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Finance and Monetary Affairs in the EU

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

CJEU: access to gambling market cannot be restricted for economic reasons 12 September 2013, 16:32 CET
The Court of Justice of the European Union (CJEU) today confirmed once again the well-established principle that Member States cannot restrict the national gambling market to protect the commercial interest of incumbents or for other economic reasons. The Court adds that national laws which prohibit cross-border gambling, irrespective of the form in which that activity is undertaken, are in breach of EU law.

No home run for home loans (BEUC) 11 September 2013, 20:29 CET
The European Parliament voted today to adopt first-time, Europe-wide laws protecting people taking home loans.

Proposed new rules for money market funds (MMFs) 04 September 2013, 17:13 CET
The Commission has today adopted a communication on shadow banking and also proposed new rules for money market funds (MMFs). These aim to ensure that MMFs can better withstand redemption pressure in stressed market conditions by enhancing their liquidity profile and stability.

EU roadmap for tackling the risks inherent in shadow banking 04 September 2013, 17:05 CET
The Commission has today adopted a communication on shadow banking and proposed new rules for money market funds (MMFs). The communication, a follow-up to last year's Green Paper on Shadow Banking, summarises the work undertaken so far by the Commission and sets out possible further actions in this important area. The first of these further actions - the proposed new rules for money market funds - is unveiled today and aims to ensure that MMFs can better withstand redemption pressure in stressed market conditions by enhancing their liquidity profile and stability.

Customs action to tackle IPR infringing goods 05 August 2013, 18:49 CET
EU Customs detained almost 40 million products suspected of violating intellectual property rights (IPR) in 2012, according to the Commission's annual report on customs actions to enforce IPR. Although this is less than the 2011 figure, the value of the intercepted goods is still high, at nearly €1 billion. Today’s report also gives statistics on the type, provenance and transport method of counterfeit products detained at the EU's external borders. Cigarettes accounted for a large number of interceptions (31%), miscellaneous goods (e.g. bottles, lamps, glue, batteries, washing powder) were the next largest category (12%), followed by packaging materials (10%). Postal and courier packages accounted for around 70% of customs interventions in 2012, with 23% of the detentions in postal traffic concerning medicines.

Payment Services Directive and Interchange fees Regulation 24 July 2013, 19:24 CET
In order to adapt EU payments market to the opportunities of the single market and to support the growth of the EU economy, the European Commission adopted a package including: A new payment Services Directive ("PSD2"); and a proposal for regulation on interchange fees for card-based payment transactions.

Protection of EU financial interests and the fight against fraud 24 July 2013, 19:06 CET
Fraud affecting the EU budget increased slightly in 2012 compared to 2011, according to the European Commission's annual report on the "Protection of the EU's Financial Interests". On the expenditure side, in total, €315 million in EU funds were affected by fraud, or 0.25% of the expenditure budget. This compares to €295 million the previous year. The reason for this increase lies almost entirely with two cases of fraud in pre-accession funds, involving large sums. On the revenue side of the budget, suspected or confirmed fraud amounted to €77.6 million, representing 0.42% of the total traditional own resources collected for 2012. This compares to €109 million the previous year.

European Public Prosecutor's Office 17 July 2013, 22:25 CET
The European Commission is taking action to improve Union-wide prosecution of criminals who defraud EU taxpayers by establishing a European Public Prosecutor's Office. Its exclusive task will be to investigate and prosecute and, where relevant, bring to judgement – in the Member States' courts - crimes affecting the EU budget. The European Public Prosecutor's Office will be an independent institution, subject to democratic oversight.

Financing for Development 17 July 2013, 12:01 CET
Financing for Development promotes an integrated approach to development finance, including mobilising domestic and international resources for development, increasing trade capacity and investment, Official Development Assistance, innovative financing sources and mechanisms, aid and development effectiveness, debt sustainability, financing climate and biodiversity actions.

Single Resolution Mechanism for the Banking Union 10 July 2013, 15:12 CET
The European Commission has today proposed a Single Resolution Mechanism (SRM) for the Banking Union. The mechanism would complement the Single Supervisory Mechanism (SSM) (IP/12/953) which, once operational in late 2014, will see the European Central Bank (ECB) directly supervise banks in the euro area and in other Member States which decide to join the Banking Union. The Single Resolution Mechanism would ensure that – not withstanding stronger supervision - if a bank subject to the SSM faced serious difficulties, its resolution could be managed efficiently with minimal costs to taxpayers and the real economy.

Blue belt: customs formalities eased for ships 10 July 2013, 13:04 CET
The European Commission on 8 July set out plans to ease custom formalities for ships – reducing red tape, cutting delays in ports and making the sector more competitive. Freight forwarders and exporters currently complain that if they chose to send goods across Europe by short sea shipping, the heavy administrative burden at ports causes additional costs and significant delays - ships can wait for hours and sometimes days in ports for customs clearance. These make the maritime sector less attractive compared to other forms of transport, especially road, unnecessarily bringing more trucks on our already congested roads. With the new Commission proposals, it is hoped that shipping transport will face less administrative hurdles and therefore be able to be used to its full potential in the EU internal market and beyond.

