Finance & Trade

UK Threatens Legal Action on Financial Transaction Levy

December 09, 2015

UK Chancellor of the Exchequer George Osborne has threatened an action in the Court of Justice of the EU as ten other EU countries move forward with the foundations of a plan for a "financial transaction tax" that would seek to recover money used to support banks during the bloc's financial crisis.
Talks on Financial Transaction Tax Near Deadline

December 02, 2015

A group of EU countries negotiating a tax on financial transactions are nearing a deadline for the conclusion of an agreement imposed by Austria with a number of hurdles to an agreement, such as the scope and calculation of any such tax, remaining.
EU Proposes Shared Bank Deposit Insurance Plan

November 25, 2015

As it ramps up efforts toward a completed banking and monetary union, the European Commission has proposed a European Deposit Insurance Scheme that would create a common EU fund to protect savings accounts at European banks of up to 100,000 euros in case of bank insolvency.
ECB Seeks Further Harmonization of Bank Regulation

November 25, 2015

The European Central Bank ("ECB") has launched a consultation over a draft regulation seeking to harmonize how countries supervise banks within the EU.
ECB President Pushes for Completed Banking Union

November 06, 2015

In recent remarks, President of the European Central Bank ("ECB") Mario Draghi reflected on the EU's establishment of a "single supervisory mechanism" for the eurozone as a step toward the completion of a eurozone monetary and banking union in the coming years.
Committee Calls for Common EU Corporate Tax Base

November 03, 2015

Recent recommendations from the European Parliament's Special Committee on Tax Rulings call for legislation requiring companies operating in Europe to supply country-by-country reports on their financial data and establishing a compulsory, consolidated EU corporate tax base that would prevent businesses from avoiding taxes in countries in which they operate.
EU Takes Countries to Court over Bank Legislation

November 03, 2015

The European Commission has referred six EU member countries to the Court of Justice of the EU for not transposing a directive on Bank Recovery and Resolution, which in part requires banks to take measures to protect themselves in the case of insolvency, into national legislation.
EU Proposes Institutions to Further Fiscal Integration

October 28, 2015

Reuters reports that in its efforts to push forward economic and fiscal union in the eurozone, the European Commission has proposed the creation of Competitiveness Boards to evaluate economic policy in each eurozone country and a European Fiscal Board that would advise on eurozone fiscal policy and coordinate with national boards.
EU Commission Advances Financial Integration Plans

October 27, 2015

Despite the decision of EU member country governments at a recent summit not to endorse the "completion" of Economic and Monetary Union in the EU, European Commission President Jean-Claude Juncker has signaled he plans to forge ahead with plans to advance EU integration in this area.
EU Ministers Consider Automatic Sharing of Tax Rulings

October 05, 2015

Finance ministers from EU member countries are meeting this week to consider a proposal from the European Commission that would require national governments within the EU to share corporate tax rulings, potentially from up to ten years ago, automatically throughout the bloc.