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Finance and Monetary Affairs in the EU

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

Spain Investment Climate 2009 05 November 2009, 23:22 CET
The government of Spain recognizes the value of foreign investment and the economic importance of attracting more.

Spain: Economy Overview 06 November 2009, 00:22 CET
The Spanish economy grew every year from 1994 through 2008 before entering a recession that started in the third quarter of 2008. Spain's mixed capitalist economy supports a GDP that on a per capita basis is approaching that of the largest West European economies.

Romania Investment Climate 2009 04 November 2009, 19:18 CET
Romania actively seeks direct foreign investment. The Agency for Foreign Investment (ARIS), created in 2004, is designed to advertise the country as a good investment destination and to improve aspects of the business climate.

Romania: Economy Overview 04 November 2009, 19:18 CET
Romania, which joined the European Union on 1 January 2007, began the transition from Communism in 1989 with a largely obsolete industrial base and a pattern of output unsuited to the country's needs. The country emerged in 2000 from a punishing three-year recession thanks to strong demand in EU export markets.

Bulgaria Investment Climate 2009 04 November 2009, 12:36 CET
Bulgaria has put in place a liberal foreign investment regime, including low, flat corporate and income taxes and competitive incentives to attract high levels of foreign investment.

No preferential customs treatment for products from occupied territories: EC Court Opinion 03 November 2009, 13:05 CET
Products originating from the occupied territories are not entitled to preferential customs treatment under the EC-Israel Agreement, according to the Opinion of the European Court's Advocate General.

Autumn Forecast 2009-2011 03 November 2009, 13:04 CET
According to the European Commission's Autumn Forecast, the EU economy will emerge from recession in the second half of 2009. A relatively strong temporary pick-up is in the cards for the near term, with a more gradual recovery foreseen in 2010-2011.

Ireland Investment Climate 2009 01 November 2009, 15:45 CET
The Irish Government actively promotes foreign direct investment (FDI), a strategy that has fueled robust economic growth since the "Celtic Tiger" period of the late 1990s. Ireland’s pro-investment climate saw total FDI stock grow from Euro 53 billion in 1998 to €131 billion in 2007.

Hungary Investment Climate 2009 29 October 2009, 15:53 CET
Hungary maintains an open economy and attracting foreign investment remains a priority for the Hungarian government.

Greece Investment Climate 2009 29 October 2009, 01:07 CET
Greece provides a reasonably hospitable climate for foreign investment. On the upside, Greece’s membership in the EU’s Economic and Monetary Union offers currency stability, the infrastructure has improved significantly in the last five years, and the ongoing liberalization of the energy and telecommunication markets offer investment opportunities.

Progress report on Action Plan to strengthen the European Commission's supervisory role over shared management of structural actions 29 October 2009, 00:19 CET
The European Commission has today adopted a progress report on the implementation of its action plan to strengthen the shared management of the EU structural and cohesion funds. The report, presented by Commissioners Pawe ł Samecki (Regional Policy) and Vladimir Spidla (Employment, Social Affairs and Equal Opportunities), highlights measures taken to improve financial controls in Member States and to reduce errors that can result in incorrect payment claims from the EU budget.

Luxembourg Investment Climate 2009 28 October 2009, 00:56 CET
The Grand-Duchy of Luxembourg offers a very favorable and welcoming attitude toward Foreign Direct Investment (FDI).

Finland Investment Climate 2009 28 October 2009, 00:50 CET
The Finnish Government is open to direct foreign investment. There are no general regulatory limitations relating to acquisitions. Legislative control of mergers and acquisitions is mainly governed by domestic and EU competition rules.

France Investment Climate 2009 23 October 2009, 16:30 CET
Ensuring that France's investment climate is attractive to foreign investors is a stated priority for the French government, which sees foreign investment as a way to create jobs and stimulate growth.

Denmark Investment Climate 2009 23 October 2009, 16:23 CET
Denmark is characterized by political, economic and regulatory stability. The macroeconomic environment is sound and the investment climate is favorable. Denmark is situated strategically, linking continental Europe with the Nordic and Baltic countries. The transport and communications infrastructure are efficient. Denmark is among the world's leaders in industries such as information technology, life sciences, energy technology, and shipping.

Netherlands Investment Climate 2009 23 October 2009, 16:19 CET
The Netherlands' trade and investment policy is among the most open in the world, with combined merchandise exports and imports virtually equal to GDP. The government of the Netherlands maintains liberal policies toward foreign direct investment and adheres to OECD investment codes.

