Finance and Monetary Affairs in the EU

Latest news on economic and monetary affairs in the European Union.

EU report shows ineffectiveness of simplified customs procedures — 07 June 2010, 23:22 CET

The European Court of Auditors has assessed whether the regulatory framework and control approach developed by the European Commission and put in place in the Member States effectively control simplified customs procedures for imports. According to a Special Report published by the Court today, simplified procedures are not yet effectively controlled in the majority of the audited Member States.

EU approves capital injection into Irish Educational Building Society — 02 June 2010, 23:11 CET

The European Commission has authorised under EU state aid rules an emergency recapitalisation worth €875 million in favour of the Irish Educational Building Society (EBS) for a period of six months as urgent rescue aid.

European Commission Green Paper on corporate governance in financial institutions and report on remunerations - briefing — 02 June 2010, 20:13 CET

As part of its work on preventing a future financial crisis and strengthening the financial system, the European Commission has put forward amendments to the EU rules on Credit Rating Agencies and launched a public consultation on reforming corporate governance in financial institutions. On corporate governance, the Commission has launched a public consultation on a number of issues including how to manage risk more effectively in financial institutions and how to empower shareholders. The deadline for responses is 1 September 2010.

Improving EU supervision of Credit Rating Agencies - briefing — 02 June 2010, 20:07 CET

As part of its work on preventing a future financial crisis and strengthening the financial system, the European Commission has put forward amendments to the EU rules on Credit Rating Agencies (CRAs) and launched a public consultation on reforming corporate governance in financial institutions. Furthermore, in order to advance swiftly in completing the necessary reforms to ensure a safe and stable financial system in Europe, the Commission has adopted a more general Communication where it commits itself to table the remaining financial reform proposals in the next six to nine months from now. On CRAs, the Commission has two main objectives: ensuring efficient and centralised supervision at European level, and increased transparency on the entities requesting the ratings so that all agencies have access to the same information. These changes it says would improve supervision, increase competition in the CRA market and improve investor protection.

EU aims to bridge the digital divide — 01 June 2010, 00:28 CET

EU Transport Ministers at their telecommunications session today approved the European Digital Agenda for high-speed internet and secure digital market, among others, to boost growth and employment in the EU.

EU urges trading partners to remove protectionist barriers — 28 May 2010, 22:58 CET

Protectionist barriers are on the increase during the economic crisis, according to an EU report published today. In it, the European Commission calls on the EU's trading partners to remove trade restrictions in order to boost economic recovery.

Bank Resolution Funds - briefing — 26 May 2010, 12:56 CET

The European Commission has proposed that the European Union establish an EU network of bank resolution funds to ensure that future bank failures are not at the cost of the taxpayer or destabilise the financial system. Following discussion at the forthcoming European Council, the Commission will present these ideas at the G-20 Summit in Toronto on 26-27 June 2010. Such funds would form part of a broader framework aimed at preventing a future financial crisis and strengthening the financial system. The Commission believes that a way to achieve this is by introducing requirement for Member States to establish funds according to common rules into which banks are required to pay a levy. The funds would not be used for bailing out or rescuing banks, but only to ensure that a bank's failure is managed in an orderly way and does not destabilise the financial system.

EU moves to strengthen maritime policy — 20 May 2010, 23:19 CET

EU Council of Ministers in June will create a financial instrument to develop a comprehensive maritime policy and will promote the inclusion of a maritime aspect in EU security and defence policies, said on Thursday the Spanish Secretary of State for the EU, Diego Lopez Garrido.

Levy on private copies may be imposed, says Advocate General — 14 May 2010, 12:03 CET

In an opinion given on 11 May 2010, Advocate General Trstenjak ruled that a levy on private copies may be imposed on digital equipment, devices and media only where it may be presumed that they are to be used for private copying.

Commission to ease bottlenecks to financing of smaller businesses — 07 May 2010, 08:47 CET

To address the difficult financing situation of SMEs, EU Commissioners proposed today to upgrade the SME Finance Forum into a high-level dialogue between financial institutions and SMEs. The SME Finance Forum 2010, being held in Brussels today, focuses on new strategies for improving access to finance for SMEs.

Latest trends in SMEs access to finance and EU financial instruments - Briefing — 07 May 2010, 08:44 CET

Latest trends in SMEs access to finance and on the financial instruments under the Competitiveness and Innovation Framework Programme.

Incoming British government 'must tackle rising debt' — 05 May 2010, 17:56 CET

EU forecasts on the eve of the British general election put Britain under the highest public deficit levels in Europe, with Brussels warning the next government must focus first on the shortfall.

