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Finance and Monetary Affairs in the EU

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

EBF: Online payment standards in EU still face obstacles 27 November 2017, 23:13 CET
The European Banking Federation notes that the European Commission on Monday adopted its regulatory and technical standards for the second EU Payment Services Directive, known as PSD2, designed to allow consumers to access more convenient and innovative payment solutions.

Payment Services Directive (PSD2): Regulatory Technical Standards 27 November 2017, 22:31 CET
The European Commission adopted on 27 November 2017 rules designed to make electronic payments in shops and online safer. This will also allow consumers to access more convenient, cost-effective and innovative solutions offered by payment providers.

First actions of EU's External Investment Plan 23 November 2017, 18:27 CET
The European Commission's concrete areas of investments for the EU's External Investment Plan will mobilise EUR 44 billion of sustainable investment for Africa and the EU Neighbourhood countries.

Negotiators agree EU Budget for 2018 20 November 2017, 23:23 CET
The EU institutions reached provisional agreement in the early hours of Saturday on the 2018 EU budget, with boosts for research, fighting youth unemployment and education, but cuts to funding for Turkey.

UK's EU agencies set for Amsterdam, Paris after Brexit 20 November 2017, 23:20 CET
EU 27 ministers on Monday selected Paris as the new seat for the European Banking Authority, and Amsterdam as the new seat for the European Medicines Agency, to following Britain's exit from the EU.

Budget of the EU 20 November 2017, 22:44 CET
The annual budget lays down all the European Union's expenditure and revenue for one year. It ensures the financing of EU programmes and actions in all EU policy areas, for example, agriculture, research, regional policy, and other. The annual budget also ensures that the EU receives the revenue necessary to finance its expenditure. The annual EU budget - expenditure and revenue - must be in balance.

Limited success for EU's bailout plans for Greece 16 November 2017, 14:11 CET
The EU's bailout programmes for Greece following the financial crisis provided short-term financial stability and made some progress on reform possible, according to a European Court of Auditors report.

Italy the best performing OECD economy in this year's World Bank Paying Taxes survey 14 November 2017, 23:23 CET
Russell Bedford International member firm Studio Corno, Milan, has again assisted the World Bank in researching its annual Doing Business project. This year’s report, Doing Business 2018: Reforming to Create Jobs, shows Italy to have the most improved tax environment of the OECD economies, up 14 places from 126 to 112

2017 eurozone growth fastest in a decade 13 November 2017, 18:58 CET
The eurozone economy is set to grow at its fastest pace in a decade this year, the EU Commission forecast in its Autumn Economic Forecast Thursday, with real GDP growth substantially higher than expected.

Autumn 2017 Economic Forecast 09 November 2017, 15:37 CET
The euro area economy is on track to grow at its fastest pace in a decade this year, with real GDP growth forecast at 2.2%. This is substantially higher than expected in spring (1.7%). The EU economy as a whole is also set to beat expectations with robust growth of 2.3% this year (up from 1.9% in spring). According to its Autumn Forecast released today, the European Commission expects growth to continue in both the euro area and in the EU at 2.1% in 2018 and at 1.9% in 2019 (Spring Forecast: 2018: 1.8% in the euro area, 1.9% in the EU).

EBF Economic Outlook: strong growth in uncertain times 08 November 2017, 00:06 CET
The Euro area economy will continue its recovery with economic growth gaining momentum amid continuing political uncertainty, according to the bi-annual Economic Outlook of the European Banking Federation that is published today.

Banks invested over EUR 18 bn in software in 2016 02 November 2017, 18:07 CET
Survey results released by the European Banking Federation shows that European banks last year invested more than €18 billion in software, despite being forced to accept prudential rules that require software investments to be treated as costs instead of an investment.

New rules to protect investors and EU economy from bad loans 26 October 2017, 23:41 CET
The EU gave the final approval Thursday to new rules which mean packaged loans converted into securities will have to be made less complex and more transparent before selling them on to investors.

Obtaining brokerage and research services from non-EU brokers - guidance Q&A 26 October 2017, 22:32 CET
The European Commission issued guidance on 26 October in the form of frequently asked questions to clarify how EU investment firms subject to MiFID II should interact when they seek out brokerage and research services from broker-dealers in non-EU countries.

European Pillar of Social Rights website 23 October 2017, 23:14 CET
The European Pillar of Social Rights sets out a number of key principles and rights to support fair and well-functioning labour markets and welfare systems. It will serve as a compass for a renewed process of convergence towards better working and living conditions among participating member states. It is primarily conceived for the euro area, but is applicable to all EU Member States wishing to participate. There are 3 main categories of the pillar: Equal opportunities and access to labour market; Fair working conditions; and Social protection and inclusion.

Future of Europe: SMEs want Scenario for Growth, Jobs and Stability 19 October 2017, 00:01 CET
At the Tripartite Social Summit on shaping Europe’s future, and following the commitment to contribute to the debate, President Ulrike Rabmer-Koller put forward UEAPME priorities for the Future of Europe.

Brussels pushes ahead with banking risk-reduction package 11 October 2017, 23:53 CET
A financial system more stable and resilient to shocks will benefit citizens and businesses, the EU Commission said Wednesday as it outlined plans to accelerate completion of the EU's Banking Union.

Completing the Banking Union by 2018 11 October 2017, 23:25 CET
The European Commission proposed plans on 11 October 2017 to accelerate with the completion of the missing parts of the Banking Union.

EU Banking Union 11 October 2017, 23:18 CET
The banking union ensures that EU banks are stronger and better supervised. The single supervisory mechanism gives the European Central Bank certain supervisory tasks over the EU financial system. The single resolution mechanism (SRM) is a central institution for bank resolution in the EU, and one of the pillars of the banking union. The European deposit insurance scheme is a proposed scheme to protect retail deposits in the banking union.

EU green light for new rules to resolve tax disputes 11 October 2017, 15:47 CET
EU finance ministers gave their green light Tuesday to a new system for resolving resolve tax disputes between Member States, including over double taxation, seen as a major obstacle for businesses.

EU adopts position on climate finance ahead of COP23 11 October 2017, 15:30 CET
EU finance ministers met in Luxembourg Tuesday to discuss and adopt the EU’s position on climate finance, ahead of the next international climate summit COP23 in Bonn in November.

EU VAT reform to crack down on fraud 05 October 2017, 15:49 CET
The EU Commission set out plans Wednesday for the biggest reform of EU VAT rules in a quarter of a century, hoping to crack down on an estimated EUR 50 billion in tax revenue lost to cross-border VAT fraud.

VAT reform in the EU 05 October 2017, 00:09 CET
The European Commission launched plans on 4 October 2017 for the biggest reform of EU VAT rules in a quarter of a century.

EU appraises bids for agencies leaving Britain after Brexit 03 October 2017, 20:38 CET
The EU Commission published Monday its assessment of the 27 offers received from Member States to host the European Banking Authority and the European Medicines Agency - currently located in the United Kingdom.

European Banking Authority and European Medicines Agency after Brexit - Commission assessment of country offers 03 October 2017, 18:26 CET
European Commission publishes assessment of Member State offers to host European Banking Authority and European Medicines Agency after Brexit