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The euro - the EU single currency

Latest news about the European Union's single currency.

Cross border credit transfers within the EU 04 December 2009, 15:22 CET
This Directive establishes minimum information and performance requirements for cross-border credit transfers so as to ensure that funds can be transferred throughout the European Union (EU) rapidly, reliably and inexpensively.

Commission decisions on KBC, ING and Lloyds - briefing 19 November 2009, 13:02 CET
The European Commission on 18 October approved the restructuring plan of Lloyds Banking Group, the ING restructuring plan and illiquid asset back-up facility, and the asset relief and restructuring package for KBC.

EU framework for Crisis Management in the Banking Sector - briefing 20 October 2009, 23:23 CET
The European Commission has adopted a Communication on an EU framework for crisis management in the banking sector. The purpose of the Communication is to consult as widely as possible on a broad range of issues aimed at safeguarding financial stability and the continuity of banking services in a cross border banking crisis. The Communication sets out questions on the tools that the Commission considers would be necessary for an EU crisis management framework. These tools range from “early intervention” action by banking supervisors aimed at correcting irregularities at banks, to bank resolution measures which involve the reorganisation of ailing banks, , to insolvency frameworks under which failed banks are wound up. The Commission’s consultation will last for three months, and will be followed by a public hearing to present the results and set out the Commission’s intentions.

2009 Annual statement on the euro area 07 October 2009, 16:16 CET
The euro-area economy is still suffering from the unprecedented global financial and economic crisis which began in the second half of 2008. The 2009 annual statement on the euro area (ASEA), with its accompanying annual report, analyses the current situation and proposes a way forward towards a sustainable recovery.

European Commission excessive deficit reports - briefing 07 October 2009, 13:08 CET
Today the European Commission adopted reports under the corrective arm of the Stability and Growth Pact for Austria, Belgium, the Czech Republic, Germany, Italy, Slovakia, Slovenia, the Netherlands and Portugal.

The Euro - Business Benefits 02 October 2009, 21:35 CET
In addition to cutting costs and risk, the European Union's single currency benefits business by encouraging investments and bringing more certainty to business planning – thus allowing businesses to be more effective overall.

The Euro and International Financial Markets 02 October 2009, 21:31 CET
The euro is a key global currency which has an important role in international financial markets. It is used widely by third-country governments and private actors worldwide as a currency of choice for their reserves, their borrowing and for trade.

Financing Programmes for SMEs 02 October 2009, 21:30 CET
The European Commission's DG ECFIN oversees programmes which provide access to finance for Small and Medium-sized Enterprises (SMEs). The day-to-day management of these activities is handled by major International Financial Institutions (IFIs).

DG Economic and Financial Affairs Contacts - European Commission 02 October 2009, 21:26 CET
The European Commission's Directorate-General for Economic and Financial Affairs (DG ECFIN) strives to improve the economic wellbeing of the citizens of the European Union by developing and promoting policies that lead to sustainable economic growth, a high level of employment, stable public finances and financial stability.

European System of Financial Supervisors (ESFS) - briefing 24 September 2009, 12:19 CET
The European Commission has adopted a package of draft legislation to strengthen the supervision of the financial sector in Europe. The aim of these enhanced cooperative arrangements is to sustainably reinforce financial stability throughout the EU; to ensure that the same basic technical rules are applied and enforced consistently; to identify risks in the system at an early stage; and to be able to act together far more effectively in emergency situations and in resolving disagreements among supervisors. The legislation will create a new European Systemic Risk Board (ESRB) to detect risks to the financial system as a whole, and it will also set up a European System of Financial Supervisors (ESFS), composed of national supervisors and three new European Supervisory Authorities for the banking, securities and insurance and occupational pensions sectors.

EC proposals to strengthen financial supervision in Europe - briefing 23 September 2009, 12:38 CET
The European Commission has adopted a package of draft legislation to significantly strengthen the supervision of the financial sector in Europe. The aim of these enhanced cooperative arrangements is to sustainably reinforce financial stability throughout the EU; to ensure that the same basic technical rules are applied and enforced consistently; to identify risks in the system at an early stage; and to be able to act together far more effectively in emergency situations and in resolving disagreements among supervisors. The legislation will create a new European Systemic Risk Board (ESRB) to detect risks to the financial system as a whole with a critical function to issue early risk warnings to be rapidly acted on. It will also set up a European System of Financial Supervisors (ESFS), composed of national supervisors and three new European Supervisory Authorities for the banking, securities and insurance and occupational pensions sectors.

Financial Services Supervision and Committee Architecture 23 September 2009, 12:37 CET
Currently, three committees exist at the EU level in the financial services sector, with advisory powers, the Committee of European Banking Supervisors (CEBS), the Committee of European Insurance and Occupational Pensions Committee (CEIOPS) and the Committee of European Securities Regulators (CESR). These are often known as the “Lamfalussy level 3 Committees” because of the role which they play in the EU framework for financial services legislation, created following a report by a group chaired by Alexandre Lamfalussy.