European Parliament takes strong line on SEPA value for payment users — 05 May 2010, 16:06 CET

EuroCommerce warmly welcomes the adoption of the resolution on the Single Euro Payments Area (SEPA) by the European Parliament today.

EU Small Businesses Celebrate EP Decision to Exempt Micro-Entities from EU Accounting Burdens — 05 May 2010, 16:04 CET

The European Small Business Alliance welcomes today’s decision by the European Parliament to adopt the Commission’s proposal to exempt micro entities from certain EU accounting burdens. The exemption is the first real EU effort specifically aimed at micro-businesses and can be seen as the ‘flagship’ of the EUs overall commitment to reduce administrative burdens by 25% by 2010. The measure is estimated to account for savings of EUR 6.3 billion EU-wide, and is a major step towards achieving this 25% goal.

Parliament’s OK to accounting exemptions 'a step back for the internal market' — 05 May 2010, 15:46 CET

UEAPME, the European craft and SME employers’ organisation, criticised today the European Parliament for giving the green light to a deceptive proposal on accounting exemptions, which is unlikely to live up to its claimed cost reduction potential but will decrease transparency and create an uneven playing field between businesses operating in different Member States. Further to MEPs’ vote, Member States could exempt micro-companies with limited liability status from having to draw up and publish annual accounts. According to UEAPME and contrary to some claims, this will not generate a net cost reduction since micro-entities will have to keep filing accounts anyway for national administrations, banks, suppliers and customers. Moreover, red tape will be displaced rather than reduced, as MEPs allowed Member States to add further unspecified obligations to exempted micro-companies. UEAPME therefore recommended simplifying the existing harmonised accounting rules as a more viable alternative and called on the Council to reject the current proposal.

Capital requirements: no regulation before impact assessment, say SMEs — 05 May 2010, 15:46 CET

The new capital requirements for the banking sector risk harming SME finance unless their impact on the real economy is assessed beforehand and their scope is fine-tuned to target riskier activities, according to UEAPME, the European craft and SME employers’ organisation.

CEA presses for further work on Solvency II implementing measures — 05 May 2010, 00:40 CET

The CEA, the European insurance and reinsurance federation, today reiterated its support for the EU’s new Solvency II regulatory regime but called for more work to be done on the Level 2 measures that will put the flesh on the bones of the Framework Directive. It also called for changes to the draft specifications for the fifth Quantitative Impact Study (QIS 5) that will be carried out later this year to test the likely effects of Solvency II on the insurance industry.

CASELEX:EU:2003:188 - European Court of Justice, European Union Freedom Of Movement Law, Taxation Law — 02 May 2010, 16:09 CET

European Court of Justice, European Union Freedom Of Movement Law, Taxation Law

Late business payments: MEPs want deadlines — 29 April 2010, 23:59 CET

MEPs believe that deadlines for paying bills in the business world should be laid down by law for both the private and public sectors. Yesterday Euro-MPs approved amendments to a planned EU directive designed to tackle the problem of late payments.

EU opens consultation on double taxation — 29 April 2010, 17:19 CET

The European Commission launched today an online public consultation to ask individuals, companies and tax advisers for information on double taxation problems that they have encountered when operating across borders within the EU.

ECB to demand loan-level information on asset bonds — 24 April 2010, 00:24 CET

The European Central Bank is to begin work on the establishment of loan-by-loan information requirements for asset-backed securities (ABSs) in the Eurosystem collateral framework.

CASELEX:EU:2006:159 - European Court of Justice, European Union Competition Law, Taxation Law — 22 April 2010, 16:52 CET

European Court of Justice, European Union Competition Law, Taxation Law

Commission approves second prolongation of Slovenian liquidity scheme for the financial sector — 15 April 2010, 23:58 CET

The European Commission has authorised, under EU state aid rules, the second prolongation until 30 June 2010 of a Slovenian liquidity scheme for the financial sector.

Broken EU aid promises push Millennium Development Goals out of reach,says CONCORD as OECD announces aid figures — 14 April 2010, 23:32 CET

Figures released today by the OECD show a reduction in EU overseas development aid in 2009. At current levels the European Union will not meet commitments to provide 0.7% of GNI in aid by 2015 to reach the Millennium Development Goals. The news represents yet another broken promise by EU governments and delivers a further blow to the MDGs, which will be reviewed in New York this September.

Power of EU Financial Lobby Must Be Curtailed Following Greek Debacle — 14 April 2010, 23:23 CET

The European Commission's new initiatives to regulate financial markets are based on unbalanced advisory groups dominated by financial services lobbyists, new research published by Corporate Europe Observatory (CEO) today shows. This has delayed and undermined the quality of the Commission’s regulatory responses to the financial crisis.