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Latest stories – Economy, finance, tax and competition

2 major challenges for Europe: investment and Eastern neighbourhood

European Council group photo © EU

18/12/2014

Economy, finance, tax and competition, External relations and foreign affairs, Institutional affairs

EU leaders focused on Europe's two most important challenges: boosting investment, and the situation at its eastern borders. It was the first European Council chaired by Donald Tusk as President and it followed a shorter format, a 'one day summit'.

 

Parliament approves EU budgets for 2014 and 2015

Euro symbol, notes and coins © EU

17/12/2014

Economy, finance, tax and competition, Institutional affairs

Parliament approved the draft EU budget for 2015 and a top-up of the 2014 one. The budget foresees €145.32 billion in commitments and €141.21 billion in payments for 2015, and an extra €4.25 billion to settle unpaid bills in 2014.

 

A New Start: European Commission work plan to deliver jobs, growth and investment Choose translations of the previous link 

Person holding folder with EU flag © EU

16/12/2014

Economy, finance, tax and competition, Employment and social rights, Institutional affairs

The European Commission adopted its Work Programme for 2015 – setting out the actions the Commission intends to take over the next 12 months to make a real difference for jobs, growth and investment and bring concrete benefits for citizens.

 

Investment plan for the EU gets backed by the Council

European flag outside Council building © EU

09/12/2014

Economy, finance, tax and competition

EU finance ministers gave their broad support to the Commission's recently announced €315 billion investment plan. They also approved two measures for combating tax fraud and tax avoidance, and agreed on the calculation of the contributions to the single resolution fund.

 

Investment Offensive for Europe: EU Task Force identifies 2,000 potential projects worth €1.3 trillion Choose translations of the previous link 

Workers and machinery in factory © EU

09/12/2014

Business, Economy, finance, tax and competition

The EU Task Force on Investment published a report showing that there is significant potential for investment in Europe. It identifies around 2,000 projects across Europe worth some €1.3 trillion of potential investments.

 

Council discusses action to boost the single market

Jyrki Katainen and Federica Guidi © EU

05/12/2014

Business, Economy, finance, tax and competition, Transport and travel

At their meeting in Brussels, EU competitiveness ministers agreed on what needs to be done to develop the single market and step up Europe's economic integration.

 

EU Annual Growth Survey 2015: A new Momentum for Jobs, Growth and Investment Choose translations of the previous link 

Valdis Dombrovskis, Marianne Thyssen & Pierre Moscovici © EU

28/11/2014

Economy, finance, tax and competition, Employment and social rights

The 2015 Annual Growth Survey (AGS) published by the European Commission today focuses on putting Europe firmly back on a path of sustainable job creation and economic growth.

 

EU launches Investment Offensive to boost jobs and growth Choose translations of the previous link 

Euro symbols on cranes © EU

26/11/2014

Economy, finance, tax and competition, Employment and social rights

The European Commission today announced a € 315 billion Investment Plan to get Europe growing again and get more people back to work.

 

Making the best use of EU money

Igors Ludboržs © EU

25/11/2014

Economy, finance, tax and competition

In its landscape review of risks to the financial management of the EU budget, published today, the European Court of Auditors (ECA) identifies key issues for good financial management of the EU's finances.

 

Preventing tax avoidance in the EU: Council discusses amendment to the parent-subsidiary directive

Pierre Moscovici, Pier Carlo Padoan and Kristalina Georgieva © EU

07/11/2014

Economy, finance, tax and competition

At the Ecofin meeting the Council discussed the introduction of a draft common anti-abuse clause in the EU's 2011 parent-subsidiary directive. The amendment aims to prevent tax avoidance and aggressive tax planning in the EU in specific situations.

 

2014 Autumn Economic forecast: Slow recovery with very low inflationChoose translations of the previous link 

Jyrki Katainen and Pierre Moscovici © EU

04/11/2014

Economy, finance, tax and competition, Statistics

The European Commission's autumn forecast projects weak economic growth for the rest of this year in both the EU and the euro area. Real GDP growth is expected to reach 1.3% in the EU and 0.8% in the euro area for 2014 as a whole.