Commission Report on bank fee charges - briefing 22 September 2009, 18:17 CET
There are widespread problems with the way banks inform and advise their customers according to a European Commission report on retail financial service published today. Specific problems include information which in many cases is difficult to understand, opaque bank fees, problems with advice and low levels of switching. The report describes the price structures of current accounts as "very opaque making it almost impossible for consumers to know how much they are paying and to compare different offers." For 66% of banks surveyed, bank fees were so unclear that experts compiling the report needed additional explanatory contacts with the bank to find the real costs of an account. Austria, France, Italy and Spain score poorly on transparency and are among the most expensive countries for banking accounts. The EU market is fragmented depriving consumers of the advantage of an EU Internal Market. Only 9% of EU consumers switched current accounts for the two years 2007-2008.

Retail Financial Services Report - Bank fees, pre-contractual information, advice and switching 22 September 2009, 18:15 CET
Retail Financial Services Report - Bank fees, pre-contractual information, advice and switching - SEC(2009) 1251 final - The Consumer Markets Scoreboard is the main market monitoring instrument for the consumer policy area. After the publication of the first Consumer Markets Scoreboard early in 2008, which identified retail financial services as a sector in need of monitoring, the Commission selected three areas where consumers are faced with a significant number of problems. A new Commission Staff Working Document analyses the various retail financial services issues which were singled out for examination: pre-contractual information and the related issue of advice, the level and transparency of bank fees and bank account switching.

Single Euro Payments Area (SEPA) - EC 10 September 2009, 18:23 CET
The Single Euro Payments Area (SEPA) is an initiative of the European banking industry that will make all electronic payments across the euro area – e.g. by credit card, debit card, bank transfer or direct debit – as easy as domestic payments within one country are now. The SEPA project is strongly supported by the European Commission and the European Central Bank. The Payment Services Directive provides the necessary legal framework for SEPA, as well as for better payments in all EU countries.

Single Euro Payments Area - new EC plans - briefing 10 September 2009, 19:22 CET
The European Commission has adopted a Communication on Completing SEPA: a Roadmap for 2009-2012 in response to the Communication on 'Driving European recovery'. The Single Euro Payment Area, or SEPA, is an initiative of the European banking sector and aims at creating an integrated market for electronic payment services in euros, with harmonised sets of business rules and technical standards. With these new European payments, consumers, companies, merchants and public administrations will be able to make payments under the same conditions throughout Europe as easily as within their own country. The Communication provides a framework for action within six priority areas where greater involvement of all relevant actors is required in order to achieve the full implementation of the Single Euro Payments Area (SEPA).

Single euro payments area (SEPA) - European Central Bank 10 September 2009, 18:18 CET
Customers can pay with euro cash anywhere in the euro area. But making cashless payments from one country to another is still not very smooth. SEPA will remove the technical, legal and commercial barriers. SEPA will make cashless paying with euro as easy, efficient and safe as it is today within one country. SEPA is a project of the market. Public authorities like the ECB and the European Commission play a supportive role.

Review of national aid schemes introduced during the financial crisis 10 August 2009, 19:14 CET
The European Commission's Directorate-General for Competition has issued a review of the aid schemes introduced by EU Member States and approved by the Commission during the financial crisis. In the review, the DG for Competition addresses the effectiveness of the schemes implemented to date and analyses issues raised by Member States in this context. The review furthermore consolidates the requirements common to all approved guarantee and recapitalisation schemes, in order to provide additional transparency on the general standard for all such schemes. Finally, the review gives an overview per Member State of the public resources involved as a percentage of GDP.

EC guidelines on restructuring aid to banks - briefing 23 July 2009, 17:56 CET
The European Commission has agreed a Communication explaining its approach to assessing restructuring aid given by Member States to banks. The approach is based on three fundamental principles: i) aided banks must be made viable in the long term without further state support, ii) aided banks and their owners must carry a fair burden of the restructuring costs and iii) measures must be taken to limit distortions of competition in the Single Market. The guidelines, which are in force until 31 December 2010, explain in particular how the Commission intends to apply these principles in the context of the current systemic financial crisis, with a view to contributing to the return to viability of the European banking sector.

Further amendments to the Capital Requirements Directive - briefing 16 July 2009, 23:45 CET
The European Commission has adopted a proposal to further amend the Capital Requirements Directive. The proposed amendments address capital requirements for the trading book and re-securitisations, disclosure of securitisation exposures, and remuneration policies. They form part of the Commission's response to the financial crisis by strengthening the regulatory framework in those areas, which were relevant to the causes of the crisis.

Regulatory Capital 14 July 2009, 00:59 CET
European Commission website covering Regulatory Capital and the Capital Requirements Directive (CRD)

Banking: Key EU directives 13 July 2009, 14:20 CET
Key banking legislation in force in the European Union

Banking policy in the EU 13 July 2009, 14:19 CET
Achieving an integrated market for banks and financial conglomerates is a core component of European policy in financial services sector.

Useful information 13 July 2009, 14:18 CET
Useful links and practical information on banking and credit institutions in the EU

Facilitating the free circulation of euro cash 21 May 2009, 23:10 CET
The Commission adopted on 18 May 2009 a White Paper on professional cross border transportation of euro cash by road between Member States in the euro area.