E-invoicing in public procurement 27 June 2013, 13:56 CET
The European Commission has today proposed a draft directive on e-invoicing in public procurement, accompanied by a communication setting out its vision for the full digitisation of the public procurement process, so-called 'end-to-end e-procurement'. E-invoicing is an important step towards paperless public administration (e-government) in Europe – one of the priorities of the Digital Agenda - and offers the potential for significant economic as well as environmental benefits. The Commission estimates that the adoption of e-invoicing in public procurement across the EU could generate savings of up to €2.3 billion.

Consumers urge Commission against scale down on excessive card fees 20 June 2013, 23:19 CET
European Commission plans to curb consumer unfriendly card transaction fees are under attack from intense lobbying by card companies such as MasterCard. Such Multilateral Interchange Fees (MIFs) generate a steady stream of income for banks and card companies at the expense of consumers, retailers and SMEs.

Regional Aid Guidelines for 2014-2020 20 June 2013, 17:01 CET
The European Commission has adopted guidelines on how Member States can grant investment aid to companies in order to support the development of disadvantaged regions in Europe between 2014 and 2020. These guidelines are part of a broader strategy to modernise state aid control, which aims at fostering growth in the Single Market by encouraging more effective aid measures and focusing the Commission's enforcement on cases with the biggest impact on competition. The guidelines will enter into force on 1 July 2014.

State aid: Horserace betting levies must be fully compliant with EU state aid rules 19 June 2013, 18:15 CET
The industry bodies representing the leading European online betting operators are concerned about today's European Commission decision that confirms a French levy to fund 'the improvement of the equine species and the promotion of horse breeding' is in line with EU state aid rules.

Credit rating agencies - new EU rules enter into force 18 June 2013, 18:21 CET
As of 20 June 2013, credit rating agencies (CRAs) have to follow stricter rules which will make them more accountable for their actions. The new rules also aim to reduce over-reliance on credit ratings while at the same time improving the quality of the rating process. Credit rating agencies will have to be more transparent when rating sovereign states.

Financial reporting obligations for limited liability companies (Accounting Directive) 13 June 2013, 13:16 CET
The European Parliament on 12 June voted in new Accounting and Transparency Directives, a modernisation of financial reporting obligations, which should see costs reduced, in particular for SMEs.

Latvia ready to adopt euro in 2014 - EC convergence report 05 June 2013, 16:52 CET
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.

Excessive Deficit Procedure 2013 29 May 2013, 16:26 CET
As part of the package of country-specific recommendations 2013 published on 29 May, the European Commission has also adopted a number of decisions under the Excessive Deficit Procedure, reflecting the latest developments in Member States that are expected to bring their government deficit to below the EU's 3% of GDP threshold. The Commission has today recommended that the Council abrogate the Excessive Deficit Procedure (EDP) for five countries: Hungary, Italy, Latvia, Lithuania and Romania. The Commission has also recommended that the Council open an EDP for Malta. Moreover, the Commission has adopted Recommendations to the Council with a view to extend the deadlines for correcting the excessive deficit in six countries: Spain, France, the Netherlands, Poland, Portugal and Slovenia. In addition, the Commission has recommended that the Council decides that no effective action has been taken by Belgium to put an end to the excessive deficit and that the Council gives notice to Belgium to take measures to correct the excessive deficit.

Negotiations for an investment agreement with China 23 May 2013, 13:41 CET
The European Commission decided today to ask the EU Member States for their agreement on a mandate to open negotiations on an investment agreement with China. This is the first ever proposal for a stand-alone investment agreement since foreign direct investment became the exclusive competence of the EU under the Lisbon Treaty.

OLAF Report 2012 23 May 2013, 13:36 CET
The thirteenth European Anti-Fraud Office (OLAF) Report, published 23 May, presents OLAF's activities in 2012.

Proposal for a Directive on Payment Accounts 08 May 2013, 18:17 CET
The European Commission publishes today a proposal for a Directive on the transparency and comparability of payment account fees, payment account switching and access to a basic payment account. Bank accounts are now an essential part of everyday life, allowing us to make and receive payments, shop online, and pay utility bills (telephone, gas, electricity). European citizens are consequently not able to fully participate in society without a basic bank account.

Access to finance for SMEs 02 May 2013, 17:57 CET
A joint European Commission - European Investment Bank Group report on the activities facilitating access to finance for small and medium-sized enterprises (SMEs) in 2012 was presented at a meeting of the SME Finance Forum, on the eve of an Informal Competitiveness Council on 2 and 3 May in Dublin. European Commission Vice President Antonio Tajani, responsible for Enterprise and Industrial policy, also launched a new single online portal for all EU financial instruments for SMEs as well a web-based information guide for SME stock listings, to promote SME listings and stimulate investors’ interest in SMEs and mid-caps.

Access to EU finance 02 May 2013, 17:49 CET
This site will help you to apply for finance supported by the European Union. To access EU finance, click on your country to locate banks or venture capital funds that provide finance supported by the EU.

European Stability Mechanism 01 May 2013, 17:12 CET
The European Stability Mechanism is a permanent crisis resolution mechanism for the countries of the euro area. The ESM issues debt instruments in order to finance loans and other forms of financial assistance to euro area Members States. The decision leading to the creation of the ESM was taken by the European Council in December 2010. The euro area Member States signed an intergovernmental treaty establishing the ESM on 2 February 2012. The ESM was inaugurated on 8 October 2012.