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, […]
Accounting transparency
EP vote for tougher EU rules would reduce scope for unethical corporations and tax avoidance
Crucial new draft EU legislation on accounting and transparency for large companies moved a step closer to reality after a vote in the economic and monetary affairs committee yesterday evening. One of the key aspects of the legislation is proposals on mandatory reporting for companies on their financial dealings and operations in all countries. Similar […]
EU mortgage rules:
EP votes to strengthen consumer protection but fails to deal with macroeconomic risks of property lending
The European Parliament’s economic affairs committee today voted on draft EU legislation on mortgages (CARRP – credit agreements relating to residential property). The Greens welcomed the strengthening of proposals in a number of areas but regretted the failure to properly address the macroeconomic impact of property lending. After the vote, Green finance spokesperson Sven Giegold […]
European Parliament Strengthens Social and Solidarity Economy
The economic and monetary affairs committee (ECON) of the European Parliament has adopted new legislative proposals, which aim to create a new type of European investment fund providing capital to the social and solidarity economy. This would give a crucial boost to this important sector of our economy. MEPs voted to improve the draft legislation, […]