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Finance and Monetary Affairs in the EU

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

VAT fraud costs the EU EUR 50 billion a year
EU countries lost almost EUR 150 billion in VAT revenues in 2016, of which EUR 50 bn went to the benefit of criminals, according to a new study published Friday by the European Commission.

VAT Gap
EU countries lost almost €150 billion in Value-Added Tax (VAT) revenues in 2016, according to a new study published today by the European Commission.

Banking in Europe: EBF publishes 2018 Facts & Figures
The European Banking Federation today has published Banking in Europe; the 2018 Facts & Figures, its annual update on the banking sector in Europe.

Court upholds EU sanctions against Russian banks
The General Court of the EU upheld Thursday restrictive measures taken by the EU Council against a number of Russian banks and oil and gas companies in connection with the crisis in Ukraine.

Juncker Commission must not forget real economy in its final spurt
In a first reaction to President Jean-Claude Juncker’s “State of the European Union” speech, UEAPME welcomes the fact that Juncker wants to focus on delivery for the last year of his Commission.

State of the Union 2018: stronger anti-money laundering supervision
In the 2018 'State of the Union' address to the European Parliament, EU Commission president Jean-Claude Juncker proposed stronger anti-money laundering supervision for a 'stable banking and financial sector'.

Air pollution causes 400,000 premature deaths in EU: report
Air pollution causes about 400,000 premature deaths in the EU and hundreds of billions of euros in health-related external costs, says a new report on the impact of EU action to protect human health from its effects.

Greece begins new chapter as EU bailout ends
Greece regained its place 'at the heart of Europe' Monday as the EU brought to an end its three-year bailout programme with praise for the efforts of the Greek people and the country's commitment to reform.

European firms get EU protection from Trump Iran sanctions
As the first batch of re-imposed US sanctions on Iran take effect, the EU's updated 'Blocking Statute' entered into force early on 7 August to mitigate their impact on EU companies doing business in Iran.

Updated Blocking Statute in support of Iran nuclear deal
As the first batch of re-imposed US sanctions on Iran took effect, the EU's updated Blocking Statute entered into force early on 7 August to mitigate their impact on the interests of EU companies doing legitimate business in Iran.

EU investment plan exceeds EUR 315 bn target
An EU funding plan to fund growth and innovation mobilised EUR 335 billion in additional investment since July 2015, and has made a clear impact on the EU economy, the Commission said Wednesday.

European Fund for Strategic Investments (EFSI)
EFSI is an initiative launched jointly by the EIB Group – the European Investment Bank and European Investment Fund – and the European Commission to help overcome the current investment gap in the EU. EFSI is one of the three pillars of the Investment Plan for Europe that aims to revive investment in strategic projects around the continent to ensure that money reaches the real economy.

Brussels provides guidance on protection of cross-border EU investments
The EU Commission issued guidance Thursday to help EU investors invoke their rights before national administrations and courts and to help states protect the public interest in compliance with EU law.

EU guidance on protection of cross-border EU investments
The European Commission on 19 July issued guidance to help EU investors to invoke their rights before national administrations and courts and to help Member States to protect the public interest in compliance with EU law.

Trade tensions with US hitting EU growth
Growth is set to remain strong in 2018 and 2019, at 2.1 per cent this year and 2 per cent next year, according to the EU's latest economic forecast, but growing trade tensions with the US could hit growth.

EU External Investment Plan
As part of its External Investment Plan, the EU gave its green light to a package of financial guarantee programmes worth around EUR 800 million on 10 July. This will help to leverage an estimated EUR 8-9 billion in public and private investment in Africa and the Neighbourhood.

EU steps up monitoring of reforms as Greece moves to normalisation
The EU Commission activated an enhanced surveillance framework for Greece Wednesday to support implementation of reforms following the conclusion of its bailout through the European Stability Mechanism.

Greece post-programme framework to support normalisation
The European Commission adopted a decision on 11 July to activate the enhanced surveillance framework for Greece to support the implementation of agreed reforms following the successful conclusion of the European Stability Mechanism (ESM) stability support programme.

Deepening of the EMU needs a realistic approach
At a conference on the Economic and Monetary Union in the framework of the new Austrian Presidency of the European Union in Linz (AT), UEAPME President Ulrike Rabmer-Koller discussed the deepening and convergence of the EMU with the main players in the reform process.

EU Auditors to examine VAT and customs duties in e-commerce
The European Court of Auditors announced Thursday it is to conduct an audit to find out how effectively the EU is addressing the challenges posed by e-commerce in terms of VAT and customs duties.

Auditors look into enforcement of EU competition rules
The European Court of Auditors announced Tuesday it is to conduct an audit of whether the European Commission has been effective in enforcing EU competition rules in the Single Market.

50 years of the EU Customs Union
In 2018 the European Union celebrates the 50th anniversary of the EU Customs Union. Since 1968, the Customs Union has been protecting the safety and security of citizens of its member countries and collecting customs duties that represent an important source of revenue in the EU, whilst transforming customs into a modern and responsive partner to trade. Events are organised all over the European Union to mark the anniversary.

EU Customs Union: the world's largest trading bloc
The EU's Customs Union celebrated its 50th anniversary on July 1, and is seen by many as one of the European Union's greatest achievements.

Survey shows Solvency II brings benefits but deters long-term business
A survey of insurers from across Europe has shown that over three quarters of the respondents have seen a positive effect from the EU's 2016 Solvency II regulation on their risk management and governance practices and on their management of assets and liabilities.

Special VAT scheme for small enterprises: VAT exemptions should not lead to unfair competition
On 11 July, the Economic and Monetary Committee (ECON) of the European Parliament will vote on the proposal amending Directive 2006/112/EC regarding the common system of value added tax, with the special scheme for small enterprises at the heart of discussions.