Monday 2 November marks the day in the year when women across Europe stop being paid, while men will continue to earn money until 31 December. The average hourly wage for women in Europe is 16% lower than it is for men, so women effectively work 58 days for free each year, for work of the same value. Ahead of this occasion, First Vice-President Timmermans, Commissioner Thyssen and Commissioner Jourová said: "Equality between men and women is one of the fundamental values of the European...

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On Sunday 1 November 2015, the Juncker Commission marks one year in office. At the beginning of his mandate, President Juncker said this would be a new start for Europe, and that his Commission would focus on ten political priorities, the key challenges that face both our economy and society. The Commission's €315 billion investment plan to kick-start jobs and growth is up and running. The first projects are in operation and many more will follow. Throughout the past year the European Commission has made concrete proposals, putting...

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New ECB report covers banks as well as other financial intermediaries Banks, insurance companies and pension funds in largest euro area economies exposed primarily domestically Consolidation and rationalisation in the banking sector continued in 2014, and the median Tier 1 ratio increased to 14.4% from 13% Insurance companies and pension funds are starting to adjust structurally to low yield environment Shadow banking sector continues to grow mainly on account of an expanding investment fund sector The European Central Bank has today published the Report...

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Following a vote in the European Parliament, new EU rules are set to improve the transparency of certain financial transactions and help supervisors and investors better understand risks. The European Commission welcomes today's adoption by the European Parliament of the Regulation on Transparency of Securities Financing Transactions (known as SFTR). This new law, proposed by the European Commission in January 2014, significantly improves the transparency of securities financing transactions in the shadow banking sector. These new rules also help identify the...

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On 28 October 2015, the European Union and Liechtenstein signed an agreement on the automatic exchange of financial account information aimed at improving international tax compliance.  The agreement represents an important step in ongoing efforts to clamp down on tax fraud and tax evasion. It upgrades a 2004 agreement that ensured that Liechtenstein applied measures equivalent to those in an EU directive on the taxation of savings income in the form of interest payments. Under the agreement, the EU and Liechtenstein will automatically exchange information on the...

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With fostering innovation and the digital economy to encourage the emergence of new leaders on the highly competitive Internet market as one of its top priorities, the European Investment Bank (EIB) decided to support the Franco-German start-up Qwant to the tune of EUR 25 million. This financing operation was announced today at a major Franco-German digital conference taking place at the Elysée Palace, in the presence of Emmanuel Macron, France’s Minister of the Economy, Industry and Digital Affairs, Sigmar Gabriel, Germany’s Vice-Chancellor...

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Today the European Commission has presented a roadmap to deliver on President Juncker’s political commitment to unleash the full potential of the Single Market and make it the launchpad for Europe to thrive in the global economy. The Single Market is one of Europe’s greatest achievements, designed to allow goods, services, capital and people to move more freely. It offers opportunities for professionals and businesses and a greater choice and lower prices for consumers. It enables people to travel, live,...

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In the European Union (EU), resource productivity increased from 1.53 €/kg in 2002 to 1.95 €/kg in 2014, an increase of 27.8% in real terms. This was not however a steady increase. After remaining relatively stable between 2002 and the beginning of the economic and financial crisis, resource productivity in the EU increased considerably from 2008 to 2010, before dropping in 2011, and growing again since then. Resource productivity quantifies the relation between economic activity (GDP) and the consumption of...

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A complete ban on roaming charges for using mobile phones abroad in the EU will take effect in June 2017 and clear rules on the right to internet access will become law following Parliament's final approval of the new telecoms package on Tuesday. "This abolition of roaming surcharges has been long awaited by everybody: ordinary people, start-ups, SMEs and all kinds of organisations” said the rapporteur, Pilar del Castillo (EPP, ES), in the debate before the vote. “Thanks to this...

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All Europeans must be able to make real-time payments in euro across national borders, says Executive Board member Yves Mersch in a speech about innovation. The ECB is working with payment service providers and consumers on a roadmap for pan-European instant payments. Introduction I am sure that almost all of you in this room today have a smartphone in your pocket. With the smartphone, you feel as if you have the world at your fingertips: you can call or message anyone...

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