Finance and Monetary Affairs in the EU

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

e-Procurement - guide — 21 October 2010, 12:06 CET

The European Commission on 18 October launched a consultation on e-procurement. Taking the form of a Green Paper, the consultation seeks the views of interested parties on how the EU can help Member States to speed up and facilitate the procurement process. E-procurement refers to the use of electronic communication and transaction processing by government institutions and other public sector organisations when buying supplies and services or tendering public works. The Green Paper identifies obstacles to faster take-up of e-procurement as well as the risks that divergent national approaches present for cross-border participation in on-line procurement. It sets out options for overcoming these challenges including, for example, regulatory incentives, standardisation and inter-operability solutions. At the same time, the Commission is also unveiling its new e-CERTIS data base which is a free, web-based tool to help companies and contracting organisations cope with the documentation demands encountered when tendering for public contracts in the EU.

Search for banking & finance companies in Europe — 18 October 2010, 12:10 CET

Banking & finance companies in Europe

European Commission Green Paper on Audit Policy - guide — 13 October 2010, 15:47 CET

The European Commission has launched today a broad consultation on the role of statutory audit as well the wider environment within which audits are conducted. In the wake of the financial crisis, we need to ask the question whether the role of auditors can be enhanced to mitigate any new financial risk in the future. The crisis also highlighted certain weaknesses in the audit sector which need to be explored further. This work on audit is part of our effort to learn the lessons from the crisis and reform the financial sector. In particular, the Commission is keen to discuss whether audits provide the right information to all financial actors, whether there are issues around the independence of audit firms, whether there are risks linked to a concentrated market, whether supervision at a European level might be useful and how best the specific needs of small and medium sized businesses may be met. The deadline for responses to the consultation is 8 December 2010.

CEA calls for EC tax proposals to differentiate between insurers and banks — 12 October 2010, 13:50 CET

The CEA, the European insurance and reinsurance federation, believes that today’s Communication from the European Commission on Taxation of the Financial Sector fails to differentiate appropriately between different types of financial institutions.

Financial Sector Taxation - guide — 07 October 2010, 16:02 CET

The European Commission has set out its ideas for the future taxation of the financial sector. Working on the basis that the financial sector needs to make a fair contribution to public finances, and that governments urgently need new sources of revenue in the current economic climate, the Commission puts forward a two pronged approach. At global level, the Commission supports the idea of a Financial Transactions Tax (FTT), which could help fund international challenges such as development or climate change. At EU level, the Commission recommends that a Financial Activities Tax (FAT) would be the preferable option. If carefully designed and implemented, an EU FAT could generate significant revenues and help to ensure greater stability of financial markets, without posing undue risk to EU competitiveness. The Commission will present these ideas to the European Council at the end of October and to the G20 Summit in November.

Economic Sentiment Indicator (ESI) — 29 September 2010, 16:39 CET

The Directorate General for Economic and Financial Affairs (DG ECFIN) conducts regular harmonised surveys for different sectors of the economies in the European Union (EU) and in the applicant countries. They are addressed to representatives of the industry (manufacturing), the services, retail trade and construction sectors, as well as to consumers. These surveys allow comparisons among different countries’ business cycles and have become an indispensable tool for monitoring the evolution of the EU and the euro area economies, as well as monitoring developments in the applicant countries.

Business Climate Indicator — 29 September 2010, 16:39 CET

Business and consumer surveys - Economic sentiment indicator. The Directorate General for Economic and Financial Affairs (DG ECFIN) conducts regular harmonised surveys for different sectors of the economies in the European Union (EU) and in the applicant countries. They are addressed to representatives of the industry (manufacturing), the services, retail trade and construction sectors, as well as to consumers. These surveys allow comparisons among different countries’ business cycles and have become an indispensable tool for monitoring the evolution of the EU and the euro area economies, as well as monitoring developments in the applicant countries.

Economic governance package (3): Chronology and overview of the new framework of surveillance and enforcement — 29 September 2010, 13:45 CET

The global economic and financial crises, followed by the so-called debt crisis, exposed the need for reinforced economic governance in the Economic and Monetary Union (EMU). Economic policies need to be better coordinated and surveillance enhanced. The strategic elements of such a reinforced approach were outlined in the Commission's Communication of 12 May and a concrete toolbox was presented in a second Communication on 30 June. The Commission adopted today a package of legislative proposals transforming these policy initiatives into concrete legal instruments.

Economic governance package (2): Preventing and correcting macroeconomic imbalances — 29 September 2010, 13:40 CET

The global economic and financial crises, followed by the so-called debt crisis, exposed the need for reinforced economic governance in the Economic and Monetary Union (EMU). Economic policies need to be better coordinated, says the European Commission, and surveillance enhanced. The strategic elements of such a reinforced approach were outlined in the Commission's Communication of 12 May and a concrete toolbox was presented in a second Communication on 30 June. The Commission adopted today a package of legislative proposals transforming these policy initiatives into concrete legal instruments.

Economic governance package (1): Strengthening the Stability and Growth Pact — 29 September 2010, 13:33 CET

The European Commission has today adopted a legislative package containing the most comprehensive reinforcement of economic governance in the EU and the euro area since the launch of the Economic and Monetary Union. Broader and enhanced surveillance of fiscal policies, but also macroeconomic policies and structural reforms is sought in the light of the shortcomings of the existing legislation. New enforcement mechanisms are foreseen for non-compliant Member States. The recently agreed "European semester" will integrate all revised and new surveillance processes into a comprehensive and effective economic policy framework.

