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Finance and Monetary Affairs in the EU

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

EU Monitoring and Information Centre (MIC) 17 August 2009, 18:24 CET
The Monitoring and Information Centre (MIC), operated by the European Commission in Brussels, is the operational heart of the Community Mechanism for Civil Protection. It is available on a 24/7 basis and is staffed by duty officers working on a shift basis. It gives countries access to the community civil protection platform. Any country affected by a major disaster – inside or outside the EU – can launch a request for assistance through the MIC.

Review of national aid schemes introduced during the financial crisis 10 August 2009, 19:14 CET
The European Commission's Directorate-General for Competition has issued a review of the aid schemes introduced by EU Member States and approved by the Commission during the financial crisis. In the review, the DG for Competition addresses the effectiveness of the schemes implemented to date and analyses issues raised by Member States in this context. The review furthermore consolidates the requirements common to all approved guarantee and recapitalisation schemes, in order to provide additional transparency on the general standard for all such schemes. Finally, the review gives an overview per Member State of the public resources involved as a percentage of GDP.

Borrowing Environment in the EU 07 August 2009, 23:07 CET
Most businesses in Europe rely on bank loans for their external financing. However, borrowing can be difficult for SMEs - particularly if they lack collateral or do not have a long enough track record or credit history. For this reason, governments and other public authorities often facilitate small businesses' access to lending via various loan and guarantee schemes.

EC guidelines on restructuring aid to banks - briefing 23 July 2009, 17:56 CET
The European Commission has agreed a Communication explaining its approach to assessing restructuring aid given by Member States to banks. The approach is based on three fundamental principles: i) aided banks must be made viable in the long term without further state support, ii) aided banks and their owners must carry a fair burden of the restructuring costs and iii) measures must be taken to limit distortions of competition in the Single Market. The guidelines, which are in force until 31 December 2010, explain in particular how the Commission intends to apply these principles in the context of the current systemic financial crisis, with a view to contributing to the return to viability of the European banking sector.

Commission approves EUR 251 million aid for Gdansk shipyard in Poland - briefing 22 July 2009, 13:38 CET
Following an in-depth investigation opened in June 2005, the European Commission has authorised under EC Treaty state aid rules various support measures worth EUR 251 million, spread over several years and extending into the future, in favour of the Gdansk Shipyard in Poland. Privatised in 2007, the yard recently presented a restructuring plan that will to a large extent be financed from private resources raised by the yard and its owner. The Commission concluded that the plan will ensure the viability of the yard and that the distortions of competition, caused by years of subsidised operations, will be adequately reduced by production capacity closures.

Further amendments to the Capital Requirements Directive - briefing 16 July 2009, 23:45 CET
The European Commission has adopted a proposal to further amend the Capital Requirements Directive. The proposed amendments address capital requirements for the trading book and re-securitisations, disclosure of securitisation exposures, and remuneration policies. They form part of the Commission's response to the financial crisis by strengthening the regulatory framework in those areas, which were relevant to the causes of the crisis.

Joint press release: SEPA risks failure unless corrections are made, say end users 16 July 2009, 12:48 CET
The Single Euro Payments Area (SEPA) that aims to establish one set of Europe-wide rules for credit transfers, debt transfers and payment card services risks not being sufficiently taken up by the market and failing to meet its objective to improve the efficiency of cross border euro payments, according to 8 leading European business and consumer organisations.

Regulatory Capital 14 July 2009, 00:59 CET
European Commission website covering Regulatory Capital and the Capital Requirements Directive (CRD)

Banking: Key EU directives 13 July 2009, 14:20 CET
Key banking legislation in force in the European Union

Banking policy in the EU 13 July 2009, 14:19 CET
Achieving an integrated market for banks and financial conglomerates is a core component of European policy in financial services sector.

Useful information 13 July 2009, 14:18 CET
Useful links and practical information on banking and credit institutions in the EU

Regulatory capital in the EU 13 July 2009, 14:17 CET
The objective of the capital requirements in the EU is to have in place a comprehensive and risk-sensitive framework and to foster enhanced risk management amongst financial institutions. This is aimed at maximising the effectiveness of the capital rules to ensure continuing financial stability, maintain confidence in financial institutions and protect consumers.

Investment Funds in the EU 12 July 2009, 15:40 CET
UCITS (Undertakings for Collective Investment in Transferable Securities) are investment funds that have been established in accordance with UCITS Directive (adopted in 1985). Once registered in one EU country, a UCITS fund can be freely marketed across the EU.

Financial services - General Policy 12 July 2009, 15:39 CET
Completing the single market in financial services is a crucial part of the European Commission's overriding objective of achieving more and better jobs in a more dynamic, innovative and attractive Europe.

