Transatlantic News

Transatlantic News

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Eurogroup Agrees on New Assistance Program for Greece

Finance Ministers of the Eurogroup agreed in Brussels last night on a second financial assistance program for Greece, which they stated "provides a comprehensive blueprint for putting the public finances and the economy of Greece back on a sustainable footing and hence for safeguarding financial stability in Greece and in the euro area as a whole." Euro area Member States will provide through the EFSF and with an expected IMF contribution up to 130 billion euro until 2014, along...
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February 2012: Flash Consumer Confidence Indicator

Flash Consumer Confidence Indicator In February 2012, the DG ECFIN flash estimate of the consumer confidence indicator improved in both the EU (up to -20.1 from -20.8 in January 2012) and the euro area (up to -20.2 from -20.7 in January 2012). Economic sentiment increases in both the EU and the euro area In January, the Economic Sentiment Indicator (ESI) rose by 1.2 points in the EU and by 0.6 points in the euro area, to 92.8 and 93.4, respectively -...
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Council agrees on second economic governance package

Brussels, 21 February 2012 - COUNCIL OF THE EUROPEAN UNION The Council today¹ set out its position with a view to negotiations with the European Parliament on two draft regulations aimed at further strengthening economic governance in the euro area: • a regulation for enhanced monitoring and assessment of draft budgetary plans of euro area member states, especially those subject to an excessive deficit procedure; • a regulation on enhanced surveillance of euro area member states that are experiencing severe financial disturbance or...
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Commission Welcomes US Move To Ensure Enhanced International Tax Cooperation In A More Business-Friendly Way

The Commission welcomes the USA's acceptance of an government-to-government approach to tackling tax evaders and implementing the US Foreign Account Tax Compliance Act (FATCA). This more business-friendly arrangement for EU financial institutions is the result of intense discussions with the USA, following a letter sent by the Commission and EU Presidency to the US tax authorities in April 2011 (see IP/11/413). Through a government-to-government approach to tax information exchange, the administrative burden, compliance costs and legal difficulties which EU financial institutions...
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New European Rules to Regulate Financial Derivatives

New European Rules Will Increase Transparency and Safety in Derivatives Trading Statement by Commissioner Michel Barnier, following the agreement in trilogue of new European rules to regulate financial derivatives. "I congratulate the European Parliament and the Council on reaching today an important agreement on a regulation for more stability, transparency and efficiency in derivatives markets. It is a key step in our effort to establish a safer and sounder regulatory framework for European financial markets. This matters because we...
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EU and US Agree To Bring Excessive American Anti-Dumping Duties Down To WTO Level

No. 06/12, February 06, 2012 The European Commission and the United States today solved one of their most longstanding WTO disputes concerning the U.S. calculation practice of so-called "zeroing" in anti-dumping investigations. They signed a roadmap which sets out the steps the U.S. will take to comply with WTO rulings in the future calculation of duties when the U.S. authorities find that some imported products from a particular exporter enter the U.S. market below the normal market price. As a...

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