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Finance and Monetary Affairs in the EU

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

Brussels mulls new guidelines for company reporting on climate info
As part of its Sustainable Finance Action Plan, the EU Commission launched Thursday a consultation with the objective to finalise new guidelines for company reporting on climate-related information.

EU adds Saudi Arabia to money-laundering blacklist
Saudi Arabia has been added to the EU's list of 23 third countries with strategic deficiencies in their anti-money laundering and counter-terrorist financing frameworks, revealed Wednesday by the Commission.

Money laundering: EU list of high-risk third countries
The EU Commission adopted on 13 February its new list of 23 third countries with strategic deficiencies in their anti-money laundering and counter-terrorist financing frameworks.

Opportunity lost: Parliament rejects possibility to make driving history count
Today the European Parliament voted on new rules regarding motor insurance.

EU cuts forecasts for economic growth amid global uncertainties
Trade tensions and the possibility of a disruptive Brexit are likely to contribute to a slowdown in Europe's economy in 2019, the European Commission said in its Winter Economic Forecast, outlined Thursday.

New EU derivatives rules to reduce costs and regulatory burdens
The EU Parliament and states reached political agreement Tuesday on rules applying to non-financial counterparties, small financial counterparties and pension funds using financial derivative products.

CETA investor dispute system 'compatible with EU law'
The investment dispute mechanism of the free trade agreement between the EU and Canada (CETA) is compatible with EU law, an advocate-general of the EU Court said Wednesday in an Opinion.

EU fines Mastercard EUR 570m for breaking antitrust rules
The EU Commission fined Mastercard EUR 570 million Tuesday for breaching EU antitrust rules, by preventing merchants finding better conditions with by banks established elsewhere in the Single Market.

EU highlights risks attached to investors' residence schemes
Investor citizenship and residence schemes operated by some European states imply a number of risks for the EU, including money laundering, tax evasion and corruption, says an EU report Wednesday.

Report on Investor Citizenship and Residence Schemes in the European Union
The European Commission presented on 23 January a comprehensive report on investor citizenship and residence schemes operated by a number of EU Member States.

More enforcement of consumer law and better rights in digital economy, demand MEPs
The European Parliament committee for the internal market (IMCO) is pushing for stronger rules when companies do not abide by EU consumer law. Enforcement is rightly seen as the weak link in consumer protection rules.

Brussels urges end to Member State veto on tax decisions
The European Commission kick-started a debate Tuesday on ending the requirement for unanimity among EU states on EU taxation policy, to avoid delays and 'sub-optimal' policies on key tax initiatives.

EU approves new rules on occupational pensions
The EU agreed new rules for work pension funds Thursday, in a bid to improve the way they are governed and to enhance clarity in the information that is provided to pension savers.

New EU rules on occupational pension funds in force
The EU's revised Directive on occupational pension funds, known as IORP II, which came into force on 13 January, aims to increase savers' trust in work pension funds regardless of where in the EU they are based.

Occupational pension funds
EU rules governing the activities and supervision of institutions for occupational retirement provision.

ECB must allow full scrutiny of banking supervision: EU auditors
The European Court of Auditors called Monday on EU legislators to intervene and ensure the European Central Bank allows full access to documents for audits related to banking supervision.

EU's single currency turns 20 years old
The euro, Europe's common currency, turned 20 on 1 January 2019. 11 EU states launched the euro in January 1999, introducing a shared monetary policy under the European Central Bank.

#EUROat20
20 years ago, on 1 January 1999, 11 EU countries fixed their exchange rates, adopted a shared monetary policy under the European Central Bank, and launched a new common currency on world financial markets: the euro. Three years later, euro notes and coins entered into circulation. Today, the euro is the currency of 19 EU countries, over 340 million EU citizens and the second most important currency in the world.

EU gives up in bid to help consumers on currency conversion scam - adopts consumer-friendly stance in cross-border payments
The EU institutions have reached a deal which will not prevent a currency conversion scam that affects travellers.

EU agrees framework for banks with bad loans
The EU presidency and Euro-Parliament agreed a new framework for dealing with banks' bad loans Tuesday, including capital requirements for banks with non-performing loans on their balance sheets.

Brussels seeks stronger global role for euro
The EU Commission put forward a number of initiatives Wednesday to boost the global role of the single currency, seeking to challenge the dollar's global dominance, particularly in the energy sector.

New commitments on foreign cards only a small step, but fails to create an online/offline playing field
Retailers and wholesalers today welcomed the announcement that Visa and Mastercard have made commitments to bring transactions on cards issued outside the EU (non-EU visitors purchasing within the EU) broadly in line with those EU-issued cards.

Over 1500 money mules identified in worldwide money laundering sting
Working together with Europol, Eurojust and the European Banking Federation (EBF), police forces from over 20 States arrested 168 people (so far) as part of a coordinated money laundering crackdown, the European Money Mule Action (EMMA).

Finance Ministers agree to assess brown and green factors for banks' capital requirements
Capital requirements for banks serve to reduce the risk of default. are in place to ensure banks' assets. These requirements should as such reflect long-term risks to asset price values and potential systemic risks.

Third Progress Report on risk reduction and the declining trends as regards non-performing loans
The European Commission reported on 28 November for the third time on the progress achieved on risk reduction efforts.