 

Commission presents options for simpler and more robust future VAT regime Choose translations of the previous link 

Draft of contract in folder © EU

30/10/2014

Economy, finance, tax and competition

Ideas on how to ensure a simpler, more effective and more fraud-proof VAT system tailored to the Single Market in the EU have been outlined in a paper published by the Commission.

 

Taxation: Study confirms billions lost in VAT Gap Choose translations of the previous link 

Calculator and 50 euro note © EU

23/10/2014

Economy, finance, tax and competition

An estimated €177 billion in VAT revenues was lost due to non-compliance or non-collection in 2012, according to the latest VAT Gap study published by the Commission.

 

SMEs still struggled in 2013, in spite of signs of positive economic recovery Choose translations of the previous link 

Worker in woodwork shop © EU

03/10/2014

Business, Economy, finance, tax and competition

These are the conclusions of the annual SMEs Performance Review and country-specific SBA factsheets published today by the European Commission.

 

September 2014: Business and Consumer surveysChoose translations of the previous link 

Graph displaying ESI indicator © EU

29/09/2014

Business, Economy, finance, tax and competition, Statistics

In September the Economic Sentiment Indicator (ESI) decreased in both the euro area (by 0.7 points to 99.9) and the EU (by 1.0 point to 103.6). The Business Climate Indicator (BCI) for the euro area decreased slightly by 0.09 points to +0.07.

 

August 2014: Euro area annual inflation stable at 0.4% - EU stable at 0.5%Choose translations of the previous link 

Stethoscope on euro coins and banknotes © EU

17/09/2014

Economy, finance, tax and competition, Statistics

Euro area annual inflation was 0.4% in August 2014, unchanged compared to July. In August 2013 the rate was 1.3%. Monthly inflation was 0.1% in August 2014.

 

Industrial competitiveness: Commission reports underline need for incisive action by EU and Member StatesChoose translations of the previous link 

Flags of EU Member States ©  EU

11/09/2014

Economy, finance, tax and competition

EU manufacturing possesses a number of competitive strengths that should be leveraged to promote economic growth, despite the current difficult economic environment. This is the conclusion of the two reports on industrial competitiveness released by the Commission.

 

European Central Bank lowers interest rates

Euro notes © EU

04/09/2014

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 will decrease to 0.05% and 0.30% respectively. The interest rate on the deposit facility will decrease to -0.20%.

 

August 2014: Business and Consumer surveysChoose translations of the previous link 

Pen on graph © EU

28/08/2014

Business, Economy, finance, tax and competition, Statistics

In August the Economic Sentiment Indicator (ESI) fell in the euro area (by 1.5 points to 100.6) and the EU (by 1.2 points at 104.6). The Business Climate Indicator (BCI) for the euro area remained broadly flat (at +0.16) compared to July (+0.17).

 

Commission adopts strategy and action plan for better customs risk management Choose translations of the previous link 

Customs officers removing boxes from containers © EU

21/08/2014

Business, Economy, finance, tax and competition, Justice and citizens rights

Robust customs risk management is essential to protect the safety and security of the EU and its citizens, the interests of legitimate traders and EU financial interests, while at the same time enabling the smooth flow of trade.

 

July 2014: Euro area annual inflation down to 0.4% - EU down to 0.6%Choose translations of the previous link 

Euro symbol, coins and notes © EU

14/08/2014

Economy, finance, tax and competition, Statistics

Euro area annual inflation was 0.4% in July 2014, down from 0.5% in June. This is the lowest annual inflation rate since October 2009. In July 2013 the rate was 1.6%. Monthly inflation was -0.7% in July 2014.

 

European Central Bank keeps interest rates unchanged

European Central Bank Building in Frankfurt © EU

07/08/2014

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 0.15%, 0.40% and -0.10% respectively.

