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Finance and Monetary Affairs in the EU

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

Will a No-Deal Brexit trigger negative interest rates? - Euro currency news daily
The Pound declined yesterday as the Bank of England held rates at 0.1% and left QE unchanged but the possibility of negative rates moved a step closer.

Retail vital to European Recovery, but needs help - investments and the right policies
Speaking today at a virtual conference held by the World Retail Congress, EuroCommerce Director-General Christian Verschueren set out the challenges facing retail across Europe and the vital role of the sector in supporting European economic recovery:

OLAF - the European Anti-Fraud Office
OLAF investigates fraud against the EU budget, corruption and serious misconduct within the European institutions, and develops anti-fraud policy for the European Commission.

EU agrees new rules on excise duties for alcohol
The EU Council agreed new rules governing excise duties on alcohol Thursday, paving the way for an improved business environment and for reduced costs for small alcohol-producing businesses.

Excise Duty on Alcohol
EU legislation on excise duties on alcohol covers: Excise duties on alcoholic beverages - Specific provisions for locally produced products - Alcohol not intended for human consumption. Alcohol and alcoholic beverages are also subject to the common provisions for excise goods under EU law.

COVID: Stakes are high for European automotive recovery, new facts and figures show
The European Automobile Manufacturers' Association (ACEA) has published its annual Pocket Guide that provides an overview of the EU auto industry, including the latest sector-specific data on employment, vehicle production and sales, road safety, R&D, the environment and trade flows.

Brussels to ease capital markets rules to aid business recovery
A Capital Markets Recovery Package, outlined by the EU Commission Friday, amends the Prospectus Regulation, MiFID II and securitisation rules to help businesses to raise capital on public markets.

Marathon EU summit secures EUR 750 bn recovery fund
Following a marathon four-day summit, EU leaders agreed Tuesday a EUR 750 billion recovery fund for Europe, and a long-term budget to help the EU rebuild after the pandemic and support green investment.

Capital Markets Recovery Package
The European Commission on 24 July adopted a Capital Markets Recovery Package, as part of the Commission's overall coronavirus recovery strategy.

Green transition fund should be performance-related: EU auditors
A proposal amending the EU's Just Transition Fund needs to establish a clearer link to EU climate and environmental goals, says an Opinion published Wednesday by the EU's Court of Auditors.

EU Recovery Package: a brave step but lacks SME component
SMEunited welcomes the European Council deal on the Recovery package. European leaders took an important step, which is a strong sign of cross-border solidarity amid the pandemic. However, important instruments for SMEs were cut severely.

Germany home to 19% of Europe's fastest-growing companies: study
Germany has the most fast-growing companies in Europe, with a total of 191 companies, followed by Italy (190) and the UK (173), a study of the fastest-growing companies in Europe and the US found Tuesday.

Consumers to get financial breathing space with debt and insurance relief
New guidelines issued to financial institutions will offer some welcome breathing space to consumers who have been hit financially by the COVID-19 pandemic.

EC website on non-cooperative tax jurisdictions
The first ever EU list of non-cooperative tax jurisdictions was agreed by Member States on 5 December 2017. This list is part of the EU's work to fight tax evasion and avoidance and aims to create a stronger deterrent for countries that consistently refuse to play fair on tax matters.

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.