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Economic and monetary affairs

 

Parliament demands better protection for small investors

Plenary Session Economic and monetary affairs01-12-2016 - 12:00

Small investors need better information about the possible risks and fees for investment products they might buy, say MEPs. They voted on Thursday, by 561 votes to 9 with 75 abstentions, to delay the introduction of a key explanatory document supplied by investment providers to consumers, while the EU Commission comes up with better proposals. (Read more: Parliament demands better protection for small investors )

 

EP agreed to delay draft investor protection rule to allow time for improvements

Economic and monetary affairs29-11-2016 - 17:55

Small investors need to be much better informed about possible risks and fees related to investment products they might buy, say MEPs. On Thursday they agreed to delay implementation of new rules under which investment companies have to provide a consumer-friendly document to guide prospective investors of “packaged retail and insurance-based investment products” (Priips). (Read more: EP agreed to delay draft investor protection rule to allow time for improvements )

 

Workplace pensions: MEPs back clearer rules for schemes to move across borders

Plenary Session Economic and monetary affairs24-11-2016 - 12:19

Providers of workplace pension schemes wanting to move their operations across national borders will now have to get the approval of a majority of their members, as well as the backing of regulators in both the host and recipient country, under new rules approved by MEPs on Thursday. (Read more: Workplace pensions: MEPs back clearer rules for schemes to move across borders )

 

VAT reform: how MEPs intend to tackle the €50 billion a year fraud

Plenary Session Taxation23-11-2016 - 15:02
 

Fraud involving VAT on goods exported to other member states costs EU tax payers an estimated €50 billion a year. The European Commission has come up with an action plan to clamp down on VAT fraud and update current VAT rules that have been left unchanged since 1993. MEPs debate the action plan on Wednesday 23 November and vote on it the following day. Read on to find out more about Parliament's position and watch our video for an explanation of how VAT fraud works. (Read more: VAT reform: how MEPs intend to tackle the €50 billion a year fraud )

 

Avoiding austerity: EU economic priorities debate

Plenary Session Economic and monetary affairs22-11-2016 - 14:16

Various ways to avoid or cushion the negative impact of austerity were debated in Tuesday's morning debate with Commission Vice-President Valdis Dombrovskis on EU economic priorities in 2017 and yearly “European Semester” economic policy coordination work. While some MEPs argued that austerity could not be avoided by overspending and incurring debt, others called for expansionist investments and a more social Europe. (Read more: Avoiding austerity: EU economic priorities debate )

 

Tax evasion: MEPs back automatic exchange of bank data to track account owners

Plenary Session Economic and monetary affairs22-11-2016 - 12:26

In the wake of several tax evasion scandals, including the “Panama Papers” revelations, Parliament has given its opinion and backed a proposal by 590 votes to 32, with 64 abstentions, for tax authorities across Europe to automatically share information about bank account holders. (Read more: Tax evasion: MEPs back automatic exchange of bank data to track account owners )

 

Monetary policy not enough, structural reforms needed, MEPs tell Mario Draghi

Plenary Session Economic and monetary affairs21-11-2016 - 19:34
Mario Draghi about the ECB 2015 report  

Monetary policy is not enough. The EU needs balanced structural funds, solid national budgets and responsible fiscal policies in member states, said MEPs in Monday evening’s debate with European Central Bank President Mario Draghi on the ECB’s activity report for 2015. They also cited low interest rates, low inflation and weak demand as priority issues that should be tackled. (Read more: Monetary policy not enough, structural reforms needed, MEPs tell Mario Draghi )

 
 

It's vital Europe takes up the leadership in the fight against tax evasion, Nobel Prize-winning economist Joseph E. Stiglitz told Parliament's inquiry committee investigating the Panama papers on 16 November. Stiglitz, who served as an advisor to the Panama government following the revelations, said the US was unlikely to be effective in tackling the issue: "When your [future] president is evader-in-chief, it’s hard to have confidence in where we are going to go." (Read more: Stiglitz on fighting tax evasion: "Europe can have a very significant impact" )

 

There needs to be a “comprehensive global approach” against secret tax structures, says the Nobel Prize-winning economist, Joseph Stiglitz, who called for “zero tolerance”. Speaking to Parliament’s Panama Committee on Wednesday, the former advisor to the Panamanian government suggested that secrecy in tax affairs should be treated like a disease which needs to be isolated. (Read more: Zero tolerance against tax secrecy, says former Panamanian advisor Stiglitz )

 

The EU needs a European register of beneficial owners of companies, consistent definition - and handling - of suspicious transactions and enforced transnational cooperation like the US Financial Investigation Unit, experts on anti-money laundering enforcement in Belgium and Germany told Parliament’s Panama Papers Inquiry Committee on Monday. (Read more: Beneficial company owners register vital to combat money laundering, experts say )