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Finance and Monetary Affairs in the EU

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

Draft EU Budget 2019 - Commission proposals
The European Commission proposed on 24 May the 2019 draft EU Budget of EUR 166 billion in commitments, corresponding to a 3% increase over 2018, investing in a stronger and more resilient European economy and promoting solidarity and security on both sides of the EU's borders.

France moves off EU's deficit list, Romania and Hungary warned
The EU Commission recommended Wednesday that the excessive deficit procedure be closed for France, and warned Hungary and Romania of the need to act early to correct deviations from their fiscal targets.

European Semester 2018 Spring Package
The European Commission has taken the next steps in the 2018 cycle of the European Semester of economic policy coordination.

EU adopts amended money laundering, terrorist financing rules
The EU Council adopted Monday a directive strengthening EU rules to prevent money laundering and terrorist financing - part of an action plan launched after a spate of terrorist attacks in Europe in 2016.

Brussels raises EU's long-term budget to plug Brexit gap
The EU Commission set out proposals for a 'pragmatic, modern, long-term budget for the 2021-2027 period' Wednesday, raising funding for security and defence and acknowledging the budget gap left by Brexit.

Solid growth forecast for EU economy
Growth in the European economy is set to remain strong in 2018 and ease only slightly in 2019, with growth of 2.3% and 2.0% respectively, according to the EU's Spring Economic Forecast published Thursday.

Spring 2018 Economic Forecast
Growth rates for the EU and the euro area beat expectations in 2017 to reach a 10-year high at 2.4%. Growth is set to remain strong in 2018 and ease only slightly in 2019, with growth of 2.3% and 2.0% respectively in both the EU and the euro area. Economic forecast documents - GDP growth map - Economic forecast by country

MFF proposal sends positive signal, but needs sharpening
In a first reaction on today's European Commission proposal for the next Multiannual Financial Framework, UEAPME called it a positive signal for European businesses and welcomes the increase in support to investment in future growth and jobs.

Commission budget proposal squanders any claim to EU environmental leadership
Today's proposal by the European Commission for the next multi-annual financial framework (MFF) clearly demonstrates that there is hardly any ambition of the EU to lead on delivering international agreements such as the Paris Agreement and the 2030 Agenda for sustainable development.

Member States need to do more on pensions, says EU
Further measures are needed if EU Member States are to maintain the income of men and women for the duration of retirement and prevent old-age poverty, an EU report on pensions adequacy said Monday.

Commission proposals for long-term EU Budget (2021-2027)
The European Commission proposed on 2 May a 'pragmatic, modern, long-term budget for the 2021-2027 period'.

EU-Budget Post-2020 has to provide strong support to SMEs
Ahead of the European Commission's expected decision on its proposal for the next Multiannual Financial Framework (MFF), UEAPME publishes the SME priorities as regards the European budget for the next 7 years. According to UEAPME, the next MFF has to aim for making Europe more competitive and a better place to live in instead of trying to protect old and inefficient structures.

Motor vehicles generate EUR 413 billion in taxes for EU-15, new data shows
The latest data shows that taxation on motor vehicles in the EU-15 is worth EUR 413 billion annually - about three times the total budget of the European Union. This figure is up 4% compared with one year earlier.

EC collective redress proposal fails to follow its own recommendations against potential abuse
Insurance Europe is concerned about the implications of the European Commission’s proposal for a Directive on representative actions for the protection of the collective interests of consumers, which was published yesterday. The proposal would repeal the 2009 Injunctions Directive, and govern how consumers launch collective legal actions against organisations, such as insurers.

Cheap euro transfers to be extended to non-euro states
The European Commission proposed Wednesday to make cross-border payments in euro cheaper across the entire EU, instead of only for transactions between Member States of the eurozone.

Cross-border payments
The European Commission proposed on 28 March to make cross-border payments in euro cheaper across the entire EU.

Sustainable finance: Banks ready to support EU technical talks
Sustainable finance experts in the European banking sector on Wednesday agreed to better align themselves for collecting industry insights to provide effective support for the technical discussions at the European Commission on the implementation of the EU’s Sustainable Finance Action Plan.

EU financial interests can limit double jeopardy principle
The 'double jeopardy' principle may be limited to protect the financial interests of the EU and financial markets, but only in so far as necessary to meet their objectives, the EU court ruled Wednesday.

European Parliament calls for doubling for LIFE funding in next EU budget
Today, the European Parliament voted to double the funding of the LIFE Programme, the EU’s only funding instrument on nature conservation and climate, in the next EU budget post-2020. WWF has long called for LIFE financing to be more than trebled to reach 1% of the next budget, up from 0.3% currently.

Action Plan on the Reduction of Non-Performing Loans in Europe
The Commission proposed on 14 March a comprehensive package of measures to tackle non-performing loans (NPLs) in Europe, capitalising on the significant progress already made in reducing risks in the banking sector.

Advisers set for tighter EU scrutiny over tax schemes
EU Member States reached political agreement Tuesday on new transparency rules for tax advisers, accountants, banks and lawyers who design and promote tax planning schemes for their clients.

Brussels to boost cross-border investment funds market
The EU Commission outlined another step towards the development of its Capital Markets Union Monday by promoting alternative sources of financing and removing barriers to cross-border investments.

Covered bonds, cross-border distribution of investment funds and cross-border transactions in claims and securities
The European Commission took a major step towards development of an EU Capital Markets Union by promoting alternative sources of financing and removing barriers to cross-border investments.

Sustainable finance plan needs to be practical and flexible, says Invest Europe
Private equity is well-placed to support the European Commission’s sustainable finance plan announced today, but any further measures need to take into account the diversity of the industry, says Invest Europe.

Fintech action plan to boost innovation in financial services
Europe should become a global hub for FinTech innovation, the Commission said Thursday as it unveiled a plan to harness opportunities offered by technology-enabled innovation in financial services.