The Council of Ministers today nominated Verena Ross as candidate for the chair of the European market supervisor ESMA. Previously, the German had already been Executive Director of the authority until May 2021. Today’s decision was preceded by a months-long blockade in the Council. The Italian government in particular pushed for the nomination of the […]
Solvency II: Insurance regulation continues to have more holes than Swiss cheese
Today, 22 September 2021, Finance Commissioner Mairead McGuinness presents her long-awaited proposals for a revision of the European insurance rules Solvency II. It is the biggest amendment to date of the framework, which came into force in the EU in 2016 after years of negotiations. The new proposal builds on comprehensive recommendations which the European […]
Tax Cooperation in the EU: Progress, lessons learned and obstacles to be overcome
On 16 September, the European Parliament adopted my report on cross-border cooperation between tax authorities in Europe. It is the first ever implementation report of the European Parliament in the area of economic and monetary policy. The conclusion: since the first directive in 2011, an increasing amount of tax-related data has been exchanged between Member […]
Tax: Parliament report shows Member States must raise the bar on tax cooperation in Europe
Today, 16 September, the European Parliament voted on a report that assesses the implementation of EU rules regarding the exchange of tax information between Member States. It is the first implementation report the European Parliament has ever put forward in the area of economic and monetary policy. The European “Directive on Administrative Cooperation in the […]
Tax avoidance by big banks continues unabated: Europe’s biggest banks book 20 billion in profits annually in tax havens
As of today, 6 September, a new report is available on how European banks book part of their profits in tax havens to avoid paying taxes: according to the report by the EU Tax Observatory, 20 billion euros, or 14 percent of the banks’ total profits, are booked in tax havens per year. These figures […]
EU Budget 2022: Finance Committee calls for parts of budget for European Commission, Eurostat and IASB to be put in reserve
Today, 1 September, the Economic and Monetary Affairs Committee gave its opinion on the Commission’s draft EU budget for 2022. A vote was held on both a decision text and budgetary amendments. Crucially, the committee has the possibility to exert pressure by allocating or withdrawing funds in order to correct deficiencies or to strengthen or […]