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Finance and Monetary Affairs in the EU

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

Finally clarity around May's departure - Euro currency news daily
Theresa May has just announced the date of her resignation as Prime Minister to be 7 June.

Banks fined over EUR 1bn for foreign exchange cartel
The EU Commission fined five banks - Barclays, RBS, Citigroup, JPMorgan and MUFG - EUR 1.07 billion Thursday for taking part in two cartels in the Spot Foreign Exchange market for 11 currencies.

Brussels launches new tool to crack down on VAT fraud
A new system to help EU countries crack down on VAT fraud, launched Wednesday by the European Commission, allows EU Member States to rapidly exchange and jointly process VAT data.

German growth forecast cut as economic uncertainty continues
GDP growth in Germany is forecast to be particularly subdued this year, as global uncertainties continue to weigh on Europe's economy, according to the EU Commission's latest economic forecast Tuesday.

Young European farmers get access to EUR 1 bn EU loan package
The EU Commission and European Investment Bank launched a EUR 1 bn loans package Monday targeting specifically young farmers. Nearly a third of young farmers' loan applications were rejected in 2017.

Auditors review EU support for urban mobility
The European Court of Auditors is examining the effectiveness of EU action on improving the mobility of people in cities and densely populated areas, including progress in managing traffic congestion.

EUR 428 billion in taxes generated by motor vehicles in EU-15, new figures show
New data released today shows that motor vehicle taxation brings in €428 billion per year to governments in the EU-15 countries alone. This figure - up 3.5% compared with the previous year - represents more than two and a half times the total EU budget.

The InvestEU Programme
The European Parliament on 18 April approved a provisional and partial deal with EU ministers on a new EU programme to support investment and access to finance during 2021-2027.

Investors looking to Ireland for EU Citizenship
Global investors who, prior to Brexit, may have focused their attention on the UK as a gateway to Europe, are now turning to Ireland for European residency.

Parliament gives green light to handy EU-wide pension product
The EU Parliament has given its blessing to a deal reached between the EU institutions on the creation of a pension product that would be available in all EU countries and to all consumers, regardless of the country they live in or move to.

EU invests EUR 4 bn in large infrastructure projects
EUR 4 billion of EU funds is to be invested in 25 large infrastructure projects - in areas such as transport, research, environment and energy - in 10 Member States, the Commission announced Tuesday.

Retailers commend European Commission for swift action against discriminatory Slovak tax
Commenting today on the European Commission announcement of an in-depth investigation into to the Slovak Retail Tax Law and an injunction suspending the application of the law, EuroCommerce Director-General Christian Verschueren said:

EU authorities supervising financial markets to get stronger and long-awaited consumer protection powers
The EU has struck a deal to strengthen and better fund the authorities which are responsible for supervising financial markets at EU level.

Agreement paves way for better VAT collection on online sales
EU Member States reached agreement Tuesday on detailed measures needed to simplify VAT rules for sales of goods online, also ensuring that online marketplaces play their part in the fight against tax fraud.

Foreign ownership of European companies on the rise
There has been a continuous rise in foreign company ownership in key sectors in the EU and an increase in investments from emerging economies such as China, a report detailing foreign direct investment in the EU shows.

EU adds Bermuda, UAE to revised tax haven blacklist
EU finance ministers added Bermuda, the United Arabic Emirates and eight other jurisdictions to a list of non-cooperative jurisdictions for tax purposes Tuesday, bringing to 15 the number of countries on the list.

Modernising VAT for cross-border e-commerce
European Commission DG TAXUD page on VAT for e-commerce including legal texts

Access to finance is still a concern for SMEs
Accessing finance to fund their projects is still an important concern for Europe’s SMEs.

EU to start screening foreign direct investment from April
A set of new rules to scrutinise foreign direct investments on the grounds of security or public order will come into force from April, following their green light Tuesday by the EU Council.

EU on the right track towards a circular economy: report
The European Union is making good progress on the road to a climate-neutral, competitive circular economy, the EU Commission declared Monday as it published a report on implementation of its 'Circular Economy Action Plan'.

Circular Economy Package Report
The European Commission adopted a Report on 4 March on its 2015 Circular Economy Action Plan to stimulate Europe's transition towards a circular economy which aimed at boosting global competitiveness, fostering sustainable economic growth and generating new jobs.

European Semester 2019: Winter Package
In its annual assessment of the economic and social situation in the EU Member States, the European Commission on 27 February stressed the need to promote investment, pursue responsible fiscal policies and implement well-designed reforms.

New EU low-carbon benchmarks boost for sustainable investment
The EU Council and Parliament reached a preliminary agreement Monday on a proposal for new financial benchmarks aimed at giving greater information on an investment portfolio's carbon footprint.

Euro tax police needed to tackle financial crime: MEPs
A special tax committee set up by the EU Parliament in the wake of the Luxleaks, Panama Papers and Paradise papers scandals adopted Wednesday a roadmap to fairer, more effective taxation and to tackling financial crimes.

States agree easier access to capital for Europe's SMEs
EU ambassadors agreed a negotiating mandate Wednesday on proposed rules to help Europe's smaller businesses trying to list and issue securities on financial markets to tap market-based funding more easily and cheaply.