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Guides on the EU's common currency, the Euro.
Convergence report reviews Member States' progress towards joining euro area
The European Commission published on 10 June the 2020 convergence report in which it provides its assessment of the progress non-euro area Member States have made towards adopting the euro.
Five Presidents' Report - plans to strengthen Economic and Monetary Union as of 1 July 2015
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.
Fifteenth report on practical preparations for the euro
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.
2014 Convergence Report and Lithuania
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.
Protection of euro against counterfeiting
EU Finance Ministers backed measures on 6 May that will reinforce the protection of the euro and other currencies through criminal law measures. These will include tougher sanctions for criminals and improved tools for cross-border investigation. The directive was backed by the European Parliament on 16 April and is expected to enter into force in June 2014.
Euro: the international monetary system
International organisations provide meeting points for the major economies to discuss common challenges and their solutions. As a result of the significant role of the euro in international financial markets, the institutions of the European Monetary Union (EMU) and the euro area are playing an increasingly important role in these discussions.
Latvia 18th EU Member State to adopt the euro
Following Latvia's adoption of the euro on 1 January 2014 - the 15th anniversary of the launch of the euro in 1999 - 18 Member States and 333 million Europeans share the same currency. This is a major achievement for Latvia and for the euro area as a whole. Latvians start withdrawing euro cash and paying for their purchases in euro. This has been made possible thanks to thorough preparations ahead of the introduction of the EU's single currency.
Latvia ready to adopt euro in 2014 - EC convergence report
The European Commission has published its 2013 Convergence Report on Latvia, together with a citizen's summary that briefly explains the report and the rationale behind it. The Commission concludes that Latvia has achieved a high degree of sustainable economic convergence with the euro area and proposes that the Council decide on Latvia’s adoption of the euro as from 1 January 2014.
Next steps towards a deep and genuine Economic and Monetary Union
The European Commission has presented two new Communications on the next steps towards a deep and genuine Economic and Monetary Union (EMU). The aim is to strengthen economic policy coordination and integration in the euro area. The Commission says these Communications follow commitments made in its 'Blueprint for a Deep and Genuine Economic and Monetary Union' last November, and respond to calls from the European Council to take work forward on these two fronts. The Communication on the ex-ante coordination of plans for major economic policy reforms contains options on how to organise EU-level discussions on large-scale economic policy reforms in the Member States before final decisions are taken at national level. The reasoning behind this is to properly take into account any positive or negative spillovers of the reforms on other euro area countries early on in the decision-making process. The Communication on a Convergence and Competitiveness Instrument (CCI) sets out options for two instruments: contractual arrangements for Member States to undertake specific reforms and financial support to help Member States implement these reforms. These two new instruments complement the structures that already exist for the surveillance of budgetary and economic policy at EU level, which have been enhanced through the European Semester, Six Pack and Two Pack reforms.
Blueprint for a deep and genuine Economic and Monetary Union (EMU)
The European Commission adopted on 28 November a Blueprint for a deep and genuine Economic and Monetary Union, which provides a vision for a strong and stable architecture in the financial, fiscal, economic and political domains.
Cross border credit transfers within the EU
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.
European Commission excessive deficit reports - briefing
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.
DG Economic and Financial Affairs Contacts - European Commission
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.
Financing Programmes for SMEs
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).
The Euro and International Financial Markets
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.
The Euro - Business Benefits
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 Economic and Monetary Union
All EU Member States form part of Economic and Monetary Union (EMU), which can be described as an advanced stage of economic integration based on a single market. It involves close co-ordination of economic and fiscal policies and, for those countries fulfilling certain conditions, a single monetary policy and a single currency – the euro.
Single Euro Payments Area - new EC plans - briefing
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).
Cross-border euro payments - briefing
The European Commission has put forward a proposal modifying the provisions and extending the scope of the 2001 Regulation on cross-border euro payments, under which cross-border bank transfers in euro within the EU cost the same as domestic transfers. The proposal comes in response to the rapid evolution of the EU payments market. It aims at extending the principle of equality of charges to direct debit payments. It also contains some provisions enhancing the protection of consumer interests and rights and alleviating the statistical reporting burden.
EMU and the euro - guide
The euro is a resounding success, says the European Commission today. The protection provided by an international currency with a market of nearly 320 million people, supported by sound public finances and stable macroeconomic policies, is particularly welcome in these times of uncertainty and worrying increases in the prices of energy and food. But as we complete 10 years of Economic and Monetary Union (EMU), the Commission says we must acknowledge that there is still work to be done. The euro area’s governance and coordination of economic policies must be improved. This will involve both deepening and broadening economic surveillance arrangements to guide fiscal policy over the cycle and in the long term and, at the same time, address divergences in growth, inflation and competitiveness. We also need to better project our voice in the global arena, to reflect the euro’s weight as an international currency used well beyond its borders. Only then will the benefits of the single currency become fully apparent to the citizens of the euro area.