Expiring measures on loan guarantees and risk capital must be kept, say SMEs — 28 September 2010, 21:56 CET

The European Commission should keep in place the temporary support measures for loan guarantees and risk capital introduced in 2008 and due to expire at the end of the year, according to UEAPME, the European craft and SME employers’ organisation.

Proposal for a Regulation on Short Selling and Credit Default Swaps - guide — 15 September 2010, 14:30 CET

The European Commission has adopted a proposal for a regulation on short selling and certain aspects of Credit Default Swaps (CDS). Its main objectives are to create a harmonised framework for coordinated action at European level, increase transparency and reduce risks. The new framework will mean regulators – national and European - have clear powers to act when necessary, whilst preventing market fragmentation and ensuring the smooth functioning of the internal market.

Fifth quantitative impact study is crucial element in finalisation of Solvency II — 25 August 2010, 21:25 CET

The CEA, the European insurance and reinsurance federation, has today called on all European insurers, both large and small, to take part in the European Commission’s fifth quantitative impact study (QIS 5). Broad participation will ensure that a clear picture is reached of the appropriateness and feasibility of the tentative solutions and options identified by the Commission and will thus pave the way for the finalisation of Solvency II, the EU’s new regulatory regime.

Solvency II Quantitative Impact Study (QIS5) - guide — 23 August 2010, 23:57 CET

The Solvency II Directive, adopted by the European Parliament and the Council in 2009 and to be implemented by 1 January 2013, has set the framework for the next generation of supervisory rules for insurance and reinsurance companies in the EU. As the rules of the Solvency II Directive are to be complemented by so-called “level 2” implementing measures, which will be adopted by the European Commission, sound and extensive empirical data for quantitative solvency requirements are needed. For this reason, the Commission has launched a fifth Quantitative Impact Study (QIS5) that will be run by the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) from August to November 2010. The Commission strongly encourages insurance and reinsurance companies across the EU to participate in this exercise.

Solvency II — 23 August 2010, 15:21 CET

'Solvency II' will introduce economic risk-based solvency requirements across all EU Member States for the first time. These new solvency requirements will be more risk-sensitive and more sophisticated than in the past, thus enabling a better coverage of the real risks run by any particular insurer.

Revision of the Financial Conglomerates Directive - guide — 16 August 2010, 15:30 CET

In August 2010 the European Commission proposed to amend existing European rules on the supervision of financial conglomerates.

Voluntary liquidation — 16 August 2010, 12:34 CET

What voluntary liquidation would mean for your company.

The Need For Insolvency Practitioners — 16 August 2010, 11:55 CET

When would you need the help of an insolvency practitioner?

Tax Facts & Figures 2010 — 26 July 2010, 17:09 CET

The PricewaterhouseCoopers guide "Tax Facts & Figures 2010 Lithuania" provides information about doing business in Lithuania, social security, taxes, accounting, etc.

Committee of European Banking Supervisors (CEBS) — 22 July 2010, 13:19 CET

The Committee of European Banking Supervisors (CEBS) gives advice to the European Commission on policy and regulatory issues related to banking supervision. It also promotes cooperation and convergence of supervisory practice across the European Union, especially through the development of guidelines and recommendations, addressed both to credit institutions and national supervisors. In addition, CEBS contributes to the consistent implementation of these guidelines and recommendations through trainings etc and promotes a common application of Community legislation through peer reviews and other tools. Since 2009, CEBS has been tasked to provide regular bank sector analysis and perform assessments on risks, vulnerabilities, etc on the banking sector and reports its outcomes periodically to the EU political institutions.

EU to make cross border transportation of euro cash easier — 16 July 2010, 19:33 CET

The European Commission has adopted today a proposal for an EU Regulation to lift regulatory obstacles to professional cross-border transportation of euro cash by road between euro-area Member States.

EU safeguards taxpayers' right to VAT refunds — 16 July 2010, 11:47 CET

The European Commission is to postpone the deadline for the submission of VAT refund requests related to 2009, to give more time to taxpayers to apply for VAT refunds.

Contraband and counterfeit cigarettes - guide — 15 July 2010, 22:43 CET

The European Commission has announced a multi-year agreement with British American Tobacco (BAT) to work together in tackling the illicit trade in tobacco products. Under the legally binding agreement, BAT will work with the Commission, its anti-fraud office OLAF, and EU Member States' law enforcement authorities to help in the fight against contraband and counterfeit cigarettes. The Agreement includes substantial payments by BAT to the Commission and Member States, totalling USD 200 million (EUR 134 million) over the next 20 years. It should make a significant contribution to the EU’s efforts to fight the illicit tobacco trade, which robs the EU and Member States of billions of euros every year.

CEA questions EC proposals on insurance guarantee schemes — 13 July 2010, 00:28 CET

The CEA, the European insurance and reinsurance federation, supports the objective of protecting insurance policyholders and beneficiaries that underlies the package of measures the European Commission has published today. Nevertheless, the CEA has concerns over the EC’s proposals for EU legislation to create guarantee schemes to fund potential insurer insolvencies.

New deposit guarantee rules are first step in right direction — 13 July 2010, 00:22 CET

Today the European Commission adopted its proposal which revises EU rules on deposit guarantee schemes. BEUC welcomes that the European Commission prescribes faster payouts, takes the coverage of temporary high balances into account and addresses the issue of cross border deposit guarantees.