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Finance and Monetary Affairs in the EU

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

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.

Innovation is the engine of our economy
Innovation is the engine of our economy and crucial for the competitiveness of Europe's economy. However, SMEs and start-ups have problems to finance innovative projects, seen as too risky by banks.

"We are not naïve": EU agrees screening of foreign investment
"We are not naïve free traders" said EC president Jean-Claude Juncker as he welcomed Wednesday's agreement by EU institutions on screening incoming foreign direct investment to ensure security.

Italy's draft budget plans rejected again by Brussels
The EU Commission confirmed its rejection of Italy's budget Wednesday, as it set out the EU's economic and social priorities for 2019, and presented Opinions on EU states' draft budgetary plans.

EBF statement on the Brexit withdrawal agreement
Following the agreement on the withdrawal of the United Kingdom from the European Union reached late Wednesday between EU negotiators and the UK government, and following the publication of the proposed outline for the future EU-UK relationship, Wim Mijs, Chief Executive Officer of the European Banking Federation, said:

Eurozone growth eases on rising global uncertainty
Economic growth in the eurozone is easing gradually, as an increasingly uncertain international environment takes its toll on the pace of economic activity, according to the EU's Autumn Economic Forecast.

EC requests Maltese anti-money laundering watchdog to step up supervision of banks
The EU Commission requested the Maltese anti-money laundering supervisor Thursday to take additional measures to fully comply with its obligations under the fourth Anti-Money Laundering Directive.

EU financial auditors poke holes in farming plan's green credentials
The European Court of Auditors, the EU' financial watchdog, has poked holes in the European Commission's claims that it is developing a more environmentally friendly farming policy, in a report released today.

Differences remain on EU digital service tax
EU finance ministers meeting Tuesday have some way to go before they can agree on the digital service tax directive, aimed at addressing the most urgent gaps and loopholes in the taxation of digital activities.

All financial institutions must disclose sustainability risks and impacts, say MEPs
WWF applauds the high level of ambition demonstrated by the European Parliament in yesterday’s Committee of Economic and Monetary Affairs’ vote on disclosure relating to sustainability investments and sustainability risks.