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

Stricter rules for credit rating agencies to enter into force

Tue, 18 Jun 2013 12:35:00 +0200

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%

Fri, 14 Jun 2013 09:00:00 +0200

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

Wed, 12 Jun 2013 12:12:00 +0200

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

Tue, 11 Jun 2013 16:16:00 +0200

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

Thu, 06 Jun 2013 00:00:00 +0200

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

Thu, 06 Jun 2013 00:00:00 +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 0.50%, 1.00% and 0.00% respectively.

Commission concludes that Latvia is ready to adopt euro in 2014

Wed, 05 Jun 2013 00:00:00 +0200

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.

May 2013: Business and Consumer surveys

Thu, 30 May 2013 00:00:00 +0200

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

Wed, 29 May 2013 00:00:00 +0200

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

EU leaders agree to step up the fight against tax fraud

Wed, 22 May 2013 00:00:00 +0200

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.

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

Thu, 16 May 2013 00:00:00 +0200

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

Tue, 14 May 2013 00:00:00 +0200

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.

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

Wed, 08 May 2013 00:00:00 +0200

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

Wed, 08 May 2013 00:00:00 +0200

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

Fri, 03 May 2013 00:00:00 +0200

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.

European Central Bank lowers interest rates

Thu, 02 May 2013 00:00:00 +0200

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

Thu, 02 May 2013 00:00:00 +0200

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

Mon, 29 Apr 2013 00:00:00 +0200

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

Mon, 29 Apr 2013 00:00:00 +0200

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

Thu, 25 Apr 2013 00:00:00 +0200

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

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

Tue, 23 Apr 2013 00:00:00 +0200

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.

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

Thu, 18 Apr 2013 00:00:00 +0200

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.

Parliament votes reform package to strengthen EU banks

Tue, 16 Apr 2013 00:00:00 +0200

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

Wed, 10 Apr 2013 00:00:00 +0200

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

European Central Bank keeps interest rates unchanged

Thu, 04 Apr 2013 00:00:00 +0200

March 2013: Business and Consumer surveys

Wed, 27 Mar 2013 00:00:00 +0100

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

Mon, 25 Mar 2013 00:00:00 +0100

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

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

Mon, 25 Mar 2013 00:00:00 +0100

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.

A Free Trade Agreement between the EU and Japan

Mon, 25 Mar 2013 00:00:00 +0100

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

Thu, 21 Mar 2013 00:00:00 +0100

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.

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

Wed, 20 Mar 2013 00:00:00 +0100

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

Fri, 15 Mar 2013 00:00:00 +0100

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.

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

Wed, 13 Mar 2013 00:00:00 +0100

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.

Green light for economic governance "two pack"

Tue, 12 Mar 2013 00:00:00 +0100

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.

European Central Bank keeps interest rates unchanged

Thu, 07 Mar 2013 00:00:00 +0100

Bank capital requirements: Council reaches broad political agreement

Tue, 05 Mar 2013 00:00:00 +0100

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).

