Ladies and gentlemen, Let me start by thanking my esteemed colleague in the Eurogroup and your Minister of Finance Hans Jörg Schelling for his kind invitation to visit beautiful Tyrol. Since February the spotlight has been on Greece. I was not very happy about that. We spent many meetings before reaching an agreement on a new program. Greece is in many respects lagging behind the positive outlook for the Eurozone. Almost all countries are leaving the crisis behind. Eurozone-averages on growth,...

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VAT revenue collection has failed to show significant improvement across EU Member States according to the latest figures released by the European Commission today. VAT revenue collection has failed to show significant improvement across EU Member States according to the latest figures released by the European Commission today. Based on VAT collection figures from 2013, the overall difference between the expected VAT revenue and the amount actually collected (the so-called "VAT Gap") did not improve on 2012. While 15 Member States...

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--  Executive Summary -- The ECB welcomes the opportunity to provide its views on the review of EMIR. While it should be recognised that many EMIR requirements have been in force for only a limited period of time, and that others have not yet entered into force, the ECB believes that certain important conclusions can already be drawn. This response puts forward the ECB’s proposals for a future revision of the Regulation, with the main points in this regard summarised...

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The agriculture committee on Thursday rejected the Commission's draft law that would give member states the power to restrict or prohibit the use of EU-approved GM food or feed on their territory. It fears that arbitrary national bans could distort competition on the EU's single market and jeopardise the Union's food production sectors which are heavily dependent on imports of GM feed. The agriculture committee's opinion, adopted by 28 votes in favour to eight against, with six abstentions, will...

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At today’s meeting the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.05%, 0.30% and -0.20% respectively.   Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council. As usual, let me start with the decisions...

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Sustainable development policy aims to achieve a continuous improvement in citizens’ quality of life and well-being. This involves the pursuit of economic progress, while safeguarding the natural environment and promoting social justice. The economic, environmental and social dimensions are all part of the EU Sustainable Development Strategy (EU SDS) adopted in 2001 and renewed in 2006. The EU SDS also includes an institutional and a global dimension, with the adoption of good governance practices in the EU as well as...

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The President of the Committee of Regions (CoR) - Markku Markkula - met with European Investment Bank (EIB) President Werner Hoyer in Luxembourg today to discuss joint efforts to enhance private investment and recovery across Europe. In this context, EIB President Hoyer said: "Cooperation between our institutions is of great benefit for the citizens in Europe. Within the European Union, the Committee of Regions has a very good understanding of local needs and challenges “on the ground”. This helps the...

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Euro area1 annual inflation2 is expected to be 0.2% in August2015, stable compared to July20153, according to a flash estimate4 from Eurostat, the statistical office of the European Union. Looking at the main components of euro area inflation, food, alcohol & tobacco (1.2%, compared with 0.9% in July) andservices (1.2%, stable compared withJuly) are expected to have the highest annual rate in August, followed by non-energy industrial goods (0.6%, compared with 0.4% in July) and energy (-7.1%, compared with -5.6%...

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Counterparty eligibility assessment to take into account information on capital, leverage and liquidity ratios New category of assets added as eligible collateral Today the European Central Bank (ECB) has published a new Guideline (ECB/2015/27) amending the General Documentation (GD) on the implementation of the Eurosystem’s monetary policy. The new Guideline introduces some changes to the monetary policy implementation framework: First, the provisions on counterparty eligibility have been revised in light of recent legislative developments in the implementation of the Banking Union. In...

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