Union for the Mediterranean: Commission increases contribution to priority projects - briefing 10 July 2009, 18:20 CET
On the eve of the first anniversary of the launching of the Union for the Mediterranean (Paris, 13 July 2008), the European Commission has announced an additional contribution of EUR 72 million, for 2009-2010, to the areas identified as priorities by the Euro-Mediterranean Heads of State and Government in Paris. Work will focus on the de-pollution of the Mediterranean Sea, maritime and land highways, alternative energies, with a focus on the Mediterranean Solar Plant, higher education and research and supporting investment in businesses. Part of the funds will be dedicated to support the running of the Union for the Mediterranean Secretariat. With this contribution, the total community budget dedicated since July 2008 to the priorities identified by the Union for the Mediterranean amounts EUR 90 million.

Union for the Mediterranean - background 10 July 2009, 18:19 CET
The Union for the Mediterranean (UpM), created at the Paris Summit of Euro-Mediterranean Heads of State and Government on 13 July 2008, is the framework of multilateral relations between the EU and the Mediterranean non-EU countries. It complements bilateral relations, which will continue to develop under the European Neighbourhood Policy (ENP) and the pre-accession framework.

New Microfinance initiative: a valuable tool to stimulate entrepreneurship and create jobs 02 July 2009, 22:50 CET
EUROCHAMBRES warmly welcomes the 'Progress Microfinance Facility' presented by the European Commission today as a sound initiative to encourage and support entrepreneurship. Thanks to this new EUR 100 million fund, people who have lost or are at risk of losing their job and want to start their own micro-enterprise will be able to obtain loans up to EUR 25,000, and be assisted with mentoring, training, coaching and capacity building.

Commission recommends 2012 for correction of Latvia's excessive deficit - briefing 02 July 2009, 12:15 CET
The European Commission on 2 July concluded that Latvia is running an excessive deficit under Article 104.7 of the EU Treaty and has proposed a deadline for its correction.

Commission refers Luxembourg to European Court of Justice - briefing 25 June 2009, 16:11 CET
The European Commission has decided to refer Luxembourg to the European Court of Justice over its incorrect application of certain provisions of the Savings Tax Directive as regards interest payments made to beneficial owners who benefit from so-called "non-domiciled resident" status in their country of residence.

Assignment "Strengthening credit operations in a local microfinance organization": Request for Expressions of Interest 25 June 2009, 14:20 CET
The International Finance Corporation (IFC) through its Advisory Services in Europe and Central Asia and via its Azerbaijan and Central Asia Microfinance Transformation Program intends to finance the assignment "Strengthening credit operations in a local microfinance organization".

International Finance Corporation 22 June 2009, 17:10 CET
IFC fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing capital in the international financial markets, and providing advisory services to businesses and governments.

EU Finance Day for SMEs 18 June 2009, 12:00 CET
EU Finance Day for SMEs is a series of events in the Member States that the European Commission is organising to inform about the EU financial instruments for SMEs together with the national financial intermediaries that implement these instruments locally. The aim is to raise awareness about different sources of finance and provide a forum for sharing good practices in helping innovative SMEs get easier access to finance. One-day event will be organised in all EU Member State capitals in 2008-2009. A list of dates is provided regularly on this site.

Solvency II: One step closer toward a stronger European insurance industry 17 June 2009, 13:31 CET
The Chief Risk Officers' Forum welcomes the European Parliament and the Council's recent decisions to approve the proposed Solvency II directive. The Forum strongly believes the directive represents an important step toward implementing an advanced supervisory and solvency framework which will help strengthen the European insurance industry. The Forum now urges the European Commission to introduce clear and effective implementing measures that will deliver the directive's basic principles.

Commission fine for Electrabel for implementing acquisition of Compagnie Nationale du Rhône without prior Commission approval - briefing 11 June 2009, 22:30 CET
The European Commission has decided to impose a fine of EUR 20 million on Electrabel, an electricity producer and retailer belonging to the Suez Group (now GDF Suez) for acquiring control of Compagnie Nationale du Rhône (CNR), another electricity producer, without having received prior approval under the EU Merger Regulation. The Commission concluded that the infringement lasted for a significant period and that Electrabel should have been aware of its obligation to receive Commission approval before proceeding with the acquisition. The EU Merger Regulation requires concentrations of a European dimension to be notified to the Commission before their implementation so that the Commission can examine whether a concentration would significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it. This is known as the 'standstill obligation'.

Shared Commitment for Employment - briefing 03 June 2009, 18:58 CET
The EU will make available EUR 19 billion of planned European Social Fund expenditure to support people hit by the economic crisis. Together with the European Investment Bank Group and other partners, a new EU loans facility will be set up to provide micro-credits for those who would usually have difficulty accessing the necessary funds to set up a business or a micro-enterprise.