 

Customs authorities detain nearly 36 million fake goods at EU borders in 2013 Choose translations of the previous link 

Selection of counterfeit products © EU

31/07/2014

Business, Economy, finance, tax and competition, Justice and citizens rights

Customs authorities in the EU detained almost 36 million items suspected of violating intellectual property rights (IPR) in 2013, according to the Commission's annual report on customs actions to enforce IPR.

 

July 2014: Business and Consumer surveysChoose translations of the previous link 

Graph displaying ESI indicator © EU

30/07/2014

Business, Economy, finance, tax and competition

In July the Economic Sentiment Indicator (ESI) remained broadly stable in the euro area (+0.1 points at 102.2), while it decreased slightly in the EU (by 0.6 points to 105.8). The Business Climate Indicator (BCI) for the euro area decreased marginally by 0.04 points to +0.17.

 

Major progress in anti-fraud policy but Member States must do more to combat fraudChoose translations of the previous link 

Euro banknote and coins © EU

17/07/2014

Economy, finance, tax and competition, Justice and citizens rights

Member States must step up their work to prevent, detect and report fraud affecting EU funds, according to the Commission's annual report on the protection of financial interests (PIF report).

 

European Central Bank keeps interest rates unchanged

Euro coins and banknotes © EU

03/07/2014

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 0.15%, 0.40% and -0.10% respectively.

 

Commission outlines measures to maximise job opportunities in the green economy Choose translations of the previous link 

Janez Potočnik and László Andor © EU

02/07/2014

Economy, finance, tax and competition, Employment and social rights, Environment, consumers and health

The Green Employment Initiative Communication presents an integrated framework to allow labour market and skill policies to play an active role to support this transition.

 

May 2014: Business and Consumer surveysChoose translations of the previous link 

Economic Sentiment Graph © EU

27/06/2014

Business, Economy, finance, tax and competition

In June the Economic Sentiment Indicator (ESI) decreased in the euro area (by 0.6 points to 102.0), while it remained broadly stable in the EU. The Business Climate Indicator (BCI) for the euro area decreased by 0.14 points to +0.22.

 

Council closes a double non-taxation loophole

Algirdas Semeta, Gikas Hardouvelis and Olli Rehn © EU

20/06/2014

Economy, finance, tax and competition

At the Economic and Financial Affairs Council meeting the ministers agreed an amendment to EU tax rules that will close a loophole which had allowed cross-border corporations to profit from double non-taxation.

 

Taxation trends in the European Union Choose translations of the previous link 

50 euro note and calculator © EU

16/06/2014

Economy, finance, tax and competition, Statistics

The overall tax-to-GDP ratio, meaning the sum of taxes and compulsory social contributions in % of GDP, in the EU28 stood at 39.4% in 2012, up from 38.8% in 2011. The overall tax ratio in the euro area increased to 40.4% in 2012 from 39.5% in 2011.

 

May 2014: Euro area annual inflation down to 0.5% - EU down to 0.6% Choose translations of the previous link 

Rolls of euro coins © EU

16/06/2014

Economy, finance, tax and competition, Statistics

Euro area annual inflation was 0.5% in May 2014, down from 0.7% in April. A year earlier the rate was 1.4%. Monthly inflation was -0.1% in May 2014.

 

2015 EU draft budget to help Europe's economic growth despite financial constraints Choose translations of the previous link 

Janusz Lewandowski © EU

11/06/2014

Economy, finance, tax and competition, Institutional affairs

The bulk of the commitments is for future projects that make Europe stronger economically whereas some 40% of the payments still cover EU funded projects from the 2007-2013 financial period.

 

Commission points to innovation reforms to sustain economic recovery Choose translations of the previous link 

Olli Rehn and Máire Geoghegan Quinn © EU

10/06/2014

Economy, finance, tax and competition, Science and technology

The European Commission has highlighted the importance of research and innovation (R&I) investments and reforms for economic recovery in the European Union, and made proposals to help EU Member States maximise the impact of their budgets at a time when many countries still face spending constraints.

 

European Central Bank lowers interest rates

View of financial district in Frankfurt © EU

05/06/2014

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 will decrease to 0.15% and 0.40% respectively. The interest rate on the deposit facility will decrease to -0.10%.