MEPs cap bankers' bonuses and step up bank capital requirements

Thu, 28 Feb 2013 00:00:00 +0100

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%

Thu, 28 Feb 2013 00:00:00 +0100

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

Wed, 27 Feb 2013 00:00:00 +0100

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

Thu, 14 Feb 2013 00:00:00 +0100

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

Tue, 12 Feb 2013 00:00:00 +0100

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

Fri, 08 Feb 2013 00:00:00 +0100

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

Fri, 08 Feb 2013 00:00:00 +0100

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

Wed, 06 Feb 2013 00:00:00 +0100

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

Tue, 05 Feb 2013 00:00:00 +0100

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

Tue, 05 Feb 2013 00:00:00 +0100

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

Council prepares February summit

Mon, 04 Feb 2013 00:00:00 +0100

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

Thu, 31 Jan 2013 00:00:00 +0100

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

Wed, 30 Jan 2013 00:00:00 +0100

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

Tue, 22 Jan 2013 00:00:00 +0100

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

Tue, 22 Jan 2013 00:00:00 +0100

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

Wed, 16 Jan 2013 00:00:00 +0100

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%

Wed, 16 Jan 2013 00:00:00 +0100

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

Thu, 10 Jan 2013 00:00:00 +0100

Customs: strengthening the security of the supply chain

Tue, 08 Jan 2013 00:00:00 +0100

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

Tue, 08 Jan 2013 00:00:00 +0100

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

Fri, 21 Dec 2012 00:00:00 +0100

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

Fri, 21 Dec 2012 00:00:00 +0100

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

Wed, 19 Dec 2012 00:00:00 +0100

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

Mon, 17 Dec 2012 00:00:00 +0100

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

Fri, 14 Dec 2012 00:00:00 +0100

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%

Fri, 14 Dec 2012 00:00:00 +0100

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

Fri, 14 Dec 2012 00:00:00 +0100

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

Thu, 13 Dec 2012 00:00:00 +0100

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

Wed, 12 Dec 2012 00:00:00 +0100

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

Thu, 06 Dec 2012 00:00:00 +0100

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

Wed, 05 Dec 2012 00:00:00 +0100

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

Tue, 04 Dec 2012 00:00:00 +0100

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

Thu, 29 Nov 2012 00:00:00 +0100

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

Wed, 28 Nov 2012 00:00:00 +0100

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

Wed, 28 Nov 2012 00:00:00 +0100

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

Tue, 27 Nov 2012 00:00:00 +0100

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

Mon, 26 Nov 2012 00:00:00 +0100

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

Fri, 23 Nov 2012 00:00:00 +0100

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

Wed, 21 Nov 2012 00:00:00 +0100

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

Tue, 20 Nov 2012 00:00:00 +0100

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

Tue, 20 Nov 2012 00:00:00 +0100

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%

Thu, 15 Nov 2012 00:00:00 +0100

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

Wed, 14 Nov 2012 00:00:00 +0100

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

Tue, 13 Nov 2012 00:00:00 +0100

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

Fri, 09 Nov 2012 00:00:00 +0100

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

Thu, 08 Nov 2012 00:00:00 +0100

Autumn forecast 2012-14: sailing through rough waters

Wed, 07 Nov 2012 00:00:00 +0100

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

Tue, 30 Oct 2012 00:00:00 +0100

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

Tue, 30 Oct 2012 00:00:00 +0100

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

Mon, 29 Oct 2012 00:00:00 +0100

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

Tue, 23 Oct 2012 00:00:00 +0200

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

Tue, 23 Oct 2012 00:00:00 +0200

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

Fri, 19 Oct 2012 00:00:00 +0200

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

Fri, 19 Oct 2012 00:00:00 +0200

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%

Tue, 16 Oct 2012 00:00:00 +0200

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

Tue, 09 Oct 2012 00:00:00 +0200

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

Mon, 08 Oct 2012 00:00:00 +0200

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

Mon, 08 Oct 2012 00:00:00 +0200

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

Thu, 04 Oct 2012 00:00:00 +0200

Single Market Act II: twelve priority actions for new growth

Wed, 03 Oct 2012 00:00:00 +0200

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

Tue, 02 Oct 2012 00:00:00 +0200

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

Tue, 02 Oct 2012 00:00:00 +0200

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

Mon, 01 Oct 2012 00:00:00 +0200

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.

September 2012: Business and Consumer Surveys

Thu, 27 Sep 2012 00:00:00 +0200

In September 2012, the Business Climate Indicator (BCI) for the euro area decreased by 0.16 points to 1.34. The Economic Sentiment Indicator (ESI) decreased by 0.9 points in the EU, to 86.1, and by 1.1 points in the euro area, to 85.0.

Multiannual Financial Framework: negotiations approaching endgame

Mon, 24 Sep 2012 00:00:00 +0200

In the run-up to the November European Council meeting dedicated to the Multiannual Financial Framework (MFF) for 2014-2020, the ministers discussed a revised "negotiating box", presented by the Cyprus Presidency.

Financial report presents data on 2011 EU budget

Thu, 20 Sep 2012 00:00:00 +0200

The European Commission has released its annual financial report which describes how the 2011 budgetary cycle was managed. The financial report provides detailed information on the sources of EU financing and gives a basic overview of EU expenditure.

Eurogroup: ESM to be fully operational by the end of October

Fri, 14 Sep 2012 00:00:00 +0200

At the informal Eurogroup meeting in Nicosia, Cyprus, the finance ministers discussed the economic and financial developments in the eurozone. The European Stability Mechanism (ESM) is expected to be up and running at the end of October 2012.

August 2012: euro area annual inflation up to 2.6%, EU up to 2.7%

Fri, 14 Sep 2012 00:00:00 +0200

Euro area annual inflation was 2.6% in August 2012, up from 2.4% in July. EU annual inflation was 2.7% in August 2012, up from 2.5% in July.

