The European Commission has today proposed new rules to make withholding tax procedures in the EU more efficient and secure for investors, financial intermediaries (e.g. banks) and Member State tax administrations. This initiative – a key element of the Communication on Business Taxation for the 21st Century, and the Commission's 2020 Action Plan on the Capital Markets Union – will promote fairer taxation, fight tax fraud, and support cross-border investment throughout the EU. The term “withholding tax” refers, for example, to...

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Some secrets are so secret that no one knows about them. Until recently that described the secrets locked within our DNA. But a key to consumer confidence in the burgeoning genetic testing marketplace is the extent to which people can depend on a company’s promise that “Your secret’s safe with us.” In its first case focused on the privacy and security of genetic information, the FTC alleges that San Francisco-based Vitagene, Inc. – now known as 1Health.io – failed...

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Frankfurt am Main, 15 June 2023 | Good afternoon, the Vice-President and I welcome you to our press conference. Inflation has been coming down but is projected to remain too high for too long. We are determined to ensure that inflation returns to our two per cent medium-term target in a timely manner. The Governing Council therefore today decided to raise the three key ECB interest rates by 25 basis points. The rate increase today reflects our updated assessment of the inflation...

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Inflation has been coming down but is projected to remain too high for too long. The Governing Council is determined to ensure that inflation returns to its 2% medium-term target in a timely manner. It therefore today decided to raise the three key ECB interest rates by 25 basis points. The rate increase today reflects the Governing Council’s updated assessment of the inflation outlook, the dynamics of underlying inflation, and the strength of monetary policy transmission. According to the June...

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The European Commission has informed Google of its preliminary view that the company breached EU antitrust rules by distorting competition in the advertising technology industry (‘adtech'). The Commission takes issue with Google favouring its own online display advertising technology services to the detriment of competing providers of advertising technology services, advertisers and online publishers. Google is a US multinational technology company. Google's flagship service is its search engine Google Search. Google also operates other popular services, such as the video...

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EU health ministers have set out the Council’s position on a regulation to modernise and simplify the structure of the fees payable to the European Medicines Agency (EMA) to better reflect the evolving demands and challenges it faces. The general approach approved today will enable the Council to start negotiations with the European Parliament. The European Medicines Agency and national competent authorities play vital roles in protecting and promoting public and animal health. Today EU health ministers endorsed an approach...

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The Council today took a decisive step towards a modernisation of the EU’s rulebook for asylum and migration. It agreed on a negotiating position on the asylum procedure regulation and on the asylum and migration management regulation. This position will form the basis of negotiations by the Council presidency with the European Parliament. No member state can deal with the challenges of migration alone. Frontline countries need our solidarity. And all member states must be able to rely on the...

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Contribution by Luis de Guindos, Vice-President of the ECB, at Seminar on the Capital Requirements Regulation and Directive (CRR/CRD) | Madrid, 9 June 2023 | CRR3/CRD6: key last step to fully leverage on the lessons learned from the global financial crisis It is a great pleasure to take part in this seminar about the outstanding Basel III reforms in Europe. These rules have been developed and agreed upon at international level by central banks and bank supervisors, in response to the lessons...

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Humanity needs nature to survive, and so do the economy and banks. The more species become extinct, the less diverse are the ecosystems on which we rely. This presents a growing financial risk that cannot be ignored, warns Frank Elderson, member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB. A thriving nature provides many benefits that sustain human well-being and the global economy. Think of fertile soils, pollination, timber, fishing stocks, clean...

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