 

Commission assesses eight EU countries’ readiness to join the euro area Choose translations of the previous link 

Olli Rehn © EU

04/06/2014

Economy, finance, tax and competition

The European Commission has today released its 2014 Convergence Report, which assesses eight Member States' readiness to join the single currency. These countries have made uneven progress on the road to euro adoption, but Lithuania stands out from this group as it now fulfils the convergence criteria.

 

Building growth: Country-specific recommendations 2014 Choose translations of the previous link 

Flags of the 28 EU member countries © EU

02/06/2014

Economy, finance, tax and competition

The European Commission has today adopted a series of economic policy recommendations to individual Member States to strengthen the recovery that began a year ago.

 

Commission adopts new rules facilitating public support for research, development and innovationChoose translations of the previous link 

Person holding folder with EU flag © EU

21/05/2014

Economy, finance, tax and competition

The new R&D&I state aid Framework sets out the conditions under which Member States can grant state aid to companies to carry out R&D&I activities.

 

European Commission presents a first comprehensive review of the EU's reform agendaChoose translations of the previous link 

Michel Barnier © EU

15/05/2014

Economy, finance, tax and competition

This economic review sets out how the reforms will deliver a safer and more responsible financial system by enhancing financial stability, deepening the single market for financial services and improving its efficiency whilst improving market integrity and confidence.

 

April 2014: Euro area annual inflation up to 0.7% - EU up to 0.8%Choose translations of the previous link 

pen on graph © EU

15/05/2014

Economy, finance, tax and competition, Statistics

Euro area annual inflation was 0.7% in April 2014, up from 0.5% in March. A year earlier the rate was 1.2%. Monthly inflation was 0.2% in April 2014.

 

Council discusses closing up a tax loopholepdf

A. Semeta and I. Stournaras © EU

06/05/2014

Economy, finance, tax and competition

At the Ecofin meeting on 6 May ministers discussed amendments aiming at closing a loophole that has allowed cross-border corporations to avoid paying taxes on certain types of profits.

 

Spring 2014 forecast: Growth becoming broader-based Choose translations of the previous link 

Siim Kallas © EU

05/05/2014

Economy, finance, tax and competition, Statistics

The European Commission's spring forecast points to a continuing economic recovery in the European Union following its emergence from recession one year ago.

 

April 2014: Business and Consumer surveys Choose translations of the previous link 

Pen on graph © EU

29/04/2014

Business, Economy, finance, tax and competition

In April the Economic Sentiment Indicator (ESI) decreased slightly in the euro area (by 0.5 points to 102.0), while it continued to increase in the EU (by 0.9 points to 106.2). The Business Climate Indicator (BCI) for the euro area decreased slightly by 0.13 points to +0.27.

 

Basic bank accounts for all

Person counting money at cash  machine © EU

15/04/2014

Economy, finance, tax and competition

Anyone legally residing in the EU would have the right to open a basic payment account, and no-one could be denied this right on grounds of nationality or place of residence, under a new law passed by Parliament.

 

March 2014: Business and Consumers surveysChoose translations of the previous link 

Graph showing the ESI indicator © EU

28/03/2014

Business, Economy, finance, tax and competition

In March the Economic Sentiment Indicator (ESI) increased by 1.2 points in the euro area (to 102.4), while remaining broadly flat in the EU (a marginal increase by 0.3 points to 105.3). The Business Climate Indicator (BCI) for the euro area remained broadly unchanged (at +0.39).

 

Commission roadmap to meet the long-term financing needs of the European economyChoose translations of the previous link 

Michel Barnier © EU

27/03/2014

Economy, finance, tax and competition

The European Commission has adopted a package of measures to stimulate new and different ways of unlocking long-term financing and support Europe's return to sustainable economic growth.

 

Council adopts new rules on the taxation of savings income pdf

Binoculars with one euro coins © EU

24/03/2014

Economy, finance, tax and competition

The Council adopted a directive strengthening EU rules on the exchange of information on savings incomes, aimed at enabling the member states to better clamp down on tax fraud and tax evasion.

