Three measures to ensure that banks shoulder the risks of failure rather than relying on taxpayers to bail them out were approved by Parliament on Tuesday. Two deal with restructuring and winding down troubled banks, and the third ensures that banks, not taxpayers, guarantee deposits under €100,000 in the event of a run on a bank. These measures complement the single bank supervision system, already in place, and take the EU far down the road towards banking union. Parliament...

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The European Parliament, in today’s plenary session, adopted 3 key texts that complete the legislative work underpinning the Banking Union (Single Resolution Mechanism, Bank Recovery and Resolution Directive, and Deposit Guarantee Schemes Directive). Addressing the EP plenary, representing the Council of the EU, Deputy Prime Minister and Foreign Minister Evangelos Venizelos said that “the Banking Union has been created in under two years. It has been a Herculean task, but one that will enable Europe to emerge stronger from the...

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But Some Americans and Germans Wary of TTIP Details Survey Report The European Union and the United States are negotiating the most economically significant regional free trade agreement in history: the Transatlantic Trade and Investment Partnership (TTIP). Publics in Germany and the United States support TTIP and trade expansion in general, especially with each other. But when it comes to specifics, both Americans and Germans oppose many details of this far-reaching initiative. Moreover, they disagree with one another on making transatlantic regulatory...

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The European Commission has today adopted measures to improve the corporate governance of around 10 000 companies listed on Europe’s stock exchanges. This would contribute to the competitiveness and long-term sustainability of these companies. Other proposals would also provide cost-efficient company law solutions for SMEs which operate across borders. The package of measures implements key actions identified in the Communication on the long-term financing of the European economy of 27 March (IP/14/320). Internal Market and Services Commissioner Michel Barnier said: "The last...

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European Commission President José Manuel Barroso and Rubik’s Cube inventor, Professor Ernő Rubik of Hungary, marked the 40th anniversary on March 28 of this often frustrating, ultimately rewarding device that embodies vast scientific complexity but links it with playfulness. The inventor of the most famous cube in the world, Professor Ernő Rubik, meets European Commission President Barroso today to celebrate the 40th anniversary of this colourful device. They will meet over lunch to discuss the importance of science outreach and...

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After the expiry of the financial sector programme in January 2014, a staff team from the European Commission, in liaison with staff from the European Central Bank, undertook the first visit to Spain in the context of the post-programme surveillance (PPS) on 24-28 March and on 3 April. The European Stability Mechanism participated in the meetings on aspects related to its own Early Warning System. Overall, the positive trends of policy progress, ongoing economic adjustment and diminishing financial stress that...

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Many non-EU nationals wishing to travel to the EU are often faced with cumbersome, lengthy and costly visa procedures. The proposals presented today will seriously shorten and simplify the procedures for those wanting to come to the EU for short stays, and induce more cost savings and less bureaucracy, whilst maintaining the level of security. Making the access to the Schengen area easier for legitimate travellers will facilitate visiting friends and relatives and doing business. It will boost economic...

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Closing remarks at the EUROFI High Level Seminar 2014 - Athens, 1 April 2014 by Michel BARNIER, Member of the European Commission, responsible for Internal Market and Services Ladies and gentlemen, My thanks to Jacques de Larosière and to Didier Cahen for inviting me to close this year's EUROFI High Level Seminar. As usual, it has acted as a platform to exchange ideas; brought together many respected speakers from both industry and public authorities; and given us plenty of food for thought. Before...

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