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The euro - the EU single currency

Latest news about the European Union's single currency.

How EU rules apply to banks with a capital shortfall 26 June 2017, 14:10 CET
The European Commission approved on 25 June, under EU rules, Italian measures to facilitate the liquidation of Banca Popolare di Vicenza (BPVI) and Veneto Banca under national insolvency law.

Pound climbs steadily as week comes to a close - Euro currency news daily 23 June 2017, 12:25 CET
 

EU probes RBS alternative to Williams & Glyn sale 04 April 2017, 22:47 CET
The EU Commission is to investigate an alternative proposal from the UK to the Royal Bank of Scotland's commitment to sell Williams & Glyn as part of its restructuring plan.

HSBC, JP Morgan, Crédit Agricole fined EUR 485m for rate rigging 07 December 2016, 23:04 CET
Crédit Agricole, HSBC and JPMorgan Chase were fined a total of EUR 485m by the EU Commission Wednesday for their participation in the Euribor cartel in euro interest rate derivatives.

Central Counterparties Recovery and Resolution Proposal 29 November 2016, 22:57 CET
The European Commission proposed on 28 November new rules to ensure that systemic market infrastructures in the financial system, known as Central Counterparties (CCPs), can be dealt with effectively when things go wrong.

New reforms to boost resilience of European banks 24 November 2016, 18:42 CET
The EU Commission unveiled a package of proposals Wednesday to boost the resilience of European banks against potential shocks, and to support smaller businesses and infrastructure investment.

Euro hopefuls not yet ready to join 08 June 2016, 16:24 CET
Of the seven countries legally committed to adopting the euro, none currently meets all the conditions for joining the single currency, says the 2016 Convergence Report, published Tuesday.

Single Resolution Board 17 February 2016, 15:40 CET
The Single Resolution Board (SRB) is the resolution authority for the significant and cross border banking groups established within the EU's participating Member States. In the context of the Single Resolution Mechanism, it works in close cooperation with the national resolution authorities. In the newly created Banking Union the SRB cooperates with the European Central Bank, the European Commission, as well as other European and international institutions. The SRB's mission is to ensure an orderly resolution of failing banks with minimum impact on the real economy and on public finances of the participating Member States and beyond.

Single Resolution Mechanism comes into effect for EU Banking Union 04 January 2016, 22:59 CET
The Single Resolution Mechanism (SRM) became fully operational on 1 January 2016. The SRM implements the EU-wide Bank Recovery and Resolution Directive (BRRD) in the euro area. The full resolution powers of the Single Resolution Board (SRB) also apply as of 1 January 2016.

EU Banking Union: new measures to reinforce deposit protection and further reduce banking risks 25 November 2015, 00:25 CET
The European Commission proposed on 24 November euro-area wide insurance scheme for bank deposits and has set out further measures to reduce remaining risks in the banking sector in parallel.

European Bank for Reconstruction and Development 05 November 2015, 20:00 CET
Since its establishment in 1991, the European Bank for Reconstruction and Development has become the largest financial investor in its region of operations which stretches from central Europe and the Western Balkans to central Asia. With the ability and willingness to bear risk on behalf of its clients, the EBRD helps their countries in the region to become open, market economies. The EBRD is owned by 64 countries, the European Union and the European Investment Bank. It provides project financing for banks, industries and businesses, both new ventures and investments in existing companies. It also works with publicly owned companies.

Single Supervisory Mechanism 02 November 2015, 10:53 CET
The Single Supervisory Mechanism (SSM) is a new system of banking supervision for Europe. It comprises the ECB and the national supervisory authorities of the participating countries. Its main aims are to: ensure the safety and soundness of the European banking system. increase financial integration and stability.

EU Regulatory Framework for Financial Services: call for evidence 30 September 2015, 17:40 CET
The Commission is inviting all interested parties to provide feedback and empirical evidence on the benefits, unintended effects, consistency and coherence of the financial legislation adopted in response to the financial crisis.

Action Plan on building a Capital Markets Union 30 September 2015, 16:11 CET
The European Commission launched the Capital Markets Union Action Plan on 30 September to help build a true single market for capital across the 28 EU Member States.