 

A decisive step towards the banking union

Jeroen Dijsselbloem and Yannis Stournaras © EU

20/03/2014

Economy, finance, tax and competition

On 20 March the Council, represented by the Greek Presidency, has reached a provisional agreement with the European Parliament on the single resolution mechanism regulation.

 

EU leaders and social partners stress need to rebuild confidence in Europe Choose translations of the previous link 

José Manuel Barroso and Herman Van Rompuy © EU

20/03/2014

Economy, finance, tax and competition, Employment and social rights

The Summit agreed on the need for further collective efforts to pursue sustainable economic growth, while ensuring social cohesion and quality employment.

 

February 2014: Euro area annual inflation down to 0.7% - EU down to 0.8% Choose translations of the previous link 

Pen on graph © EU

17/03/2014

Economy, finance, tax and competition, Statistics

Euro area annual inflation was 0.7% in February 20142, down from 0.8% in January. A year earlier the rate was 1.8%. Monthly inflation was 0.3% in February 2014.

 

Traders at work © EUChoose translations of the previous link 

Commission adopts nine Regulatory Technical Standards to implement the single rule book in banking

13/03/2014

Economy, finance, tax and competition

The nine RTS adopted today define the ways in which competent authorities and market participants must, inter alia, handle disclosures linked to securitisation instruments, measure potential losses from derivative positions and counterparty failure.

 

Council updates its position on the single resolution mechanism

Council updates its position on the single resolution mechanism

12/03/2014

Economy, finance, tax and competition

The Council adjusted the mandate given to the presidency for negotiations with the European Parliament on the establishment of a single resolution board and a single fund for the resolution of banks.

 

Rows of 5 euro notes © EU

Parliament toughens up anti-money laundering rules

11/03/2014

Economy, finance, tax and competition, Justice and citizens rights

The ultimate owners of companies and trusts would have to be listed in public registers in EU countries, under draft anti-money laundering rules voted by Parliament.

 

European Central Bank building in Frankfurt © EU

European Central Bank keeps interest rates unchanged

06/03/2014

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 0.25%, 0.75% and 0.00% respectively.

 

Olli Rehn © EUChoose translations of the previous link 

Commission concludes in-depth reviews to identify macroeconomic imbalances and assesses progress in fiscal consolidation

05/03/2014

Economy, finance, tax and competition

The European Commission has published its conclusions emerging from the in-depth reviews (IDRs) carried out into 17 Member States' economies.

 

Janusz Lewandowski © EUChoose translations of the previous link 

Final "simplification scoreboard": 120 measures to cut red tape on EU funding

04/03/2014

Business, Economy, finance, tax and competition, Regions and local development

The Commission has adopted its Final Simplification Scoreboard: over 120 measures to simplify the EU funding rules for Europe's businesses, towns, regions, scientists and NGOs.

 

Olli Rehn © EUChoose translations of the previous link 

Winter 2014 forecast: Recovery gaining ground

25/02/2014

Economy, finance, tax and competition, Statistics

The European Commission's winter forecast foresees a continuation of the economic recovery in most Member States and in the EU as a whole. After exiting recession in spring 2013 and three consecutive quarters of subdued recovery, the outlook is for a moderate step-up in economic growth.

 

Euro notes © EUChoose translations of the previous link 

January 2014: Euro area annual inflation stable at 0.8% - EU down to 0.9%

24/02/2014

Economy, finance, tax and competition, Statistics

Euro area annual inflation was 0.8% in January 2014, stable compared to December 2013. A year earlier the rate was 2.0%. Monthly inflation was -1.1% in January 2014.

 

Mr Antonio Tajani and Mr Konstantinos Hatzidakis © EUpdf

Main results of the Competitiveness Council

20/02/2014

Business, Economy, finance, tax and competition

Ministers held a debate on industrial competitiveness on the basis of the Commission communication “For a European Industrial Renaissance”. They also held a debate on the Commission's Annual Growth Survey (AGS) for 2014.

