Finance & Trade

ECB Official Pushes Case for Centralized Banking Union

February 02, 2016

In recent remarks at the European Banking Institute in Frankfurt, Member of the Executive Board and Vice-Chair of the Supervisory Board of the European Central Bank ("ECB") Sabine Lautenschläger called for officials to harmonize and centralize European banking regulation and supervision with the aim of creating a European banking union.
Report Confirms ECB Pressure on Ireland over Banks

February 01, 2016

According to The Irish Times, a report prepared by a cross-party committee in Ireland has found that the European Central Bank ("ECB") pressured national officials to bail out Irish banks using taxpayer funds rather than imposing losses on senior bondholders during the country's financial crisis in 2011.
Auditors Criticize EU Handling of Financial Crisis

February 01, 2016

Politico reports that the European Court of Auditors has released a report highlighting lapses in the European Commission's handling of bailouts in countries facing the financial crisis, finding that required reforms of national policies were sometimes disproportionate in light of the problems each country faced.
Belgian Official Objects to EU Transactions Tax Provisions

January 29, 2016

Belgian Finance Minister Johan Van Overtveldt has announced his concerns that a deal among ten countries in the EU - including Belgium - establishing a tax on financial transactions could harm the Belgian financial system and raise the cost of financing public debt.
EU Orders Belgium to Recover "State Aid" from Steel Companies

January 21, 2016

Finding that the Walloon Government in southern Belgium gave public aid to steel companies in financial difficulties in violation of EU state aid rules, the European Commission has ordered the Belgian Government to recover €211 million of this aid from these steel companies.
Poland Continues Avoidance of Euro

January 20, 2016

Citing its relatively high economic performance during the recent eurozone financial crisis, Polish Finance Minister Pawel Szalamacha has said that his Government is unlikely to deviate from the policy of its predecessors in declining to adopt the euro currency, though it is obligated to do so in the future under the terms of its EU entry agreement.
EU Commissioner Stresses Corporate Tax Proposals

January 20, 2016

In a recent session with European Parliament committees, European Commissioner for tax Pierre Moscovici said that 2016 would be a year of ambitious EU tax proposals that will seek to increase corporate taxes paid to EU member states and make payments to each country more transparent.
EU Committee Chairperson Details Wasted Aid

January 19, 2016

The Daily Mail reports that the Chairperson of the European Parliament's committee on budget control Ingeborg Graessle indicates that an upcoming report from her committee will show approximately half of EU spending on foreign aid goes to projects that are either ineffective or have been significantly delayed.
ECB Questions Banks on "Non-performing" Loans

January 19, 2016

Reuters reports that the European Central Bank ("ECB") has sent a questionnaire to banks across Europe seeking to scrutinize institutions that have taken on high numbers of "bad" loans that are unlikely to be repaid, particularly in countries with underperforming economies.
German Court Revisits ECB Bond-buying Cases

January 15, 2016

Bloomberg reports that the German Federal Constitutional Court will rehear five lawsuits asserting that the European Central Bank's ("ECB") 2012 bond-buying program is inconsistent with the German Constitution after the Court of Justice of the EU determined that the program was valid under EU law.