Today, the European Commission published its Winter Economic Forecast revealing that the French government is expected to reach a budget deficit of 3.7% of GDP in 2013 and to reduce its structural deficit by 1.3% of GDP. In 2012 France reached a budget deficit of 4.6% of GDP and an annual fiscal effort of 1.2%. […]
EU financial regulation
Tightening of EU derivatives rules to reduce risk welcome but regulatory process must be improved
New rules aimed at tightening the provisions of EU legislation on derivatives (the EMIR regulation) were today given the go-ahead after a draft objection tabled by a group of MEPs failed to get sufficient support (1). The Greens welcomed the outcome, which will ensure the rules, aimed at reducing the risk of these opaque financial […]
Eurogroup chairpersonship: Fait accompli as latest Euro economic decision-making post to be signed-off after backdoor deal
Finance ministers from the 17 Euro member states are set to confirm Dutch finance minister Jeroen Dijsselbloem as the new chair of the Eurogroup – replacing Jean Claude Juncker – at today’s Eurogroup meeting. Commenting on the decision, Green finance spokesperson Sven Giegold said: “Eurogroup finance minister will today sign off on the fait accompli, […]
Credit rating agencies:
Downgraded deal on new EU rules approved, as opportunity missed for more ambitious regulation
The European Parliament today endorsed a final legislative agreement on new EU rules on credit rating agencies. The Greens believe the new rules represent another step forward for regulating this influential sector but regretted it was not possible to achieve more ambitions provisions change the market structure and to prevent conflicts of interest. Commenting after […]
Tax policy: Irish presidency challenged to deliver on tax avoidance and fraud
The Greens/EFA group in the European Parliament today presented the new Irish EU presidency with a ‘call to action’ on EU taxation policy. Highlighting the current loopholes in EU legislation and deficiencies in EU tax policy, the European tax pact sets out concrete measures that need to be taken to tackle tax fraud and evasion […]
EU banking supervision legislation
Agreement welcome but EP must now ensure final legislation not riddled with loopholes
Commenting on the late night agreement between EU finance ministers on draft new legislation introducing a supervisory system for European banks, Green finance spokesperson Sven Giegold, who is draftsperson/rapporteur for the EP on the European Banking Authority supervision file, stated: “Last night’s agreement brings a welcome end to months of discord among EU finance ministers […]