 

Mr Dijsselbloem, Mr Stournaras and Mr Barnier © EU

Single Resolution Mechanism: Council reviews the state of play of the negotiations

18/02/2014

Economy, finance, tax and competition

The EU finance ministers discussed the possible adjustments to the Council's general approach reached in December 2013 on the single resolution mechanism.

 

Person using mobile phone © EUChoose translations of the previous link 

The €63 billion app boom. Nearly 5 million jobs in European app sector by 2018, says EU report

13/02/2014

Economy, finance, tax and competition, Science and technology

The EU's app sector has gone from zero to digital superhero in less than five years. By 2018 it could employ 4.8 million people and contribute €63 billion to the EU economy according to a report presented in Brussels.

 

person holding euro notes © EU Choose translations of the previous link 

Commission proposes stronger cooperation with non-EU countries on VAT

06/02/2014

Economy, finance, tax and competition

As part of the intensified battle against tax fraud, the Commission launched the process to start negotiations with Russia and Norway on administrative cooperation agreements in the area of Value Added Tax (VAT).

 

Trader and computer screens © EU

Financial market manipulators may face at least four years in jail

04/02/2014

Economy, finance, tax and competition, Justice and citizens rights

Judges imposing their countries’ maximum penalties for serious offences such as manipulating the LIBOR benchmark interest rate would have to stipulate at least four years in jail under draft rules approved by Parliament.

 

Traders at work © EUChoose translations of the previous link 

Structural reform of the EU banking sector

29/01/2014

Economy, finance, tax and competition

The European Commission has proposed new rules to stop the biggest and most complex banks from engaging in the risky activity of proprietary trading.

 

Calculator and 50 euro note © EUChoose translations of the previous link 

Commission to tackle tax discrimination against mobile EU citizens

20/01/2014

Economy, finance, tax and competition

Member States' tax provisions are to be scrutinised to ensure that they do not discriminate against mobile EU citizens, in a targeted initiative launched by the Commission.

 

Euro banknote on euro coins © EUChoose translations of the previous link 

December 2013: Euro area annual inflation down to 0.8% - EU stable at 1%

16/01/2014

Economy, finance, tax and competition, Statistics

Euro area annual inflation was 0.8% in December 2013, down from 0.9% in November. A year earlier the rate was 2.2%. Monthly inflation was 0.3% in December 2013.

 

Joaquín Almunia © EUChoose translations of the previous link 

Commission adopts new rules on risk finance

15/01/2014

Business, Economy, finance, tax and competition

The European Commission has adopted new guidelines setting out the conditions under which Member States can grant aid to facilitate access to finance by European SMEs and companies with a medium capitalization (the so-called "midcaps").

 

Draft of contract in folder © EU

New EU-procurement rules to ensure better quality and value for money

15/01/2014

Business, Economy, finance, tax and competition

New EU rules on public procurement and concession contracts approved by Parliament will ensure better quality and value for money when public authorities buy or lease works, goods or services.

 

Credit card © EUChoose translations of the previous link 

Single Euro Payments Area (SEPA): Commission introduces an additional transition period of six months

09/01/2014

Business, Economy, finance, tax and competition

The Commission has adopted a proposal to give an extra transition period of six months during which payments which differ from the SEPA format can still be accepted so as to ensure minimal disruption for consumers and businesses.

 

View of financial district in Frankfurt © EU

European Central Bank keeps interest rates unchanged

09/01/2014

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 0.25%, 0.75% and 0.00% respectively.

 

Banner on the Berlaymont for the entry of Latvia into the euro area © EUChoose translations of the previous link 

Smooth euro changeover in Latvia: already two-thirds of cash payments in euro only

06/01/2014

Economy, finance, tax and competition

Latvia adopted the euro on 1 January, thus becoming the 18th member of the euro area. The changeover is proceeding according to plan.

