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Finance and Monetary Affairs in the EU

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

Montenegro: Economy Overview 05 February 2010, 15:45 CET
Montenegro severed its economy from federal control and from Serbia during the MILOSEVIC era and maintained its own central bank, adopted the Deutchmark, then the euro - rather than the Yugoslav dinar - as official currency, collected customs tariffs, and managed its own budget.

Montenegro Investment Climate 2009 05 February 2010, 15:42 CET
Montenegro is establishing a liberal investment regime. Although the continuing transition has not yet eliminated all structural barriers, the Government recognizes the need to remove impediments, reform the business environment, and open the economy to foreign participation.

Bosnia and Herzegovina: Economy Overview 04 February 2010, 13:31 CET
In 2009, Bosnia's economy was hurt by the global financial downturn, with GDP, exports, and employment all showing declines. One of Bosnia's main challenges has been to cut public sector wages and social benefits to meet the IMF's budget deficit criteria and qualify for additional tranches of Fund aid.

Bosnia and Herzegovina Investment Climate 2009 04 February 2010, 13:43 CET
Bosnia and Herzegovina (BiH) has made considerable efforts to open its economy to more foreign investment. Major initiatives include a liberal State Foreign Investment Policy Law, a value-added tax (VAT), and a uniform trade and customs policy.

Albania: Economy Overview 03 February 2010, 17:12 CET
Albania, a formerly closed, centrally-planned state, is making the difficult transition to a more modern open-market economy. Macroeconomic growth averaged around 6% between 2004-08, but declined to about 2% in 2009. Inflation is low and stable.

EFBS: No force on the SEPA-implementation - Deadline for direct debit transfers totally inapplicable 02 February 2010, 23:47 CET
On the occasion of the hearings at the European Parliament the commissioner designate for the internal market, Michel Barnier, announced the intention of a deadline concerning national direct debit transfers which should be replaced by a European direct debit transfer SEPA- procedure. This proposition does not conform to the European Commission’s commitment to allow stakeholders to introduce the SEPA-procedure voluntarily.

Switzerland: Economy Overview 02 February 2010, 13:06 CET
Switzerland is a peaceful, prosperous, and modern market economy with low unemployment, a highly skilled labor force, and a per capita GDP among the highest in the world.

Switzerland Investment Climate 2009 01 February 2010, 21:49 CET
Switzerland welcomes foreign investment and accords it national treatment. Foreign investment is not hampered by significant barriers.

Norway Investment Climate 2009 29 January 2010, 12:28 CET
Norway welcomes foreign investment as a matter of policy and generally grants national treatment to foreign investors. Norwegian authorities encourage foreign investment particularly in the key offshore petroleum sector, mainland industry (e.g., high-tech and advanced areas), and in less developed regions such as northern Norway.

Serbia: Economy Overview 28 January 2010, 22:31 CET
Mismanagement of the economy, an extended period of international economic sanctions, and the damage to Yugoslavia's infrastructure and industry during the NATO airstrikes in 1999 left Serbia's economy only half the size it was in 1990.

Serbia Investment Climate 2009 28 January 2010, 22:30 CET
Serbia is open to foreign direct investment (FDI), and attracting FDI is increasingly a priority for the government of Serbia (GoS). Serbia has a long history of international commerce, even under communism, and it once attracted a sizeable foreign company presence.

Iceland Investment Climate 2009 27 January 2010, 20:41 CET
The Icelandic Government encourages foreign investment in most sectors. The majority of investment is in energy-intensive industries such as aluminum smelting that take advantage of the country‘s abundant renewable energy resources. Icelandic laws regulating and protecting foreign investments are consistent with OECD and EU standards.

FYR of Macedonia Investment Climate 27 January 2010, 00:57 CET
As a small, open economy, the FYR of Macedonia continues to take active steps to attract foreign direct investment (FDI). The country has enacted legislation that not only ensures an equal footing for foreign investors vis-à-vis their domestic counterparts, but also provides numerous incentives to attract such investment. Even before gaining full membership in the World Trade Organization (WTO) in April 2003, Macedonia consistently provided national treatment to foreign investors. The country has concluded a number of bilateral investment protection treaties and other multilateral conventions that impose stricter protection standards for foreign investors.

