The European Securities and Markets Authority (ESMA) has presented today the results of a peer review, it conducted into how national competent authorities (NCAs) ensure that central counterparties (CCPs) comply with margin and collateral requirements under the European Markets Infrastructure Regulation (EMIR). The report identified a number of areas where supervisory approaches differ between NCAs and includes recommendations to improve consistency in supervisory practices. ESMA compared the supervisory approaches of the 16 NCAs supervising the 17 CCPs established in the...

The Commission is today proposing to strengthen the operational effectiveness and efficiency of the Schengen Information System (SIS), as announced in the Communication setting out the way forward towards the achievement of an effective and sustainable EU Security Union and as reiterated in President Juncker's State of the Union Address. Consulted 2.9 billion times in 2015, SIS is the most widely used information sharing system for border management and security in Europe. The proposed improvements will further enhance the ability...

The European Commission today adopted its long-term plan to give fresh impetus to the management of the Customs Union, a basic pillar of the European Union which supports and protects the Single Market. The role of customs authorities in ensuring our safety and security in the EU is increasing. A strong and well managed system helps to protect the public against terrorist, health, and environmental threats while at the same time fostering and developing competitive businesses. Today's Communication sets out...

  184 small and medium-sized enterprises (SMEs) from 28 countries have been selected for funding in the latest round of the Horizon2020 SME Instrument. The funding is provided under Phase 1 of the instrument, which means that each project will receive €50,000 to finance feasibility studies for new products that can disrupt the market. They can also ask for up to three days of free business coaching In this fourth and last round in 2016, the European Commission received 2091 proposals by...

The latest annual review of Employment and Social Developments in Europe (ESDE) published today shows encouraging results. Around 3 million jobs have been created and employment has risen, pushing back poverty. However, unemployment remains high, with huge disparities across Member States. Labour markets and societies will need to adapt to new forms of work. This year's Employment and Social Developments – or shortly, 'ESDE' - report focussed on employment as a means to tackle poverty, digitalisation and the changing world of...

Italy’s banking problem has been left unaddressed for too long. Similar to Japan in the 1990s, it is best understood as a combination of structural and cyclical factors. Most of Italy’s banks, many of which are small and local, have politicized governance features that blur commercial incentives. As a consequence, they were unable to rein in their lending during the downturn of the late 2000s. Many of these loans turned sour in subsequent years and local connections prevented the banks from...

On 15 December 2016, Europe's satellite navigation system Galileo will start offering its initial services to public authorities, businesses and citizens. Commission Vice-President Maroš Šefčovič, responsible for the Energy Union, said: "Geo-localisation is at the heart of the ongoing digital revolution with new services that transform our daily lives. Galileo will increase geo-location precision ten-fold and enable the next generation of location-based technologies; such as autonomous cars, connected devices, or smart city services. Today I call on European entrepreneurs and...

There are several rumors of what we have to expect from US trade policy starting in January. US President-elect Donald Trump has mentioned that he wants to impose a 35% tariff on Chinese imports, re-negotiate or pull out of NAFTA, and withdraw from TPP. This week, we take a look at the powers of the US president when it comes to trade agreements and tariffs. What is possible, impossible?     Impose a tariff on imports: Yes, but only for 150 days...