 

Antonio Tajani © EUChoose translations of the previous link 

European SMEs getting greener, contributing to a resource-efficient economy

17/12/2013

Business, Economy, finance, tax and competition

Compared to last year, European SMEs are becoming more resource efficient and are contributing substantially to the transition towards a low-carbon economy, according to the results of the 2013 Eurobarometer survey on "SMEs, resource efficiency and green markets".

 

People sorting parcels in warehouse © EUChoose translations of the previous link 

Commission presents roadmap for completing the single market for parcel delivery

16/12/2013

Business, Economy, finance, tax and competition

The Commission has adopted a communication on completing the single market for parcel delivery to boost e-commerce in the EU, and to ensure that e-retailers and consumers have access to affordable and high-quality parcel delivery services.

 

Person sorting banknotes at cash machine © EU

Basic bank accounts for all

12/12/2013

Economy, finance, tax and competition

Anyone legally residing in the EU should have the right to open a basic payment account, and this right should not be denied on grounds of nationality or place of residence, said MEPs voting on draft EU legislation.

 

Commissioner Michel Barnier and Rimantas Šadžius, Lithuanian Minister of Finance © EUpdf

Main results of the Economic and Financial Affairs Council

11/12/2013

Economy, finance, tax and competition

The Council updated its position on bank recovery and resolution and deposit guarantee schemes in the light of on-going negotiations with the European Parliament.

 

Euro coins and banknotes © EU

European Central Bank keeps interest rates unchanged

05/12/2013

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 0.25%, 0.75% and 0.00% respectively.

 

Euro banknotes © EUpdf

Council adopts the multiannual financial framework 2014-2020

02/12/2013

Economy, finance, tax and competition, Institutional affairs

Today's decision marks the end of two and a half years of negotiations and allows the new generation of EU spending programmes to be implemented as from 1 January 2014.

 

Algirdas Šemeta © EUChoose translations of the previous link 

Tackling tax avoidance: Commission tightens key EU corporate tax rules

25/11/2013

Business, Economy, finance, tax and competition

The proposal will close loopholes in the Parent-Subsidiary Directive, which some companies have been using to escape taxation. In particular, companies will no longer be able to exploit differences in the way intra-group payments are taxed across the EU to avoid paying any tax at all.

 

Olli Rehn © EUChoose translations of the previous link 

Europe's budgetary surveillance moves into full gear

15/11/2013

Economy, finance, tax and competition

The European Commission today presented a major package of budgetary surveillance announcements, covering 13 euro area Member States and 3 non-euro Member States, with a special focus also on the euro area as an economic entity in its own right.

 

Euro banknotes © EUChoose translations of the previous link 

October 2013: Euro area annual inflation down to 0.7% - EU down to 0.9%

15/11/2013

Economy, finance, tax and competition, Statistics

Euro area annual inflation was 0.7% in October 2013, down from 1.1% in September. A year earlier the rate was 2.5%. Monthly inflation was -0.1% in October 2013.

 

Film reels and two people in background © EUChoose translations of the previous link 

Commission adopts new film support rules

14/11/2013

Culture, education and youth, Economy, finance, tax and competition

The new Cinema Communication allows aid for a wider scope of activities, highlights Member States' discretion in defining cultural activities worthy of support, introduces the possibility to give more aid to cross-border productions and promotes film heritage.

 

Two workmen unloading bricks from truck © EUChoose translations of the previous link 

Globalisation Adjustment Fund provided over €73.5 million to support 15 700 EU workers in 2012

14/11/2013

Economy, finance, tax and competition, Employment and social rights

The European Globalisation Adjustment Fund (EGF) helped a total of 15 700 workers dismissed due to the economic crisis and the effects of globalisation find new job opportunities in 2012, according to a report today by the European Commission.

 

Person holding binoculars containing 1 euro coins © EUChoose translations of the previous link 

European Semester 2014: strengthening the recovery

13/11/2013

Business, Economy, finance, tax and competition, Employment and social rights

The biggest challenge now facing Europe's economy is how to sustain the recovery that is now underway. This is the main message of this year’s Annual Growth Survey (AGS), adopted by the Commission.

