Euro & Finance
EU budget proposal 2021-2027 – as it happened
The European Commission unveils its proposal for the EU’s long-term budget for 2021-2027 today (2 May), setting the stage for a bruising and long negotiation with member states and parliament.
Commission’s bond-backed product gets lukewarm reception
Financial representatives poured cold water on Thursday (24 May) on the European Commission’s proposal to create sovereign bond-backed securities (SBBS), insisting that not all the elements exist yet for a successful market for the product.
Commission demands ‘credible response’ from Italy to reduce debt
The European Commission on Wednesday (23 May) approved Italy’s efforts to balance its public accounts but asked the new government for a “credible response” in order to further reduce its immense public debt.
Commission to pour cold water on Bulgaria’s Eurozone ambition
Euro-hopeful Bulgaria does not yet meet the criteria to adopt the single currency, the European Commission will say today (23 May) in an assessment of European Union countries that must one day switch to the euro.OpinionPromoted content
Role of investment hubs in global FDI flows: unknown, unloved?
On May 22, the Investment Facilitation Forum (IFF) holds an event that seeks to clarify the role of investment hubs and explore how their activities are linked to the EU tax agenda, financial regulation and the assistance to developing countries. Ahead of the event, the IFF president shares his view on the importance of distinguishing between investment hubs and tax havens.
Commission’s Eurobond alternative still viewed with scepticism
The European Commission has said that the zero-risk weight of its forthcoming sovereign bond-backed securities proposal will be a ‘game changer’, but member states and the financial sector remain sceptical about how the new asset could work in practice.
France ups the pressure for eurozone budget
Without reform the euro area won’t survive, according to France's economy minister, adding to the pressure on Germany a few weeks ahead of a crucial European Council summit. EURACTIV.fr reports.
EU economies hit by collapse in investment, new data shows
Most EU countries have been hit by a collapse in investment in the past decade, according to data published by Eurostat on 14 May. EURACTIV’s partner La Tribune reports.
5-Star, League want ECB to forgive €250 billion of Italy debt
The anti-establishment 5-Star Movement and far-right Northern League plan to ask the European Central Bank to forgive €250 billion of Italian debt, according to a draft of a coalition programme the parties are working on.
Member states should renew fiscal vows
In 2012, all but two EU member states committed themselves to strengthening the rules and institutions that govern their national budget preparation processes by signing the European Fiscal Compact. However, little has been done since, writes Michal Horvath.
Tajani warns compatriots against exiting the euro
This year’s “State of the Union” conference opened in Florence on Friday (11 May), coinciding with the news that Italy is likely to get a coalition government of two Eurosceptic forces, both keen on leaving the eurozone. Speaking at the event, European Parliament President Antonio Tajani strongly warned Italy against exiting the euro.
Croatia accelerates plans for joining the eurozone
Croatia's government began to think in earnest about joining the eurozone on Thursday (10 May) when it adopted a new strategy that targets switching to the single currency within five to seven years. But opposition forces claim that it is not in Croatia's best interests.
Merkel allies reject idea of European finance minister
Leading politicians from Chancellor Angela Merkel's Christian Democrat party want to pass a resolution at a meeting this week to reject any pooling of debts in Europe and any common fiscal policy without national parliamentary controls, Handelsblatt reported.
Regions and cities worried about cohesion cuts, co-finance and ESF
EU regions and cities have expressed their concern about the European Commission’s new proposal for the post-2020 cohesion budget, raising doubts about the future effectiveness of the policy.
Trump’s policies could throw EU’s economic expansion ‘off track’, warns Commission
The European economy is expected to continue growing at a robust pace, but faces negative spillovers from the fiscal stimulus and trade restrictions adopted by US President Donald Trump, the European Commission warned on Thursday (3 May).
Campaigners hail ‘significant’ UK move on tax havens
Britain's historic decision to compel its overseas territories to identify the owners of registered companies marks a "significant" moment in the global crackdown on dirty money, campaigners said Wednesday (2 May).
Commission’s budget proposal draws praise from MEPs
European Commission President Jean-Claude Juncker and his Budget Commissioner Günther Oettinger received a largely positive reception from MEPs to their proposal for the next long-term EU budget from 2021-2027.
OECD chief: The only Grexit is from the bailout
The only Grexit scenario that is currently on the table is the one from the bailout programme, Angel Gurría, the Secretary-General of the Organisation for Economic Co-operation and Development (OECD), said on Monday (30 April).
Troika calls for ‘strong’ debt relief for Greece
The European Central Bank has joined the IMF and European Commission’s demand for “strong” and “credible” measures to alleviate Greece’s soaring public debt (around 178% of GDP) once the country exits its rescue programme on 20 August.
VAT overhaul accused of being contrary to EU treaties
The de-harmonisation of VAT rates put forward by the Commission has been flagged as unconstitutional. Moreover, the proposal to completely overhaul the primary European tax faces much criticism. EURACTIV.fr reports.
Bulgaria’s Borissov unveils secret criteria for joining the eurozone
Bulgarian Prime Minister Boyko Borissov said he apologises for revealing a secret, but that the Bulgarians should know about the main additional condition for the country’s accession to the eurozone.
ECB sees ‘loss of momentum’ in eurozone’s economic growth
ECB President Mario Draghi said on Thursday (26 April) that all eurozone countries experienced “some moderation in growth or loss of momentum” over the past weeks, as the institution is carefully reassessing how to exit the unconventional monetary measures adopted during the crisis.
EU clamps down on letter box firms’ tax avoidance, social dumping
The European Commission on Wednesday (25 April) proposed new rules to clamp down on firms that relocate within the EU for the purpose of cutting their tax bills, setting up mere letter box companies.
MEPs ask to check financial sector’s investments against climate goals
EU legislators have proposed extending the European Supervisory Authorities’ (ESAs) powers to include checking the financial institutions’ investment portfolio alignment with the Paris Agreement on climate change.