Last week, the European Commission—the EU’s executive arm—took the first step toward cementing one of the EU’s fundamentals freedoms:  free movement of capital.  The goal is to break down barriers that block cross-border investments in the EU and prevent businesses from getting adequate access to finance. The EU has launched a green paper as the basis for a three month public consultation on how the Capital Markets Union (CMU) should take shape.  Based on public input, the Commission will...

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European Commission - Speech | Brussels, 23 February 2015 | Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs. ] Mesdames, Messieurs, Je vous souhaite la bienvenue à cette conférence organisée conjointement par mes services et le Fonds Monétaire International. Cet événement est un bel exemple de collaboration entre nos deux institutions pour lesquelles la croissance, la création d'emplois et l'investissement sont des priorités essentielles. Je vous remercie d'être venus si nombreux en ce début d'après-midi et je salue tout particulièrement...

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Brussels, 18 February 2015 -- The European Commission today launched its landmark project to unlock funding for Europe’s businesses and to boost growth in the EU’s 28 Member States with the creation of a true single market for capital. The Capital Markets Union aims to break down the barriers that are blocking cross-border investments in the EU and preventing businesses from getting access to finance. The current environment is tough for businesses that remain heavily reliant on banks and relatively...

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The Eurogroup reiterates its appreciation for the remarkable adjustment efforts undertaken by Greece and the Greek people over the last years. During the last few weeks, we have, together with the institutions, engaged in an intensive and constructive dialogue with the new Greek authorities and reached common ground today.  The Eurogroup notes, in the framework of the existing arrangement, the request from the Greek authorities for an extension of the Master Financial Assistance Facility Agreement (MFFA), which is underpinned by...

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Following a decision by the Board of Governors of the European Investment Bank (EIB) today, small and medium-sized companies (SMEs) across Europe should be able to benefit from the first funds from the new European Fund for Strategic Investments (EFSI) before the summer. The landmark decision taken today by the EIB Board of Governors will allow for the pre-financing of SME projects linked to the Investment Plan for Europe before the summer. European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment...

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Europe’s Finance Ministers today welcomed the proposal for the European Investment Bank Group to manage the European Fund for Strategic Investments (EFSI) within the EIB under the Investment Plan for Europe announced last November. The fund, backed by the EU Bank and the European Commission, is intended to support EUR 315 billion of new investment across Europe over the next three years. The extraordinary meeting of the EIB’s Board of Governors recognised the significant role of Europe’s long-term lending institution...

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Parliament as a whole voted on Thursday to set up a special parliamentary committee to look into EU member states’ "tax rulings and other measures similar in nature or effect" and make recommendations for the future. The committee will have 45 members and is established for an initial period of six months. Result of the vote: 612 in favour, 19 against and 23 abstentions. The composition of the committee was approved by a show of hands. Mandate The committee will look into...

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EU and U.S. negotiators have been hard at work discussing the complexities of the Transatlantic Trade and Investment Partnership (TTIP) since July 2013. As talks focus increasingly on technical topics, it is important for the public to be able to understand—in plain language—what the give-and-take is all about. The framework of the agreement is divided into three main areas:  market access; regulatory cooperation; and rules. Within each of these categories, numerous subcategories cover specific components of TTIP. For example, market...

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In 2013, gross inland energy consumption1, which reflects the energy necessary to satisfy inland consumption, amounted in the European Union (EU) to 1 666 million tonnes of oil equivalent2 (Mtoe), back to its early 1990s level and down by 9.1% compared to its peak of 1 832 Mtoe in 2006. In 2013, nuclear energy (29%) accounted for the largest share of EU domestic production of energy, ahead of renewables (24%), solid fuels (20%), gas (17%), oil (9%) and non-renewable wastes...

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