The Council today adopted a regulation establishing a single resolution mechanism for failing banks (PE-CONS 88/14). The creation of a single resolution mechanism (SRM) – with a central decision-making board and a single resolution fund – ensures that resolution decisions across participating member states will be taken in a coordinated and effective manner, minimising negative impacts on financial stability and reducing the dependence of banks on the creditworthiness of sovereigns. The aim is to ensure the orderly resolution of failing banks...

Read more

The European Union welcomes the agreement reached on 9 July 2014 on a new United Nations convention to strengthen transparency in investor-state disputes. The Convention on Transparency in Treaty-based Investor-State Arbitration will make it easier to apply the UN’s transparency rules to investor-state dispute settlement (ISDS) carried out under existing investment treaties. ‘Improving transparency in ISDS is crucial,’ said EU Trade Commissioner Karel De Gucht, welcoming the development. ‘Yesterday’s agreement shows that more and more countries are committed to transparency in...

Read more

Ecofin discusses its work programme for the second half of 2014 At the meeting on 8 July the ministers discussed the Economic and Financial Affairs Council's work programme and priorities for the second semester of 2014, presented by the Italian presidency. Structural reforms and investment in growth and jobs are the key priorities under the Italian presidency of the Council of the EU, which runs from 1 July through to the end of December 2014. Pier Carlo Padoan, the Italian Minister of...

Read more

Algirdas Šemeta, EU Commissioner responsible for Taxation and Customs Union, Statistics, Audit and Anti-fraud at Economic and Finance Ministers Council | Brussels, 8 July 2014 Before I comment on the Italian Presidency Work programme, I would like to first thank the Greek presidency for all it achieved in the tax field. I'm not only speaking about the new legislation they succeeded in getting adopted but also the groundwork they did on many files, which should bring future successes. So, thanks to...

Read more

Karel De Gucht, European Commissioner for Trade at CDU Wirtschaftsrat Economic Conference, Berlin, 3 July 2014 Ladies and gentlemen, Berlin in 2014 is an anchor of political and economic stability. This is due to your "Soziale Marktwirtschaft" and the great performance of German companies and workers. I praise you for your achievements and I have listened carefully to Chancellor Merkel's convincing agenda for Germany and Europe. Indeed, we have a broadening recovery under way in the European Union. But we are unfortunately...

Read more

The European Commission has today launched a public consultation on ‘Science 2.0’, in order to gauge the trend towards a more open, data-driven and people-focused way of doing research and innovation. Researchers are using digital tools to get thousands of people participating in research, for example by asking them to report if they catch flu in order to monitor outbreaks and predict possible epidemics. Scientists are being more open too: sharing their findings online at an early stage, comparing...

Read more

Data collection and exploitation is a growing phenomenon; in response to industry and grassroots demands the European Commission is today calling on national governments to wake-up to this “big data” revolution. Vice President Neelie Kroes said "It’s about time we focus on the positive aspects of big data. Big data sounds negative and scary, and for the most part it isn’t. Leaders need to embrace big data.” The main problems identified in public consultations on big data are: Lack of cross-border coordination Insufficient...

Read more

Each six months, according to a pre-established order, a new Member State takes the helm of the Council of the EU. The Presidency's role encompasses chairing Council meetings, taking charge of the agenda, promoting legislative and political decisions, and brokering compromises among Member States. Starting today, July 1st 2014, Italy holds this position through December 31. The presidency trio programme is on line Italy, Latvia and Luxemburg: from 1 July 2014 to 31 December 2015 Member states holding the six-month presidency work...

Read more

At a meeting of the Economic and Financial Affairs Council today the euro area member states adopted a recommendation approving a proposal that would enable Lithuania to become the 19th member of the currency union on 1 January 2015. They agreed with the Commission’s assessment that Lithuania has achieved a high degree of sustainable convergence with the euro area, and that it therefore fulfils the conditions for adopting the euro as its currency. The proposal will be referred to the European...

Read more