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Finance and Monetary Affairs in the EU

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

Sterling stalls ahead of leadership debate - Euro currency news daily
Tonight sees PM Boris Johnson and Labour leader Jeremy Corbyn go head to head in a BBC debate which may go some way to convince undecided voters which box to tick on Thursday.

75 start-ups, SMEs selected for EU innovation funding pilot
'Blended' grant and equity financing formed part of a funding package for 75 promising start-ups and smaller businesses announced Thursday, in a pilot offer from the new European Innovation Council.

ECB models need to include climate change, says Lagarde
Climate change should be included in the European Central Bank's macroeconomic models, ECB chief Christine Lagarde said Monday in her first appearance at the European Parliament in her new role.

Eight states at risk of breaching EU stability pact
High levels of debt mean eight EU Member States - including France and Italy - are at risk of non-compliance with the European Stability and Growth Pact, the European Commission said on Wednesday.

Climate action tops EU's Budget priorities for 2020
EU institutions finally agreed Monday evening on the EU's budget for 2020, with climate change topping a list of priorities that focuses on growth and competitiveness, security and management of migration.

MEPs vote to close tax loopholes for online platforms
The European Parliament voted Thursday on measures specifying how large online platforms such as Amazon and Ebay are to contribute to closing existing loopholes that currently hinder the collection of VAT.

EU bank ends fossil fuel lending in world-first for climate
The European Investment Bank (EIB) today became the world's first public lender to commit to ending funding for coal, oil and gas.

EU states agree measures to combat VAT fraud
The EU Council of finance ministers reached provisional agreement Friday on a set of rules on exchange of VAT payment data to facilitate detection of tax fraud in cross-border e-commerce transactions.

European economy heading for troubled waters
The Eurozone is heading for a period of high uncertainty, according to the EU's latest economic forecast, released Thursday, as it faces trade conflicts, rising geopolitical tensions, manufacturing weakness and Brexit.

Multinationals must disclose where they pay taxes, say MEPs
The European Parliament adopted a resolution Thursday urging EU Member States to get moving on long-overdue rules which would oblige multinationals to disclose what taxes they pay in each country.

EU agencies need to improve financial management: auditors
While confirming positive results in previous years, EU agencies need to tighten up financial management, especially in the way they conduct public procurement, EU auditors said in a report Wednesday.

Brussels consults on implementation of Basel III reforms
The EU Commission has launched a public consultation on implementation of the Basel III standards - the reforms to improve the regulation, supervision and risk management in the banking sector.

EU sets its sights on huge potential of blockchain
Blockchain, the technology behind bitcoin and other cryptocurrencies, has the potential to transform the way we exchange a much wider range of assets, according to a new report from the EU's research centre.

New EU law to help protect whistleblowers from 2021
The EU formally adopted Monday a new set of rules to guarantee a high level protection to whistleblowers across a wide range of sectors including public procurement, financial services and money laundering.

EU staff budget savings come at a cost to workforce
A 2014 EU staff reforms package has achieved significant savings, says a new report from the European Court of Auditors, but also had some negative consequences for human resources.

MEPs give green light for first EU Chief Prosecutor
EU Parliament and Council negotiators agreed Wednesday on the appointment of Laura Codruta Kövesi, the MEPs' preferred choice to be the first head of the new EU Public Prosecutor’s Office.

New rules for online shopping in EU take effect
New EU rules on online shopping, which came into force on Saturday 14 September, should make it easier and safer for consumers to pay for goods and services online and to manage their personal finances.

Payment services (PSD 2) - Directive (EU) 2015/2366
In 2015 the EU adopted a new directive on payment services (PSD 2) to improve the existing rules and take new digital payment services into account. The directive became applicable in January 2018. It includes provisions to make it easier and safer to use internet payment services; better protect consumers against fraud, abuse, and payment problems; promote innovative mobile and internet payment services; strengthen consumer rights; strengthen the role of the European Banking Authority (EBA) to coordinate supervisory authorities and draft technical standards

Safer, easier electronic payments and online banking
New EU rules apply as of 14 September 2019 that will make it easier and safer for consumers to pay for goods and services online and to manage their personal finances.

Performance risks in EU defence plans, say auditors
The current military capabilities and cooperation of the EU Member States do not match the new level of ambition of the EU’s defence policy, says a review by the European Court of Auditors, out Thursday.

EU states' VAT collection gap at EUR 137 bn in 2017
Thorough reform of the VAT system is needed to make it more fraud-proof, the EU Commission said Thursday as it released a study showing Member States lost EUR 137 billion in VAT revenues in 2017.

VAT gap - frequently asked questions
The VAT GAP is the overall difference between the expected VAT revenue and the amount actually collected.

EU support programme helps Greece towards financial stability
Greece has shown steady recovery since it successfully concluded its European Stability Mechanism support programme to restore financial stability and promote growth and job creation, the EU said Tuesday.

What EU regulations are there regarding cryptocurrency?
As Facebook plans to launch its own cryptocurrency, the Libra coin, governments have expressed doubts around whether the social media giant is adequately equipped to manage its own digital currency.

EU opens probe into Amazon use of sensitive data
The Commission opened a formal investigation Wednesday into whether Amazon's use of sensitive data from independent retailers selling on its 'marketplace' breaches EU competition rules.