“We have no problem with the 12,5% corporate tax rate in Ireland”, Commissioner Margrethe Vestager told Irish Economic and Monetary Affairs Committee members in a hearing on competition policy on Monday. “But we want to be sure that tax rulings are not being used to grant selective advantages to companies through the backdoor”, she added, referring to the illegal tax ruling that resulted in a minimal tax bill for the American multinational. (Read more)
Suspending EU structural funding for Spain and Portugal would be counter-productive, because it would harm their most vulnerable citizens and regions, a vast majority of MEPs warned the EU Commission at a “structured dialogue” hearing yesterday. The suspension had been proposed under EU Stability and Growth Pact rules, because Spain and Portugal had run up excessive deficits. (Read more)
Welcome to the Committee on Economic and Monetary Affairs (ECON). The Committee is responsible for Economic and monetary Union (EMU), the regulation of financial services, the free movement of capital and payments, taxation and competition policies, and the international financial system.
The 7th legislature was marked by the most serious economic, financial and social crisis of recent times. The ECON Committee played a decisive role in the adoption of legislation responding to the crisis and took on an increased workload of scrutiny and reports. Consequently the Parliament decided to enlarge the Committee from 50 to 61 Members.
Our top priority today is growth and jobs. Stability, the promotion of investment, reform and social cohesion must be mutually reinforcing. ECON will promote a serious debate on this agenda.
I am convinced that we must move now towards a genuine EMU with an effective economic government, accountable to Parliament.
We need to complete key legislation on banking reform, financial crime and promoting investment in long-term growth-related projects.
We also have to ensure that the new regulatory framework is properly implemented and reviewed, and will monitor closely the Commission and the European Supervisory Authorities. A well regulated and functioning capital market is key to growth.
Finally, the Committee will join the efforts to strengthen democratic legitimacy on the basis of the Community method. A deep and genuine EMU must be a democratic EMU. The Committee will therefore strengthen its cooperation with National Parliaments.