundering and terrorist financing, the soundness, integrity and stability of the financial system could be seriously compromised. In light of the recent adoption of revised international standards and of the Commission's own review process, a report on the application of the Third Anti-Money Laundering Directive was adopted by the Commission today.

Commission to examine tax measures for cross-border workers

Mon, 02 Apr 2012 12:19:00 +0200

Member States' tax provisions are to be scrutinised to ensure that they do not discriminate against cross-border workers, in a targeted initiative launched by the Commission. It is estimated that more than 1.2 million people work cross-border in the EU.

March 2012: Business and consumer surveys

Thu, 29 Mar 2012 12:49:00 +0200

The Economic Sentiment Indicator decreased by 0.8 points in the EU and by a marginal 0.1 points in the euro area, to 93.2 and 94.4, respectively. The Business Climate Indicator for the euro area decreased by 0.14 points to -0.30.

Clamping down on the derivatives trade

Thu, 29 Mar 2012 12:48:00 +0200

Legislation to make trade over-the-counter (OTC) derivatives safer and more transparent was adopted by Parliament. Derivatives' trading is widely believed to have contributed to the global financial crisis.

State aid: overview of decisions and on-going in-depth investigations in the context of the financial crisis

Tue, 27 Mar 2012 00:00:00 +0200

In 2008/2009, the Commission adopted a temporary State aid framework to enable Member States to deal with financial problems in systemic banks, as well as support access to finance for real economy firms.

The financial transaction tax will reduce Member States' GNI contributions to the EU budget by 50%

Fri, 23 Mar 2012 16:45:00 +0100

If adopted as a new own resource of the EU budget the financial transaction tax (FTT) will significantly reduce the contributions of member states to the EU budget.

Consultation launches on tackling double non-taxation

Wed, 29 Feb 2012 00:00:00 +0100

The Commission is seeking examples of cross-border companies that escape taxes by exploiting mismatches between national tax systems. Anonymous responses will be accepted. The deadline is 30 May.

Regulation adopted on euro credit transfers and direct debits

Tue, 28 Feb 2012 00:00:00 +0100

It includes common rules and standards for the single euro payments area (SEPA). It also sets 1 February 2014 as the migration deadline for credit transfers and for most direct debit requirements.

Operation Barrel seizes 1.2 million smuggled cigarettes

Mon, 27 Feb 2012 00:00:00 +0100

The cigarettes were found on freight trains on the EU Eastern border. Twenty-four member countries and four neighboring countries participated in this first joint customs operation targeting rail traffic.

Interim forecast: mild recession with signs of stabilisation

Thu, 23 Feb 2012 00:00:00 +0100

The EU economy is projected to stagnate in 2012, while the euro area is set to enter into a mild recession. Modest growth is predicted to return in the second half of the year.

Short selling: more transparency and stricter rules

Tue, 21 Feb 2012 00:00:00 +0100

The Economic and Financial Affairs Council adopted new rules for short selling and certain aspects of credit default swaps.

Eurobonds and shorter-term solutions needed for Eurozone stability

Thu, 16 Feb 2012 00:00:00 +0100

Eurobonds will be a source of stability for the Eurozone in the medium term, but only when its remaining design issues are resolved, said Parliament in a resolution.

Faster, cheaper and safer cross-border payments

Tue, 14 Feb 2012 00:00:00 +0100

MEPs approve proposals for a single European payments area that aim to ensure banks compete fairly, eliminate hidden national charges and reduce the cost of EU cross-border bank transfers.

Commission publishes first report on EU’s alert mechanism

Tue, 14 Feb 2012 00:00:00 +0100

The report identifies 12 EU countries whose macroeconomic situation needs further study. Subsequent in-depth reviews will assess whether or not harmful economic imbalances exist.

Greek debt: negotiations continue

Fri, 10 Feb 2012 00:00:00 +0100

Euro area finance ministers discussed the conditions that need to be met in order to agree on the new support programme for Greece, which includes EUR 130bn of official financing.

European Foundation Statute to support causes across the EU

Wed, 08 Feb 2012 00:00:00 +0100

The proposal foresees a statute to reduce costs and simplify cross-border activities for national public benefit purpose foundations through a single European legal form, recognised across the bloc.

European Stability Mechanism treaty signed

Fri, 03 Feb 2012 00:00:00 +0100

The new treaty to create a European Stability Mechanism (ESM) was signed on 2 February by the eurozone countries' ambassadors in Brussels.

Agreement on the European Stability Mechanism

Wed, 25 Jan 2012 00:00:00 +0100

Intergovernmental ministerial meetings were held on the new European Stability Mechanism (ESM) - producing a deal on the treaty text - and on the draft fiscal compact treaty.

Alarm bells for talks on closer economic union deal

Wed, 18 Jan 2012 00:00:00 +0100

Parliament again sounded the alarm about possible pitfalls for the intergovernmental agreement currently being negotiated on closer economic union.

Towards a one stop shop for cross-border VAT compliance

Fri, 13 Jan 2012 00:00:00 +0100

Common rules are proposed for the one stop shop which will be in place as of 2015. It will first apply to telecommunications, broadcasting and electronic services and could be extended to other sectors in the future.

Growing the EU’s online economy

Wed, 11 Jan 2012 00:00:00 +0100

Proposals to encourage more online commerce would make it easier to shop on the Internet across the EU – contributing to economic growth and job creation.

Consultation on integrating the EU market for electronic payments

Wed, 11 Jan 2012 00:00:00 +0100

The consultation examines ways to further integrate the market for secure card, Internet and mobile payments by encouraging innovation and protecting consumers. The consultation ends 11 April.