Commission proposes new ECB powers for banking supervision as part of a banking union

Wed, 12 Sep 2012 00:00:00 +0200

In the new single mechanism, ultimate responsibility for specific supervisory tasks related to the financial stability of all Euro area banks will lie with the European Central Bank (ECB).

European Central Bank keeps interest rates unchanged

Thu, 06 Sep 2012 00:00:00 +0200

August 2012: Business and Consumer Surveys

Thu, 30 Aug 2012 00:00:00 +0200

In August the Economic Sentiment Indicator (ESI) decreased markedly by 2.0 points in the EU, to 87.0, and by 1.8 points in the euro area, to 86.1. The Business Climate Indicator (BCI) for the euro area edged up by 0.06 points to ‑1.21.

Mergers: Commission opens in-depth investigation into proposed acquisition of Aer Lingus by Ryanair

Wed, 29 Aug 2012 00:00:00 +0200

The European Commission has opened an in-depth investigation (phase II) under the EU Merger Regulation into the proposed acquisition of Aer Lingus by the low cost carrier Ryanair, which was notified to the Commission on 24 July 2012.

July 2012: euro area annual inflation stable at 2.4%, EU stable at 2.5%

Thu, 16 Aug 2012 00:00:00 +0200

Euro area annual inflation was 2.4% in July 2012, stable compared with June. A year earlier the rate was 2.6%. Monthly inflation was -0.5% in July 2012. EU annual inflation was 2.5% in July 2012, also stable compared to June. A year earlier the rate was 2.9%. Monthly inflation was -0.4% in July 2012.

European central bank keeps interest rates unchanged

Thu, 02 Aug 2012 00:00:00 +0200

VAT: Commission proposes new instrument for speedy response to fraud

Tue, 31 Jul 2012 00:00:00 +0200

The proposal provides that Member States would be able to apply, within the space of a month, a "reverse charge mechanism" which makes the recipient rather than the supplier of the goods or services liable for VAT.

July 2012 : Business and Consumer Surveys

Mon, 30 Jul 2012 00:00:00 +0200

In July the Economic Sentiment Indicator decreased in the EU by 1.4 points, to 89.0, and in the euro area by 2.0 points, to 87.9. The Business Climate Indicator for the euro area decreased by 0.32 points to ‑1.27.

Commission temporarily approves aid to Alpha Bank, EFG Eurobank, Piraeus Bank and National Bank of Greece; opens in-depth investigations

Fri, 27 Jul 2012 00:00:00 +0200

Commission Vice President in charge of competition policy Joaquín Almunia said: "Greek banks are currently operating under extreme conditions. Their participation in the Greek Government bond exchange and the deep recession have weakened their capital. The bridge recapitalisation by the HFSF ensures the stability of the Greek banking system".

Public support for Europe 2020 Strategy remains strong

Fri, 27 Jul 2012 00:00:00 +0200

According to the Spring 2012 Eurobarometer, people’s views on the Europe 2020 strategy – which is the EU's growth strategy – are encouraging, particularly in relation to the importance of the initiatives and the level of ambition.

Libor scandal: Commission proposes EU-wide action to fight rate-fixing

Wed, 25 Jul 2012 00:00:00 +0200

The Commission is not proposing to set the minimum types and levels of criminal sanctions at this stage, but wants to require each Member State to provide for criminal sanctions in its national laws to cover the manipulation of benchmarks.

Council adopts its position on the 2013 EU budget

Tue, 24 Jul 2012 00:00:00 +0200

The Council adopted its position on the draft EU budget for 2013. The ministers agreed that the increase in payments should not be higher than 2.79% compared to the 2012 budget.

Multiannual Financial Framework (MFF): General Affairs Council looks ahead

Tue, 24 Jul 2012 00:00:00 +0200

At the meeting of the General Affairs Council (GAC) on 24 July 2012, the MFF again figured high on the agenda. Ministers were presented with an updated proposal by the Commission, and the Cyprus presidency informed ministers on the schedule of work in the second half of 2012.

Fighting fraud: Fall in suspected fraud against EU funds

Thu, 19 Jul 2012 00:00:00 +0200

In cohesion policy, there were 41% fewer cases of suspected fraud compared to 2010, while in agriculture reported fraud cases fell by 66%. In addition to stronger measures and better controls implemented for EU funding, there are also a number of technical explanations for the drop in fraud rate in 2011.