Germany Investment Climate 2009 20 October 2009, 22:54 CET
The German government and industry actively encourage foreign investment in Germany, and German law provides foreign investors national treatment. Under German law, foreign-owned companies registered in the Federal Republic of Germany as a GmbH (limited liability company) or an AG (joint stock company) are treated no differently from German-owned companies.

EU framework for Crisis Management in the Banking Sector - briefing 20 October 2009, 23:23 CET
The European Commission has adopted a Communication on an EU framework for crisis management in the banking sector. The purpose of the Communication is to consult as widely as possible on a broad range of issues aimed at safeguarding financial stability and the continuity of banking services in a cross border banking crisis. The Communication sets out questions on the tools that the Commission considers would be necessary for an EU crisis management framework. These tools range from “early intervention” action by banking supervisors aimed at correcting irregularities at banks, to bank resolution measures which involve the reorganisation of ailing banks, , to insolvency frameworks under which failed banks are wound up. The Commission’s consultation will last for three months, and will be followed by a public hearing to present the results and set out the Commission’s intentions.

EC actions to strengthen the safety of derivatives markets - briefing 20 October 2009, 23:08 CET
The European Commission has adopted a Communication for ensuring efficient, safe and sound derivatives markets. The Communication sets out future policy actions to increase transparency of the derivatives market, reduce counterparty and operational risk in trading and enhance market integrity and oversight. They follow the stakeholder consultation launched with the Communication in July and the public hearing in September. The Commission will come forward with legislative proposals in 2010. These proposals will be in line with the G20 Pittsburgh statement and will be accompanied by a thorough impact assessment. In order to avoid any risk of regulatory arbitrage and to ensure a global consistency of policy approaches, the Commission stands ready to work with authorities around the world when finalising the proposals.

Simplified procedures for claiming cross-border withholding tax relief - briefing 20 October 2009, 22:49 CET
The European Commission has adopted a recommendation that outlines how EU Member States could make it easier for investors resident in EU Member States to claim withholding tax relief on dividends, interest and other securities income received from other Member States. The recommendation also suggests measures to eliminate the tax barriers that financial institutions face in their securities investment activities while at the same time protecting tax revenues against errors or fraud. The recommendation is designed to provide guidance to Member States in how to ensure that procedures to verify entitlement to tax relief do not hinder the functioning of the Single Market.

Cyprus Investment Climate 2009 17 October 2009, 23:09 CET
Cyprus, a full member of the European Union since 1 May, 2004, has a liberal climate for investments. The sectors of niche tourism, energy, shipping, desalination and water management services offer excellent potential for inward investment. At the same time, the Government of Cyprus offers incentives in the field of research and technology.

Turkey Investment Climate 2009 15 October 2009, 16:33 CET
The Government of Turkey (GOT) views foreign direct investment as vital to the country's economic development and prosperity. Accordingly, Turkey has one of the most liberal legal regimes for FDI in the OECD. With the exception of some sectors (see below), areas open to the Turkish private sector are generally open to foreign participation and investment. However, all investors – regardless of nationality – face a number of challenges: excessive bureaucracy, a slow judicial system, high taxes, weaknesses in corporate governance, sometimes unpredictable decisions made at the local government level, and frequent changes in the legal and regulatory environment.

Turkey: Economy Overview 15 October 2009, 16:33 CET
Turkey's dynamic economy is a complex mix of modern industry and commerce along with a traditional agriculture sector that still accounts for about 30% of employment. It has a strong and rapidly growing private sector, yet the state remains a major participant in basic industry, banking, transport, and communication.

Simplification of regulation on international successions - briefing 14 October 2009, 22:59 CET
The European Commission has adopted a proposal that should considerably simplify the rules on successions with an international dimension in the European Union. The aim is to make life easier for citizens by laying down common rules enabling the competent authority and law applicable to the body of assets making up a succession, wherever they may be, to be easily identified. In addition to providing more effective guarantees for the rights of heirs, legatees and other interested parties, the proposed Regulation will take some of the stress out of succession planning by enabling people to choose the law that will govern the transmission of all their assets. The Commission is also proposing the creation of a European Certificate of Succession enabling an heir or the administrator of a succession to prove their capacity easily throughout the EU.

Czech Republic Investment Climate 2009 13 October 2009, 16:35 CET
The small, open, export-driven Czech economy grew by over six per cent annually from 2005-2007 and the strong growth continued throughout the first three quarters of 2008. Despite the global financial crisis, the conservative Czech financial system has remained relatively healthy. The rate of Czech economic growth, however, began to fall in the fourth quarter of 2008, mainly due to a significant drop in demand for Czech exports in Western Europe. This trend is expected to continue, with many analysts predicting Czech economic growth to completely stagnate in 2009. Both unemployment and inflation are relatively low at 6% and 3.6% respectively.