European Corner

  • A roadmap for the coming period, the creation of a European Monetary Fund, the transposition of the ESM Treaty into EU law, new budgetary instruments for the euro area and an EU Minister of Finance. Those were the proposals the European Commission put forward on December 6th to strengthen the European Monetary Union.

  • On November 22nd, the European Commission presented its autumn package of economic and social priorities for the EU, the euro area and the EU Member States, in the context of the European Semester. A few days later, the European Commission set out the rules governing electronic payment transactions that aim to modernise payment services in Europe. On November 30th, the European Parliament reached an agreement on creditor hierarchy, IFRS 9 and large risk exposures, in light of measures aiming to reduce risk in the financial sector.

  • On November 20th, the EU27 ministers chose Paris as the new location for the European Banking Authority (EBA) and Amsterdam for the European Medicines Agency (EMA). The General Affairs Council also approved new securitisation and cyber security rules on the same day.

  • The EU Ministers of Finance met on November 6th, 2017 to discuss the further development of the Banking Union. The next day, the finance ministers discussed improved VAT rules to promote e-commerce and online businesses. On November 13th, the Commission launched a public consultation on how asset managers and institutional investors can implement environmental, social and governance aspects, among other things, in their decision-making.

  • On October 24th, the European Commission adopted its Work Programme which sets out its key initiatives for 2018. The programme contains 66 priority pending proposals requiring swift adoption by the Parliament and Council, as well as 26 new proposals setting out initiatives to complete the work on Juncker’s 10 priorities and more long-term initiatives with a view to shaping the EU’s future for 2025 and beyond.

  • During its latest meeting on October 19 and 20th, the European Council focussed on the ongoing efforts regarding migration, digitalisation, external relations and the Brexit negotiations. The Council also established its work programme for the months and years to come through the Leaders' Agenda. 

  • During the latest meeting of the Economic and Financial Affairs Council (ECOFIN), the Council adopted proposals on climate change. Proposals on VAT reform, digital economy taxation, dispute resolution in double taxation and bank capital requirements are also being considered. Furthermore, the European Commission called for the completion of the European Banking Union by 2018 in a communication on 11 October 2017.

  • On 29 September 2017, the Estonian Presidency of the Council of the European Union, in cooperation with the President of the European Council and the European Commission, organized the first ever Digital Summit of the European Union in Tallinn. On the same day, the Single Resolution Board (SRB) held its second conference in Brussels under the theme “Building resolvability together”.

  • The European Commission is proposing reforms to the mandates of the European supervisory authorities to pave the way for stronger and more integrated European financial supervision. The Commission also outlined the challenges of digital taxation and possible solutions to support growth and ensure fair and effective taxation.

  • On 13 September 2017, the President Jean-Claude Juncker of the European Commission delivered his annual policy speech on the State of the European Union at the European Parliament in Strasbourg. In his speech Juncker takes stock of Europe's current political and economic landscape. He urges the European Union to stay on the same course as in the previous year and calls for a more united, stronger and more democratic Union.