June 2012: Euro area annual inflation stable at 2.4%, EU up to 2.6%

Mon, 16 Jul 2012 00:00:00 +0200

Euro area annual inflation was 2.4% in June 2012, unchanged compared with May. A year earlier the rate was 2.7%. Monthly inflation was -0.1% in June 2012. EU annual inflation was 2.6% in June 2012, up from 2.5% in May. A year earlier the rate was 3.1%. Monthly inflation was 0.0% in June 2012.

Protecting taxpayers' money: Commission proposes to strengthen use of criminal law against fraudsters

Wed, 11 Jul 2012 00:00:00 +0200

The European Commission has proposed new rules to fight fraud against the EU budget by means of criminal law to better safeguard taxpayers' money. The Directive creates a more harmonised framework for prosecuting and punishing crimes involving the EU budget so that criminals no longer exploit differences between national legal systems.

Main results of the Economic and Financial Affairs Council

Wed, 11 Jul 2012 00:00:00 +0200

The Council issued country-specific recommendations to the member states on their economic and fiscal policies, thus concluding this year's European Semester monitoring exercise (following endorsement by the European Council). It also issued a specific recommendation for the eurozone as a whole.

European central bank lowers interest rates

Thu, 05 Jul 2012 00:00:00 +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 be decreased to 0.75%, 1.50% and 0.00% respectively.

Project bond pilot testing: Parliament approves EU guarantees

Thu, 05 Jul 2012 00:00:00 +0200

An EU allocation of €230 million in guarantees to back the private issuance of "project bonds" for transport, energy and information technology infrastructure projects was approved by Parliament. The decision allows pilot testing of this innovative plan to attract private investment in transport, energy and information technology network projects.

Commission details rules on the ban on uncovered sovereign credit default swaps and short sales of shares and sovereign debt

Thu, 05 Jul 2012 00:00:00 +0200

The European Commission has adopted a Delegated Act which sets out important technical rules needed to ensure the uniform application and enforcement of the Short Selling Regulation. In particular, the delegated act specifies the cases in which sovereign credit default swaps are considered covered, and therefore not banned in accordance with the Regulation.

Commission proposes legislation to improve consumer protection in financial services

Tue, 03 Jul 2012 00:00:00 +0200

The Commission has presented a legislative package that raises standards and removes loopholes for the benefit of consumers. Specifically, the package proposes new, consumer-friendly standards for information about investments, raises standards for advice, and tightens certain rules on investment funds to ensure their safety.

June 2012: Business and consumer surveys

Thu, 28 Jun 2012 00:00:00 +0200

The Economic Sentiment Indicator remained unchanged, at 90.4, in June in the EU. In the euro area it decreased by 0.6 points (to 89.9). The Business Climate Indicator (BCI) for the euro area decreased by 0.15 points to 0.94.

Tackling tax fraud and evasion: Commission sets out concrete measures

Wed, 27 Jun 2012 00:00:00 +0200

Minimum sanctions for tax crimes, a cross-border tax identification number, an EU tax-payer's charter and stronger common measures against tax havens. These are just some of the concrete ideas that the Commission has put forward to improve the fight against tax fraud and evasion in the EU.

Financial framework 2014-2020 to be discussed at the European Council

Wed, 27 Jun 2012 00:00:00 +0200

The EU's new Multiannual Financial Framework (MFF) will be one of the topics to be discussed by the heads of state and government on 28 and 29 June 2012. This first debate on the substance of this issue at leaders' level was prepared by the General Affairs Council on 26 June.

Towards a genuine Economic and Monetary Union - Report by President of the European Council

Tue, 26 Jun 2012 00:00:00 +0200

This report, prepared in close cooperation with the Presidents of the Commission, the Eurogroup and the European Central Bank, sets out a vision for the future of the Economic and Monetary Union and how it can best contribute to growth, jobs and stability.

Statement by the President of the Eurogroup - formal application for financial assistance

Mon, 25 Jun 2012 00:00:00 +0200

We expect to give a mandate to the Commission, in liaison with the ECB and the EBA, to negotiate the necessary policy conditionality for the financial sector, including restructuring plans in accordance with EU state aid rules, which shall accompany the financial assistance. The IMF will provide technical assistance and regular monitoring.

Main results of the Economic and Financial Affairs Council

Fri, 22 Jun 2012 00:00:00 +0200

The Council approved draft recommendations to all member states on the economic policies set out in their national reform programmes, and draft opinions on the fiscal policies presented in their stability and convergence programmes. It also approved a specific draft recommendation for the eurozone as a whole.

