EU agrees on banking union - EUbusiness Week newsletter 653
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
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.
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.
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.
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.
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.
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.
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.
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.
No maternity leave for women using surrogates: EU top court
Latest Court of Justice judgements
EU Law Firms
Inside the EU Institutions
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.
China's Xi heads to Europe as Ukraine crisis heats up
British PM sets out priorities for EU reform
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.
Moldova urges EU to fast-track integration
Iran's Zarif sees 'signs' nuclear deal can be reached
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.
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.
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
Other news on EUbusiness this weekEU 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