Introductory speech by Mario Draghi, President of the ECB, at the ECB Forum on Central Banking, Sintra, 28 June 2016 In recent years central banks across advanced economies have been engaged in the same task, namely raising inflation and inflation expectations back to levels consistent with price stability. Each has faced conditions particular to its own jurisdiction. Each has deployed measures appropriate to its own context. And each has acted to fulfil the mandate laid down in its own constitution. And...

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On 27 June 2016, the Council adopted a directive aimed at increasing legal certainty for transactions involving vouchers by harmonising national VAT rules in this area.  The directive sets out to reduce the risk of mismatches in national tax rules leading to double taxation, non-taxation or other undesired consequences. This can happen where a voucher is issued in one member state and used in another, and particularly where vouchers are traded. Vouchers are used increasingly and come in many forms. They include...

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Commissioner Lord Hill, responsible for Financial Stability, Financial Services and the Capital Markets Union, has informed European Commission President Juncker of his decision to resign from his post as European Commissioner. President Jean-Claude Juncker said: "It is with great regret that I have accepted Lord Hill's decision to resign from the European Commission. Lord Hill is an experienced politician for whom I have great respect and I want to sincerely thank him for his loyal and professional work as a...

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Der heutige Tag ist ein Einschnitt für Europa, er ist Einschnitt für den europäischen Einigungsprozess", so Bundeskanzlerin Merkel in Berlin zum Brexit-Votum der Briten. Die Schlussfolgerungen aus dem Referendum in Großbritannien seien aber mit historischem Bewusstsein zu ziehen. Großbritannien hat mehrheitlich für einen EU-Austritt gestimmt. Foto: picture-alliance/Ohlenschläger Bundeskanzlerin Angela Merkel bezeichnete das Ergebnis des Referendums in Großbritannien als einen Einschnitt für Europa und für den europäischen Einigungsprozess. Mit Ruhe und Besonnenheit solle jetzt die Lage analysiert werden. "Die Europäische Union ist...

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Article 50 of the Treaty of the European Union (December 2009) sets out the procedural requirements for a member state to terminate its membership. Legal withdrawal would mean that EU Treaties and their Protocols would no longer apply, and EU financial programmes would be phased out. If the UK votes to leave the EU on Thursday, the result will not immediately have a binding legal effect. The UK government would need to launch a proposal to activate Article 50, and hold a...

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Statement by Werner Hoyer, President of the EIB: “Today is a very sad day for Europe. As President of the European Investment Bank, I take note of the UK vote with the deepest regret, although of course the Bank will work with Member States and other EU institutions to assure an orderly transition to a new negotiated arrangement according to the Treaty. For the first time since the beginning of European integration after the war a country decided to reverse its...

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The country has just taken part in a giant democratic exercise – perhaps the biggest in our history. Over 33 million people – from England, Scotland, Wales, Northern Ireland and Gibraltar – have all had their say. We should be proud of the fact that in these islands we trust the people with these big decisions. We not only have a parliamentary democracy, but on questions about the arrangements for how we are governed, there are times when it is right...

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There are multiple sub-scenarios in the aftermath of a No vote on June 23. In almost all of them, however, London would lose business as a global financial center. Part of its unmatched position as a hub for international financial services is linked to its membership of the European Union and corresponding access to the EU internal market. Non-European banks, especially US ones, use London as a beachhead into the single market, and many euro-area banks centralize their EU...

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The people of the United Kingdom have spoken, and we respect their decision. The special relationship between the United States and the United Kingdom is enduring, and the United Kingdom’s membership in NATO remains a vital cornerstone of U.S. foreign, security, and economic policy. So too is our relationship with the European Union, which has done so much to promote stability, stimulate economic growth, and foster the spread of democratic values and ideals across the continent and beyond. The...

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The British citizens have made their choice to leave our Union. However much we regret this decision, we respect it. The challenges we are facing are too pressing for us to afford any institutional uncertainty. This is why we will move forward on the basis of our shared values and interests and why we will keep working for the security and the well-being of our citizens, for the inclusiveness and the resilience of our societies, and for a more just...

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