Brussels, 22 June 2015 --  Today, the five Presidents – European Commission President Jean-Claude Juncker, together with the President of the Euro Summit, Donald Tusk, the President of the Eurogroup, Jeroen Dijsselbloem, the President of the European Central Bank, Mario Draghi, and the President of the European Parliament, Martin Schulz – have revealed ambitious plans on how to deepen the Economic and Monetary Union (EMU) as of 1 July 2015 and how to complete it by latest 2025. To turn...

Banking structural reform The Council agreed its negotiating stance on structural measures to improve the resilience of EU credit institutions The proposal is aimed at strengthening financial stability by protecting the deposit-taking business of the largest and most complex EU banks from potentially risky trading activities. It applies to banks that are either deemed of global systemic importance or exceed certain thresholds in terms of trading activity or absolute size. Despite recent regulatory reforms in the banking sector, these credit institutions and...

In light of the outcome of the Eurogroup meeting today, I have decided to convene a Euro Summit on Monday 22 June at 19h00. It is time to urgently discuss the situation of Greece at the highest political level.   OTHER: Eurogroup statement on Cyprus, 18 June 2015 The Eurogroup welcomes the institutions' conclusion following the sixth review mission that Cyprus' adjustment programme has been brought back on track. The fiscal performance continues to be solid, the debt outlook has improved, and structural...

Brussels, 18 June 2015 -- The European Commission has initiated infringement proceedings against five Member States today requesting them to terminate intra-EU bilateral investment treaties between them ("intra-EU BITs"). BITs are agreements establishing the terms and conditions for private investment by nationals and companies of one state in another one. Intra-EU BITs are agreements that exist between EU Member States. Many of these intra-EU BITs were agreed in the 1990s, before the EU enlargements of 2004, 2007 and 2013. They...

Today, June 17, the European Union and its Member States hold a Climate Diplomacy Day with a series of events throughout the United States to raise awareness of the threat from climate change, and stress the importance of reaching a new climate agreement at the United Nations Climate Conference in Paris this December, one which will limit any global temperature rise to 2°C and avoid potentially disastrous man-made impacts on our climate. "2015 is a decisive year for climate negotiations,"...

Brussels, 17 June 2015 -- Today the Commission presented an Action Plan to fundamentally reform corporate taxation in the EU. The Action Plan sets out a series of initiatives to tackle tax avoidance, secure sustainable revenues and strengthen the Single Market for businesses. Collectively, these measures will significantly improve the corporate tax environment in the EU, making it fairer, more efficient and more growth-friendly. Key actions include a strategy to re-launch the Common Consolidated Corporate Tax Base (CCCTB) and a framework...

The Capital Markets Union (CMU) should boost the efficient allocation of savings to fund businesses, protect cross-border investors and create a new channel to finance the real economy, said economic and monetary MEPs in a resolution on Tuesday. They want CMU building blocks such as diverse investment choices, risk mitigation and clear investment information across the EU to be in place by 2018 to complement bank financing The economic and monetary affairs committee want to see a balanced approach under...

Introductory statement by Mario Draghi, President of the ECB | Brussels, 15 June 2015 Mr Chairman, Honourable members of the Committee on Economic and Monetary Affairs, Ladies and gentlemen, I am happy to be back to this committee for my regular hearing. Today, I would like to share with you the ECB’s assessment of the current economic and monetary conditions in the euro area. I will then touch on the subject chosen for our exchange of views, namely the risks and...