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...

Read more

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...

Read more

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,...

Read more

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...

Read more

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...

Read more

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...

Read more

Since the start of 2015, the European Investment Fund (EIF) and equity funds across Europe have signed investment agreements worth over €1 billion which will provide equity financing for businesses. These agreements, which enable fund managers to invest in promising start-ups, SMEs and midcaps, have the full support of the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe. They are expected to result in overall investments of more than €12 billion across the EU. Speaking at an...

Read more

Market operations Adjustment of the purchase process in the asset-backed securities purchase programme On 17 September 2015 the Governing Council approved changes to the governance structure of the asset-backed securities purchase programme (ABSPP). The proportion of purchases by national central banks will be increased through the participation of the Nationale Bank van België/Banque Nationale de Belgique and a greater number of jurisdictions covered by the Banque de France, with both central banks acting as Eurosystem asset managers for purchases. A related...

Read more

As part of exceptional measures in support of the Greek economic recovery, the European Investment Bank (EIB) signed today a EUR 50 million loan to Greece for the co-financing of projects which also still receive funding from EU structural funds over the 2007-2013 period. Through its multiplying effect, the loan will support the recovery of the Greek economy and will accelerate transition to a smart, sustainable and inclusive growth path. It targets the priority areas that Greece has identified as crucial...

Read more