Five Presidents' Report - plans to strengthen Economic and Monetary Union as of 1 July 2015 22 June 2015, 18:14 CET
The EU Institutions' five Presidents - European Commission President Jean-Claude Juncker, together with the President of the Euro Summit, Donald Tusk, the President of the Eurogroup, Jeroen Dijsselbloem, the President of the European Central Bank, Mario Draghi, and the President of the European Parliament, Martin Schulz - revealed on 22 June ambitious plans on how to deepen the Economic and Monetary Union (EMU) as of 1 July 2015 and how to complete it by latest 2025.

Capital requirements for banks' exposures to CCPs - transitional period extended 04 June 2015, 13:56 CET
The European Commission has today adopted an implementing act that will extend the transitional period for capital requirements for EU banking groups’ exposures to central counter-parties (CCPs) under the Capital Requirements Regulation (CRR).

Implementing Act on Equivalence under Regulation (EU) No 575/2013 (CRR) 12 December 2014, 16:42 CET
The European Commission adopted on 12 December its first 'equivalence' decision for the purposes of credit risk weighting under Regulation (EU) No 575/2013 ('Capital Requirements Regulation'). It establishes a list of third countries whose supervisory and regulatory arrangements the EU considers equivalent.

Lithuania and the euro 01 December 2014, 23:14 CET
Lithuania joined the European Union in 2004 and is currently preparing to adopt the euro.

Fifteenth report on practical preparations for the euro 21 November 2014, 18:11 CET
It is only a few weeks to go until Lithuanians start using euros to pay for everyday transactions in their country. On 1 January 2015, Lithuania will become the 19th member of the euro area, which will then encompass all three Baltic States. On 21 November, the Commission adopted its fifteenth report on the practical preparations for the changeover, assessing the progress made up until the end of September 2014.

Rules on contributions of banks to resolution funds 21 October 2014, 17:21 CET
The European Commission has adopted a delegated act and a draft proposal for a Council implementing act to calculate the contributions of banks to the national resolution funds and to the Single Resolution Fund respectively.

Solvency II Delegated Act 10 October 2014, 18:46 CET
The European Commission has adopted delegated acts under the Solvency II Directive and the Capital Requirements Regulation which will help promote high quality securitisation, ensure that banks have sufficient liquid assets in testing circumstances and introduce international comparability to leverage ratios.

Liquidity Coverage Requirement Delegated Act 10 October 2014, 18:38 CET
The European Commission has adopted delegated acts under the Solvency II Directive and the Capital Requirements Regulation which will help promote high quality securitisation, ensure that banks have sufficient liquid assets in testing circumstances and introduce international comparability to leverage ratios. Today's package is part of the ongoing calibration of the regulatory framework to ensure that it enables the financial sector to effectively support the real economy, without jeopardising financial stability. It is also part of the overall objective of the European Commission to boost jobs, growth and investment. As President-elect Juncker announced in his Political Guidelines of 15 July, he intends to mobilise up to € 300 billion in additional public and private investment in the real economy over the next three years by proposing an ambitious Jobs, Growth and Investment Package during the first three months of the mandate of the next European Commission.

European Investment Bank 21 September 2014, 12:57 CET
The European Investment Bank is owned by the 28 EU countries. It borrows money on the capital markets and lends it at a low interest rate to projects that improve infrastructure, energy supply or environmental standards both inside the EU and in neighbouring or developing countries.

2014 Convergence Report and Lithuania 04 June 2014, 13:39 CET
The European Commission released on 4 June its 2014 Convergence Report, which assesses eight EU 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.

Convergence Report 2014 04 June 2014, 13:33 CET
Convergence Reports examine whether Member States satisfy the conditions for adopting the single currency. Convergence reports are issued by the European Commission and the European Central Bank every two years, or more often if a country intending to join the euro requests it. These reports form the basis for the decision on whether a Member State may join the euro area. The 2014 Convergence Report, released on 4 June 2014, is a regular biennial report and examines progress with convergence in eight Member States with a derogation - Bulgaria, the Czech Republic, Croatia, Lithuania, Hungary, Poland, Romania and Sweden. It contains the Report from the Commission and the accompanying Staff Working Document with a more detailed analysis of the fulfilment of the criteria by all countries assessed. The report concludes that Lithuania fulfils all conditions for adopting the euro.