Malta Investment Climate 2009 26 January 2010, 20:43 CET
Malta's advantages for foreign investors include membership in the EU, competitive wage rates (compared to other EU states) a highly skilled English-speaking labor force, access to European and North African markets, a fair and just business environment, excellent telecommunications and transport connections as well as several financial and other investment incentives.

Malta: Economy Overview 26 January 2010, 20:43 CET
Malta's economy is dependent on foreign trade, manufacturing - especially electronics and pharmaceuticals - and tourism all of which have been negatively affected by the global economic downturn. Malta adopted the euro on 1 January 2008.

ECB euro area real-time statistical database 22 January 2010, 00:46 CET
The European Central Bank (ECB) launched a euro area Real-Time DataBase (RTDB) on 19 January. This new database contains vintages of time series for several macroeconomic and financial variables for the euro area, at the time of publication (i.e. before any revisions carried out at a later stage). It is based on time series reported in the ECB’s Monthly Bulletin since January 2001. The database is available online in the ECB’s Statistical Data Warehouse (SDW) and will be updated on a quarterly basis. The database has been constructed in the context of the Real-Time DataBase (RTDB) project that is being coordinated by the Euro Area Business Cycle Network (EABCN). An in-depth presentation of this euro area RTDB can be found in ECB Working Paper No 1145, entitled “An area-wide real-time database for the euro area”, which was published on 19 January 2010.

EU 2020 strategy must not turn a blind eye to the public sector, warn SMEs 14 January 2010, 16:05 CET
The EU 2020 strategy must focus more on the quality, implementation and enforcement of public regulations if it is to live up to its role as Europe's long-term policy agenda, according to UEAPME, the European craft and SME employers' organisation. Publishing today its response to the European Commission's consultation on the issue (1), UEAPME stressed the need to incorporate the quality of regulatory systems and their ability to enforce European law in the EU 2020 strategy, including a better integration of the "Think Small First" principles into the text. The organisation also recommended adding a fourth priority, namely improving the effectiveness and accessibility of the public sector. Moreover, it warned that the new strategy will only work if Member States take ownership of the process, which was not always the case in the past, and if stakeholders at all levels are not only involved but fully committed to putting jointly agreed policies into practice.

EU court interprets insider dealing 14 January 2010, 13:48 CET
The European Court of Justice (ECJ) has clarified the elements of insider dealing following a request from the Court of Appeal of Brussels. This clarification resulted in fines totalling EUR 100 000 imposed by the relevant Belgian authority on Spector Photo Group for insider trading.

General arrangements for the holding and movement of products subject to excise duty (from April 2010) 06 January 2010, 01:33 CET
This EU Council Directive establishes common arrangements for products subject to excise duty in order to guarantee their free circulation.

Common system of VAT (the 'VAT Directive') 26 December 2009, 00:45 CET
This Directive codifies the provisions implementing the common system of VAT, which applies to the production and distribution of goods and services bought and sold for consumption within the European Community.

Statute for a European Company 25 December 2009, 23:45 CET
The aim of these documents is to create a "European company" with its own legislative framework. This will allow companies incorporated in different Member States to merge or form a holding company or joint subsidiary, while avoiding the legal and practical constraints arising from the existence of 27 different legal systems. This legislative framework also provides for the involvement of employees in European companies, giving due recognition to their place and role in the business.

Parliament vote on Microfinance Facility: positive idea diluted by funding confusion 18 December 2009, 01:13 CET
While today’s agreement on the content of the proposed “European Microfinance Facility for Employment and Social Inclusion” is a positive sign for entrepreneurs, it is undermined by the lack of agreement on how it will be funded.

Italian dividend tax incompatible with EU rules: Court 17 December 2009, 13:07 CET
A new reformed tax regime for Italian-sourced dividends is incompatible with EC legislation on free movement of capital and freedom of establishment, according to a ruling by the European Court of Justice on 1 December 2009.

EU Court declares EDF compatible with common market 17 December 2009, 13:06 CET
The General Court has annulled the Commission’s decision declaring certain fiscal measures implemented by France for EDF (Eléctricité de France) to be incompatible with the common market. on grounds that the Commission did not conduct a private investor test to back its findings.

EU VAT anti-fraud strategy 16 December 2009, 18:14 CET
In order to improve the VAT management system and to protect EU Member States against VAT fraud, the European Commission proposes a review, with particular regard to methods of control, registration, information and collection of revenue in the context of an increase in cross-border transactions.