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EU agrees on banking union - EUbusiness Week newsletter 653


20-03-2014

EUbusiness Week 653 top stories: EU soul-searching over Russian gas vulnerability; All EU nations agree plan to combat tax evasion; Moody's raises outlook for European Union to stable; European Parliament prepares to scrap roaming fees; EU slaps billion-euro fine on car bearing cartel; EU readying invasive alien species hit-list

Publisher's Note

A major deal on banking union was rescued Thursday when European Parliament and Council negotiators agreed on the Single Resolution Mechanism, designed to prevent a failing bank from wrecking the economy.

Key improvements to prevent political interference and delay in the process of closing down a failing bank secured a deal. A resolution scheme could now be approved within a weekend, from the closing of the US markets to their opening in Asia.

The deal should put an end to massive bailouts. It is also crucial in strengthening confidence and stability in financial markets and helping to restore lending to Europe's economy.
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Regards,

Nick Prag
Publisher, EUbusiness

1. EU soul-searching over Russian gas vulnerability

Europe's dependency on Russian gas was at the heart of summit talks which started Thursday as EU leaders weighed up action to match their outrage over Moscow's annexation of Crimea.
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Europe desperately seeking credible response to Russia

2. All EU nations agree plan to combat tax evasion

All 28 Member States have now signed up to an agreement to combat tax evasion after Austria and Luxembourg dropped their objections to a plan first mooted in 2008, say officials.
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3. Moody's raises outlook for European Union to stable

Moody's have raised its rating outlook for the EU to stable from negative, citing the improvement of its members' finances and falling risks from the eurozone debt crisis.
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4. European Parliament prepares to scrap roaming fees

Europe's plan to end roaming charges for cross-border mobile phone calls cleared its first hurdle on Tuesday, after a committee of the European Parliament voted for the reform.
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5. EU slaps billion-euro fine on car bearing cartel

The Commission has slapped fines totalling nearly 1 billion euros on a cartel of European and Japanese companies that supply ball bearings to car and truck manufacturers.
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6. EU readying invasive alien species hit-list

Killer slugs, Asian ladybirds and American muskrats will all be blacklisted under plans drawn up by Brussels to stop "invasive" species from threatening European wildlife.
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EUROPEAN LAW

Euro bailout fund: Germany's highest court on Tuesday ruled once and for all that the European bailout fund is in line with the country's constitution, throwing out a raft of objections by eurosceptics.
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No maternity leave for women using surrogates: EU top court
Latest Court of Justice judgements
EU Law Firms
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Inside the EU Institutions

Council Watch

Serbia: with a resounding election victory under its belt, Serbia's centre-right SNS party must now forge ahead with tough economic reforms as it plots a course into the EU.
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China's Xi heads to Europe as Ukraine crisis heats up
British PM sets out priorities for EU reform
Council ...

Commission Watch

Ukraine: the Commission announced EUR 1.0 bn in emergency aid for Ukraine on Wednesday as it called for far-reaching economic reforms and a stepped-up fight against corruption.
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Moldova urges EU to fast-track integration
Iran's Zarif sees 'signs' nuclear deal can be reached
Commission ...

Parliament Watch

Ukraine: the Ukraine crisis has brought back the fear and risk of war in Europe, European Parliament head Martin Schulz said Thursday as EU leaders met to decide their next steps.
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Greek TV journalist makes waves with new political party
EP team urges release of long-term Palestinian prisoners
Also this week, MEPs struck a deal with Council on promoting the use of alternative fuels on roads and waterways; and in committee backed a plan to remove EU tariffs on imports from Ukraine, and tougher criminal penalties for EU budget fraudsters.
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EU diary

24-25 Mar, Agriculture and Fisheries Council
25 Mar, Commission proposal for revised rules on organic farming
26 Mar, EU-US summit
27 Mar, Commission to adopt package on long term financing of the European economy
28 Mar, Commission adopts its monthly infringements package
The Week Ahead
Long-term diary

RESOURCES

EU Law Firms
Summaries of EU Legislation
EU Decision-Making
Treaties of the European Union
Key EU Legal Terms

Other news on EUbusiness this week

EU mulls sending observers to Ukraine: source 20-Mar

 

Troika reaches Greece aid accord after long delay 19-Mar

 

EU offers Jordan EUR 180m financial aid 18-Mar

 

Volkswagen to build EUR 800m factory in Poland 18-Mar

 

EU car registrations up but crisis not over: data 18-Mar

 

Canada defends seal hunt as it asks WTO to void EU ban 17-Mar
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