EU Flash: Macroeconomic imbalances, FTT, Securities transparency requirements (Weekly Update 8-12/04/13)


Commission concludes in-depth reviews of macroeconomic imbalances in 13 Member States (including Belgium)

The in-depth reviews have been done for 13 Member States, including Belgium, which were identified in the Alert Mechanism Report of 28 November 2012 as warranting further economic analysis, since they show signs of potential macroeconomic imbalances or face challenges in adjusting to imbalances. The in-depth reviews examine macroeconomic developments with the aim of analysing potential imbalances, their origin, nature and severity, and in particular of determining whether these imbalances are excessive in the sense of the Macroeconomic Imbalance Procedure.

The analysis in the in-depth reviews confirmed that the Member States concerned face macroeconomic imbalances, but the origin, nature and gravity of these imbalances differ. The review concluded for Belgium, that it is experiencing macroeconomic imbalances, which deserve monitoring and policy action. In particular, macroeconomic developments in the areas of external competitiveness of goods, and indebtedness, especially concerning the implications of the high level of public debt for the real economy, continue to deserve attention.

All of the Member States experiencing imbalances, be they excessive or not, should take into account the findings of the In-Depth Reviews in their National Reform Programmes, and Stability or Convergence Programmes, which must be presented by the end of April. The Commission will then carefully assess the National Reform Programmes and the Stability or Convergence Programmes and put forward the appropriate policy recommendations to correct imbalances and to prevent the build-up of new ones. These recommendations will be integrated in the package of proposals for country-specific recommendations, which the Commission will present at the end of May.

The full report for Belgium can be found on:

European Parliament discusses for the first time draft report on the Financial Transaction Tax

The rapporteur, Anni Podimata, presented her draft report on the Commission proposal for a Financial Transaction Tax (FTT) to the Economic and Monetary Affairs Committee in the European Parliament. A first discussion, on the basis of the report has taken place.

During this discussion, it was obvious that Members in the European Parliament (MEPs) and schadowrapporteurs did not agree on exemptions and the nature of the tax rate.

This proposal follows the "consultation procedure". Under this procedure, the European Parliament may approve or reject a legislative proposal, or propose amendments to it. However, the Council is not legally obliged to take into account the Parliament’s position but it cannot take a decision without having received it.

The deadline for tabling Committee amendments to the draft Report is set on 23 of April.

The draft report can be found here:

European Parliament and Council reach compromise agreement on securities transparency requirements

The European Parliament and the Council reached a compromise agreement on the proposal  to amend transparency requirements for securities issuers. The proposal to amend rules on transparency requirements of securities issuers aims to simplify certain issuers' obligations with the objective of making regulated markets more attractive for SMEs issuers raising capital in the EU.

The compromise agreement on the proposal was reached during trilogue negotiations on 9 April. The text of the compromise agreement (as yet not available) is now expected to be voted at the European Parliament's plenary on 10 June. Following the European Parliament's approval, the Council will be expected to formally adopt the compromise text which will then be published in the EU Official Journal and enter into force.

The full speech of Commissioner Barnier can be found here:

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