 

Euro symbol, banknotes and coins © EU

EU budget for the financial year 2014 agreed

12/11/2013

Economy, finance, tax and competition, Institutional affairs

On 11 November the Council and the European Parliament agreed on the 2014 EU budget and on the financing of € 400.5 million to redress damages from natural disasters in four member states.

 

European Central Bank building in Frankfurt © EU

European Central Bank lowers interest rates

07/11/2013

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 will decrease to 0.25% and 0.75% respectively. The interest rate on the deposit facility will remain at 0.00%.

 

Olli Rehn © EUChoose translations of the previous link 

Autumn 2013 economic forecast: Gradual recovery, external risks

05/11/2013

Economy, finance, tax and competition, Statistics

In recent months, there have been encouraging signs that an economic recovery is underway in Europe. After contracting up to the first quarter of 2013, the European economy started to grow again in the second quarter and real GDP is set to continue growing in the remainder of this year.

 

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EU accounts signed off, but errors persist in all main spending areas, say EU Auditors

05/11/2013

Economy, finance, tax and competition, Institutional affairs

As independent auditor, the ECA has signed off the 2012 accounts of the European Union, as it has done each year since the 2007 financial year. But in most spending areas of the EU budget the report finds that the legislation in force is still not fully complied with.

 

MEPs call for suspension of EU-US bank data deal in response to NSA snooping

USB cable © EU

23/10/2013

Economy, finance, tax and competition, Justice and citizens rights

The EU should suspend its Terrorist Finance Tracking Program (TFTP) agreement with the US in response to the US National Security Agency's alleged tapping of EU citizens' bank data held by the Belgian company SWIFT, says a non-binding resolution voted by Parliament.

 

Euro notes on European flag © EU

Budget 2014: Parliament reverses Council cuts in research and jobs expenditure

23/10/2013

Economy, finance, tax and competition, Institutional affairs

Parliament reversed the Council's proposed cuts in research and employment expenditure in 2014 in a plenary vote in Strasbourg. MEPs also reversed cuts in funding for international policy, such as humanitarian aid to the Middle East and Syrian refugees and added funds for the external border control agency Frontex.

 

Algirdas Šemeta © EUChoose translations of the previous link 

Standard VAT Return: Easing life for businesses and improving tax compliance

23/10/2013

Business, Economy, finance, tax and competition

A new standard VAT return, which can cut costs for EU businesses by up to €15 billion a year, has been proposed by the Commission. The aim of this initiative is to slash red-tape for businesses, ease tax compliance and make tax administrations across the Union more efficient.

 

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September 2013: Euro area annual inflation down to 1.1% - EU down to 1.3%

16/10/2013

Economy, finance, tax and competition, Statistics

Euro area annual inflation was 1.1% in September, down from 1.3% in August. A year earlier the rate was 2.6%. Monthly inflation was 0.5% in September 2013.

 

Euro symbol in front of building © EUpdf

Main results of the Economic and Financial Affairs Council

15/10/2013

Economy, finance, tax and competition

The Council adopted regulations creating a single supervisory mechanism for the oversight of banks and other credit institutions, thus establishing the first "pillar" of Europe's banking union.

 

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Crowdfunding in the EU - exploring the added value of potential EU action

03/10/2013

The European Commission has launched a consultation inviting stakeholders to share their views about crowdfunding: its potential benefits, risks, and the design of an optimal policy framework to untap the potential of this new form of financing.

 

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The future of the Economic and Monetary Union: Commission proposes ideas to deepen social integration

02/10/2013

The European Commission has proposed to create a new scoreboard to allow for better and earlier identification of major employment and social problems in the framework of the European Semester, the EU's yearly economic policy-making cycle.

 

From left to right: Benoît Battistelli, Michel Barnier and António Campinos © EUChoose translations of the previous link 

Study indicates that roughly 35% of jobs in the EU rely on IPR-intensive industries

30/09/2013

The European Commission welcomed the publication of a study on Intellectual Property Rights, which was carried out jointly by the European Patent Office (EPO) and the Office for Harmonization in the Internal Market (OHIM).