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Finance and Monetary Affairs in the EU

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

Statistical panorama of European business
The new edition of European business - facts and figures, published by Eurostat, the Statistical Office of the European Communities, gives a comprehensive picture of the structure, development and characteristics of European business and its different activities: from energy and the extractive industries to communications, information services and media. It presents the latest available statistics from a wide selection of statistical sources describing for each activity production and employment, country specialisation and regional distribution, productivity and profitability, the importance of small and medium sized enterprises (SMEs), work-force characteristics, external trade etc.

Eurostat homepage
Eurostat is the Statistical Office of the European Communities. Established in 1953, Eurostat's mission is to gather and analyse figures from the different European statistics offices in order to provide comparable and harmonised data to the European Institutions so they can define, implement and analyse Community policies. Eurostat data covers the European Union, its Member States and its partners, and is published under a variety of Themes and Collections.

Euro indicators
Statistics for Economic and Monetary Union (euro-zone) and European Union (EU-15) from Eurostat

European Community Health Indicators
EU-wide health data from the European Community Health Indicators (ECHI) project is now published on the Commission's Public Health website. The aim of ECHI data is to enable policy makers to track developments in the health status of EU populations. The ECHI indicators aim to cover the 25 MS, the EU Candidate Countries (Romania, Bulgaria, Turkey), the West Balkan Countries, the USA, Canada and Japan.

Stability and convergence update 2006-2007
Stability and Growth Pact (SGP) - Stability and convergence programmes update 2006-2007

ECB Financial Stability Review Dec 2006
The European Central Bank (ECB) Financial Stability Review, which has been published semi-annually since December 2004, assesses the stability of the euro area financial system with regard to both the role it plays in facilitating economic processes and its ability to absorb adverse disturbances and prevent them from having an inordinately disruptive impact.

European Court of Auditors annual report 2005
In its 2005 Annual Report, the European Court of Auditors reports considerable progress by the Commission in introducing its new accounting system, but found weak internal controls for the majority of EU expenditure, both within Member States and at the Commission, and a high incidence of errors in the underlying transactions.

EU regional funding: eligible regions
Eligible regions and financial allocations - Cohesion Policy 2007-2013 factsheet. For information about eligible regions and financial allocations click on a country on the map.

Meeting the challenge of ageing
The issue of demographic ageing is not confined to older workers and pensioners. Europe's population structure is changing. Demographic ageing affects the whole of society and has repercussions for all generations.

Long-term sustainability of public finances in the European Union
In the coming decades, the size and age-structure of Europe's population will undergo dramatic demographic changes. Ageing populations will pose major economic, budgetary and social challenges. This report , adopted by the Commission on 12 October 2006, is the first one dedicated exclusively to the long-term sustainability of public finances. The analysis in the report concludes that on current policies the government debt in the EU will increase very significantly over the coming decades.

Speakers on the euro
Euro Team - A network of speakers on the euro in the 10 new EU Member States

European Accountants encourage MEPs to support one benchmark audit
In publishing a briefing note on Statutory Audits in the European Union, FEE (The European Federation of Accountants) notes that it is in the public interest if statutory audits of all companies are carried out in accordance with international standards.

VAT Invoicing Rules in the EU
EU Council Directive 2001/115/EC harmonises, simplifies and modernises invoicing obligations on traders when they sell goods or services that are subject to Value Added Tax (VAT). It also creates an EU legal framework for electronic transmission and storage of invoices.

EU Tenders - Public procurement in the European Union
All public tenders exceeding specific contract values must be published in the Supplement to the Official Journal of the European Union.

Taxation in the EU
Within the EU, governments retain sole responsibility for levels of direct taxation – i.e. tax on personal incomes and company profits. What EU taxation policy does is ensure that tax rules are consistent with the goals of job creation, the EU's competitiveness, the single market and free movement of capital.

EU Stability & Growth Pact
The European Union Stability and Growth Pact is the EU's answer to concerns about the continuation of budgetary discipline within Economic and Monetary Union.

Euro facts and figures
Euro-zone countries share a common European currency, the euro. They have locked the exchange rates of their national currencies to the euro, and share a single interest rate.

EU funding
European Union funding is administered by the European Commission. It is designed to help businesses and communities across Europe.

EU customs union
The EU customs union, one of the EU's earliest milestones, abolished customs duties at internal borders and put in place a uniform system for taxing imports. Internal border controls subsequently disappeared. Customs officers are now found only at the EU’s external borders. They not only keep trade flowing, but help protect the environment, our cultural heritage and plenty besides.

Economic and Monetary Affairs in the European Union
In order to deliver steady growth and create jobs across the Union, member governments must run their economies according to the same sound principles of economic management. The European Commission believes that the keys to success are close policy coordination, peer pressure and consensus. The single currency, the euro, is seen as a jey part of this process.

European Investment Fund
The activities of the European Investment Fund (EIF) are centred upon two areas, venture capital and guarantees. EIF's venture capital instruments consist of equity investments in venture capital funds and business incubators that support SMEs, particularly those that are early stage and technology-oriented; EIF's guarantee instruments consist of providing guarantees to financial institutions that cover credits to SMEs.

Free movement of capital
European Union legislation in force on the free movement of capital

VAT in the European Community
The country-specific documents on this European Commission page contain basic information on the application of VAT in the Member States for the use by administrations, business, information networks, etc.

VAT Invoicing Rules in the EU
The European Council adopted on 20 December 2001 a Directive (2001/115/EC) on VAT Invoicing. This Directive, which amends the 6th VAT Directive, had to be implemented into national Law before 1 January 2004. The Commission says this measure will be of significant practical benefit to firms operating within the Internal Market because it will ensure that they have only to deal with a single, simplified set of rules on invoicing valid throughout the EU instead of fifteen different sets of legislation. At the same time, the Directive requires Member States to recognise the validity of electronic invoices and allow cross-border electronic invoicing and electronic storage.

VAT: special arrangements applicable to services supplied electronically
The objective is to create a level playing field for the indirect taxation of digital electronic commerce for EU and non-EU businesses and to make compliance for non-EU businesses as easy and straightforward as possible. The changes modernise the existing VAT place of supply rules for services to accommodate the electronic business environment and to provide a clear and certain regulatory environment for all suppliers, located within or outside the EU.