Eurogroup: overview of the situation in the eurozone

Fri, 22 Jun 2012 00:00:00 +0200

At the Eurogroup meeting in Luxembourg on 21 June finance ministers discussed the latest developments in the eurozone, mainly in Greece, Spain, Portugal and Ireland.

Eurogroup statement after Greek elections

Sun, 17 Jun 2012 00:00:00 +0200

The Eurogroup looks forward to the swift formation of a new Greek government that will take ownership of the adjustment programme to which Greece and the Eurogroup earlier this year committed themselves.

Euro area annual inflation down to 2.4%

Thu, 14 Jun 2012 00:00:00 +0200

Euro area annual inflation was 2.4% in May 2012, down from 2.6% in April. A year earlier the rate was 2.7%. Monthly inflation was -0.1% in May 2012. EU annual inflation was 2.6% in May 2012, down from 2.7% in April. A year earlier the rate was 3.2%. Monthly inflation was 0.0% in May 2012.

Economic governance with a wider vision

Wed, 13 Jun 2012 00:00:00 +0200

The next round of economic governance legislation must be geared more towards growth and new European Commission powers to vet Eurozone countries' budgets should be better democratically controlled, MEPs said when adopting Parliament's position on the so-called "two pack".

MEPs demand robust and flexible budget and reformed revenue system for the EU

Wed, 13 Jun 2012 00:00:00 +0200

The EU needs a robust budget to meets its political goals, MEPs tell EU leaders, who discuss the 2014-2020 budget plan on 28-29 June. The long-term budget should be flexible enough to cope with new challenges and contributions from national coffers should be replaced by other ways of funding the EU budget, says Parliament in a resolution.

Time for big steps, Rehn tells Economic and Monetary Affairs Committee

Tue, 12 Jun 2012 00:00:00 +0200

Commissioner Olli Rehn joined ECB chief Mario Draghi in calling for a clear path towards full economic and political union when he addressed Economic and Monetary Affairs Committee. Questioned by MEPs, Mr Rehn also conceded that it was time to consider using bailout money to recapitalise banks directly, as had been done in the case of Spain.

Eurogroup statement on Spain

Sat, 09 Jun 2012 00:00:00 +0200

The Eurogroup supports the efforts of the Spanish authorities to resolutely address the restructuring of its financial sector and it welcomes their intention to seek financial assistance from euro area Member States to this effect. The loan amount must cover estimated capital requirements with an additional safety margin, estimated as summing up to EUR 100 billion in total.

New crisis management measures to avoid future bank bail-outs

Wed, 06 Jun 2012 00:00:00 +0200

The proposals adopted by the European Commission for EU-wide rules for bank recovery and resolution ensure that in the future authorities will have the means to intervene decisively both before problems occur and early on in the process if they do.

European central bank keeps interest rates unchanged

Wed, 06 Jun 2012 00:00:00 +0200

Commission sets out the next steps for stability, growth and jobs

Wed, 30 May 2012 00:00:00 +0200

The European Commission has adopted a package of recommendations for budgetary measures and economic reforms to enhance financial stability, boost growth and create employment across the EU. The recommendations are country-specific, taking account of the individual situation of each Member State.

May 2012: Business and consumer surveys

Wed, 30 May 2012 00:00:00 +0200

The Economic Sentiment Indicator decreased sharply in May, falling by 2.7 points in the EU and by 2.3 points in the euro area, to 90.5 and 90.6, respectively. The Business Climate Indicator (BCI) for the euro area decreased by 0.26 points to -0.77.

Multiannual Financial Framework: opening the negotiating box

Tue, 29 May 2012 00:00:00 +0200

At the meeting of the General Affairs Council on 29 May 2012, work on the Multiannual Financial Framework (MFF) was taken a step further. Ministers started discussions on the basis of a document - known as the negotiating box - containing the central issues and options as regards both expenditure and revenue.

Antitrust: Commission welcomes General Court judgment in MasterCard case

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

Main results of the Economic and Financial Affairs Council

Thu, 03 May 2012 00:00:00 +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 00:00:00 +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 00:00:00 +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 00:00:00 +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 00:00:00 +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 00:00:00 +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 00:00:00 +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 00:00:00 +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 00:00:00 +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 00:00:00 +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 00:00:00 +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 00:00:00 +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 00:00:00 +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

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.