The European Commission yesterday presented a communication on shadow banking, detailing proposals to regulate the myriad of financial sector activities that are outside the banking system and therefore not subject to banking rules. It also presented new legislation dealing with ‘money market funds’, which provide short-term financing for financial institutions. The Greens expressed disappointment at […]
Shaping together European Support for the Social Economy
The European Commission has announced to organize a big Europen congress on Social entrepreneuship and Social economy in Strasbourg, January 16th-17th 2014. The conference will take part in cooperation with the European Economic and Social committee and the city of Strasbourg. Over the last months, the European Commission has put forward numerous improvements in European […]
Mixed feelings
The last plenary week in Strasbourg before this year’s summer break was very intensive. This is why I would like to report back to you in a bit more detailed form. We took many important decisions, for example: Latvia’s accession to the Eurozone and the cut in the EUÄs budget. Personally, I worked hardest on […]
Financial regulation: Finally costs for payment services will decrease
Today the European Commission proposed new rules on Payment Services for the benefit of consumers and retailers. The package contains a reformed Payment Services Directive (“PSD2”) and a proposal for regulation on interchange fees for card-based payment transactions. Fees on debit card payments shall be limited to 0.2% of the value of the transaction. For […]
Single resolution mechanism: Save the banking union!
EU Commissioner Michel Barnier today presented his proposals for a European Single Resolution Mechanism (SRM) and a European resolution fund. The fund will be capitalised by financial institutions. The German government has repeatedly raised doubts concerning the legality of this EU mechanism. The Greens in the European Parliament commissioned a legal study that disproves these […]
Investment fund rules: Conservatives and Liberals stop better consumer protection
The European Parliament today voted to revise draft EU legislation on investment funds (the UCITS directive), with a total sector value of almost € 6.3 trillion in funds. The vote on the legislation, which is being shepherded through the European Parliament by Green draftsperson/rapporteur Sven Giegold, also includes provisions on remuneration and performance fees which […]