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Finance and Monetary Affairs in the EU

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

Sterling slips as stocks drop - Euro currency news daily
GBP/USD has slipped back under 1.26 this morning as market jitters in Asian markets have fed through to European bourses this morning.

Lockdown to provoke "deep recession" in EU this year
Europe's economy will experience a deep recession this year due to the coronavirus pandemic, according to the European Union's summer economic forecast, published Tuesday by the EU Commission.

'Unholy alliance' of MEPs must not allow gas in Just Transition fund
The European Parliament's Committee on Regional Development (REGI) is voting on the EU Just Transition Fund - which aims to support EU regions in their transition to climate neutrality - on 6 July.

Commission report fails to address major loopholes in payment card fees regulation
EuroCommerce Director-General Christian Verschueren today expressed regret and disappointment that the Commission’s report on the functioning of the Interchange Fee Regulation did not take account of the mounting evidence of massive rises in card fees not covered by EU regulation:

Banking rules revised to help COVID recovery
The EU agreed to temporarily adapt its banking rules Wednesday in order to maximise the capacity of banks to lend money and support households and businesses to recover from the COVID-19 crisis.

MEPs greenlight criteria for sustainable investments
Financial products that claim to be sustainable will have to prove it, following the European Parliament's green light Thursday to new rules aimed at preventing 'greenwashing' and boosting green investments.

Consumers likely to face payments problems after European Banking Authority decision on customer authorisation
Speaking today, EuroCommerce Director-General warned of the consequences of the decision by the European Banking Authority (EBA) and Commission to maintain mandatory Strong Customer Authentication (SCA) by December 2020:

Brussels opens antitrust probe into Apple Pay
The European Commission opened a formal antitrust investigation Tuesday to assess whether Apple's conduct in connection with Apple Pay, such as its terms and conditions, violates EU competition rules.

Euro candidates still to meet EU convergence demands
The European Commission published the 2020 convergence report Wednesday, in which it provides its assessment of the progress non-euro area Member States have made towards adopting 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.

EU grants EUR 314m to innovative companies to combat virus, support recovery
The EU Commission announced the award Monday of nearly EUR 166 million to companies set to combat the coronavirus pandemic, and another EUR 148 million to fund Europe's economic recovery plan.

Brussels plots route to sustainable recovery
The EU Commission recast its economic policy guidance Wednesday towards recovery which achieves sustainable and inclusive growth while mitigating the socio-economic consequences of COVID-19.

European Semester: The Spring Package
The European Commission proposed on 20 May country-specific recommendations (CSRs) providing economic policy guidance to all EU Member States in the context of the coronavirus pandemic, focused on the most urgent challenges brought about by the pandemic and on relaunching sustainable growth.

How to Identify and Avoid Forex Scams
The Forex market is the biggest financial market worldwide, with $5 trillion being traded in a single day. Thanks to the wonders of the internet, it's never been simpler to gain access to this lucrative marketplace.

Parliament: EUR 2 trillion EU recovery funds must drive climate neutrality and nature protection
In its resolution on the "new multiannual financial framework, own resources and the recovery plan", the European Parliament has reiterated its call for a green recovery with an overwhelming majority, emphasising that all recovery funds need to be fully compatible with the Paris Agreement, EU climate neutrality and biodiversity objectives.

Retailers and wholesalers call for urgent amendment of card fees regulation
EuroCommerce Director-General Christian Verschueren today pressed the European Commission to act on the growing problems facing retailers and wholesalers resulting from the limited scope of the Interchange Fee Regulation (IFR).

Automotive CEOs and European Commission discuss recovery plan that bolsters economy and Green Deal
CEOs from across the automotive value chain came together for a meeting with the European Commission to align on the priorities for a solid recovery plan for the automotive sector, with a view to stimulating the wider economy and bolstering the transformation to a carbon-neutral society.

Brussels expands temporary framework to recapitalisation
The Commission has adopted a second amendment to extend the scope of the State aid Temporary Framework adopted on 19 March to enable EU states to support the economy in the context of COVID-19.

European economy enters deepest ever recession
Despite EU and national efforts, Europe's economy will experience a recession of historic proportions this year, according to the EU's spring economic forecast, presented Wednesday by the Commission.

Brussels to clamp down further on dirty money
The EU Commission put forward Thursday a set of measures it wants to take over the next 12 months to better enforce and coordinate EU rules on combating money laundering and terrorist financing.

EU and global partners pledge EUR 7.4 bn to fund coronavirus vaccine
The EU joined with global partners Monday to pledge EUR 7.4 billion in funding for the development of fast and equitable access to safe, effective and affordable diagnostics and vaccines against coronavirus.

Coronavirus Global Response - Q&A
The European Union is joining forces with global partners to kick-start a pledging effort - the Coronavirus Global Response - starting on 4 May 2020.

Greener, Fairer and Simpler VAT and Excise duties - and zero VAT and customs duties for protective equipment during COVID-19 crisis
Speaking today on the publication of the EuroCommerce paper on VAT and excise duties, EuroCommerce Director-General commented:

Coronavirus: banking package to facilitate bank lending
A new banking package, adopted Tuesday by the EU Commission, aims to ensure that banks can continue to lend money to support the economy and help mitigate the economic impact of the coronavirus.

EU gives go-ahead to EUR 540 bn recovery package
EU leaders endorsed in a video call Thursday an agreement on safety nets for workers, businesses and sovereigns amounting to a package worth EUR 540 bn, calling for the package to be operational by 1 June.