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Economic and monetary affairs

 

Ending EU citizens' bank secrecy in Monaco

Plenary Session Taxation23-06-2016 - 12:18

An EU deal with Monaco, which will make it harder for EU citizens to hide cash from the tax man in bank accounts there, was endorsed by Parliament in a vote on Thursday. Under the deal, the EU and Monaco will automatically exchange information on the bank accounts of each other's residents, starting in 2018 for information collected since 1 January 2017. (Read more: Ending EU citizens' bank secrecy in Monaco )

 

Parliament names “Panama Papers” inquiry committee members

Plenary Session Taxation23-06-2016 - 12:11

The European Parliament named the 65 members of its “Panama Papers” Committee of Inquiry, into tax evasion and money laundering, on Thursday, after approving its remit on 8 June. The committee’s shorthand label will be “PANA”. (Read more: Parliament names “Panama Papers” inquiry committee members )

 

Recommendations to make corporate taxation fairer and clearer were voted by the Special Committee on Tax Rulings II on Tuesday evening. They call for an EU public register of beneficial owners of companies, a tax havens blacklist, sanctions against non-cooperative tax jurisdictions, action against abuse of “patent box” regimes, a code of conduct for banks and tax advisors, tax good governance rules in all EU trade agreements and a withholding tax on profits leaving the EU. (Read more: MEPs call for tax haven black list, patent box rules, CCCTB and more )

 

ECB ready for contingencies following UK referendum, Mario Draghi tells MEPs

ECON Economic and monetary affairs21-06-2016 - 19:05

The European Central Bank is ready for all contingencies following the UK’s EU referendum, said ECB President Mario Draghi in his second monetary dialogue this year with the Economic and Monetary Affairs Committee on Tuesday. Mr Draghi declined to speculate on a possible outcome of the vote, but admitted that "it is difficult to foresee the various dimensions of the vote on the markets and the euro area economies.” (Read more: ECB ready for contingencies following UK referendum, Mario Draghi tells MEPs )

 

Draghi debates ECB's bond purchasing programme as German court reaches verdict

Others Economic and monetary affairs21-06-2016 - 12:01
Draghi in EP_  

The European Central Bank (ECB) has bought €80 billion worth of public and private debt since March 2015 in order to boost growth and push interest rates down. The bond buying programme has led to the bank being criticised for overstepping its mandate, but today the German constitutional court ruled that it wasn't. ECB President Mario Draghi is expected to discuss the strategy known as quantative easing during his meeting with Parliament's economic committee today from 15.00 CET. (Read more: Draghi debates ECB's bond purchasing programme as German court reaches verdict )

 

Dijsselbloem: concerns about flexible application Stability & Growth Pact rules

ECON Economic and monetary affairs14-06-2016 - 13:08
Dialogue and discussion with Jeroen Disjelbloem at the Committee on Economic and Monetary Affairs  

Dutch finance minister and ECOFIN Chair Jeroen Dijsselbloem worries that the way in which the EU Commission applies Stability and Growth Pact rules may not be entirely objective, he told Economic and Monetary Affairs Committee MEPs on Tuesday. At a meeting reviewing the Dutch Presidency of the Council of Economy and Finance Ministers, he said he hoped that on Friday 17 June they would agree a road map for completing the Banking Union with a European Deposit Guarantee Scheme (EDIS). (Read more: Dijsselbloem: concerns about flexible application Stability & Growth Pact rules )

 

European Semester: coordinating economic policies between EU countries

Others Economic and monetary affairs14-06-2016 - 09:49
 

The EU coordinates and monitors member states' economic, budgetary and employment policies in a process known as the European Semester, resulting in these countries receiving guidelines on issues such as taxes, pensions and possible budget cuts. On Tuesday 14 June Parliament's economic and employment committees debate this year's recommendations. Watch our explanatory video above for more information. (Read more: European Semester: coordinating economic policies between EU countries )

 

Parliament calls for crackdown on corporate tax avoidance

Plenary Session Taxation08-06-2016 - 13:34

The EU Commission proposal for an EU anti-tax avoidance directive was welcomed by Parliament in a resolution voted on Wednesday. MEPs nonetheless advocated stricter limits on deductions for interest payments and tougher rules on foreign income. They also called for more transparency for trust funds and foundations, common rules for “patent box” tax reductions on intellectual property earnings, and an EU blacklist of tax havens and sanctions against uncooperative jurisdictions. (Read more: Parliament calls for crackdown on corporate tax avoidance )

 

Parliament sets up “Panama Papers” inquiry committee

Plenary Session Economic and monetary affairs / Taxation08-06-2016 - 12:49

The European Parliament agreed to set up an inquiry committee into the “Panama Papers” revelations, of detailed information on offshore companies and their ultimate beneficiaries, in a vote on Wednesday. The committee is to investigate alleged contraventions and maladministration in the application by the EU Commission or member states of EU laws on money laundering, tax avoidance and tax evasion. It will have 65 members and twelve months to present its report. (Read more: Parliament sets up “Panama Papers” inquiry committee )

 

MEPs split over achievements of the EU's multi-billion euro investment plan

Plenary Session Institutions / Budget / Economic and monetary affairs08-06-2016 - 11:22
MEPs debate with Commissioner Jyrki Katainen the Juncker investment plan to fuel Europe's economic recovery by mobilising public and private investment  

One year on from its launch, MEPs voiced sharply divided verdicts on the progress of the €315 billion investment plan for Europe, or "Juncker plan", in Wednesday's debate with EU Commission Vice-President Jyrki Katainen. While the EPP and S&D broadly welcomed the work of the "European Fund for Strategic Investment" (EFSI) and the Commission's announcement that it proposes to extend the lifetime of the plan, MEPs from smaller groups were sceptical about its achievements to date. (Read more: MEPs split over achievements of the EU's multi-billion euro investment plan )