The European Commission today presented legislative proposals aimed at providing for a supervisory system for European banks, as well as a communication on European deposit guarantee and banking resolution schemes, another key element of the proposed European banking union (1). The Greens are in favour of strong banking supervision rules but cautioned on the need […]
Request for Proposals “Shadow Banking”
The European Parliament is now preparing its position on shadow banking. In an own-initiative report, the EP adopts own measures even before the Commission submits its legislative proposals. Here you can find the draft report of the socialist rapporteur Saïd El Khadraoui. At the beginning of next week we as Greens will start to prepare our amendments under […]
EU tax rules: MEPs vote to toughen EU rules and clamp down on tax dodging practises by business
The European Parliament today adopted its opinion on draft EU legislation on interest and royalty taxation (1). MEPs voted in favour of toughening EU measures with a view to outlawing tax avoidance schemes currently employed by businesses, as well as for effective minimum taxation of cross border interest and royalty payments within the EU. The […]
Euro crisis/sovereign debt: ECB again forced to fill vacuum left by EU political leadership but democratic concerns persist
Commenting on the announcement by the European Central Bank of its intention to reactivate a scheme to buy governments bonds from Eurozone members in economic difficulty (1), Greens/EFA economic and finance spokesperson Sven Giegold (MEP, Germany) said: “The ECB has been again forced to fill the vacuum resulting from the persistent failure of the […]
LIBOR/EURIBOR: EP economics committee holds public consultation
In the wake of this Summer’s scandal involving the manipulation of interest rates at which banks lend to each other (LIBOR and EURIBOR), the EP’s economic and monetary affairs committee is holding a public consultation which will then feed into the committee’s ongoing legislative work on market abuse and related criminal sanctions. Interested stakeholders are […]
EU investment fund and insurance rules (UCITS, IMD, PRIPs): Commission tiptoes towards strengthened consumer protection
The European Commission today presented three legislative proposals on the regulation of insurance policies, investment funds and packaged retail investment products (1). These three proposals have a broad impact on private and retail investors. The Greens described the proposals as a missed opportunity for strengthening consumer protection with these financial products. Commenting on the proposals, […]