News

60 Results Show : most relevant | most recent
    • Other meeting · News articles
    • Economic and Financial Affairs
    European Corporate Governance Conference - The right balance between the different interests at stake and sustainable long-term investment at the heart of opening speeches from Félix Braz and Věra Jourová

    The 17th European Corporate Governance Conference took place on 15 December 2015 in Luxembourg under the auspices of the Luxembourg Presidency of the Council of the EU and the European Commission. Luxembourg's Minister of Justice, Félix Braz, and the European Commissioner for Justice, Věra Jourová, delivered the opening speech for this event dedicated to the influence of new forms of financing on corporate governance, the governance of subsidiaries in multinational groups and recent developments in corporate governance of credit institutions and investment firms.

    • Other meeting · News articles
    • Economic and Financial Affairs
    Conference 'Financing the Circular Economy' - How to smooth the transition towards the Circular Economy

    As part of the Luxembourg Presidency of the Council of the European Union (EU), the European Commission and the European Investment Bank (EIB) organised a conference in Luxembourg on 10 December 2015, entitled 'Financing the Circular Economy'. The purpose of this meeting was to involve the European financial sector in the Circular Economy, which is essential for EU Member States if they wish to combat commodity shortages and resulting price fluctuations and the destruction of the natural environment. Following words of welcome from Prime Minister, Xavier Bettel, and from the President of the European Investment Bank, Werner Hoyer, the European Commissioner heading the Environment, Maritime Affairs and Fisheries, Karmenu Vella, presented the 'Circular Economy' package adopted by the European Commission the previous week, on 2 December 2015.

    • · Press releases
    • Economic and Financial Affairs
    Manipulation of market benchmarks - Council confirms agreement with European Parliament on tougher rules

    On 9 December 2015, the Permanent Representatives Committee approved, on behalf of the Council, a compromise agreed with the European Parliament on new rules aimed at ensuring greater accuracy and integrity of benchmarks in financial instruments. "The adoption of this regulation will help restore trust in the integrity of benchmarks and enhance their robustness and reliability, thereby strengthening confidence in the financial markets and preventing new manipulation scandals," said Pierre Gramegna, minister for finance of Luxembourg and president of the Council. The agreement with the Parliament was reached during a trilogue meeting in Strasbourg on 24 November 2015.

    • Council Meeting · Press releases
    • Economic and Financial Affairs
    EU-San Marino taxation agreement signed in joint effort to improve tax compliance

    On 8 December 2015, the European Union and San Marino signed an agreement aimed at improving tax compliance by private savers. The agreement will contribute to efforts to clamp down on tax evasion, by requiring the EU member states and San Marino to exchange information automatically. This will allow their tax administrations improved cross-border access to information on the financial accounts of each other's residents. "The sharing of information between national tax authorities remains one of the fundamental elements of an effective fight against tax fraud and tax evasion", said Pierre Gramegna, Minister for Finance of Luxembourg and president of the Council. "The EU is undoubtedly a leader in this field."

    • Council Meeting · News articles
    • Economic and Financial Affairs
    ECOFIN Council – Taxation, the banking union and the financial transaction tax on the Ministers' agenda

    European Union (EU) Economy and Finance Ministers met in Brussels on 8 December 2015 for the 'Economic and Financial Affairs' (ECOFIN) Council, chaired by the Minister for Finance, Pierre Gramegna. The agenda of the meeting was largely devoted to taxation, with the adoption of conclusions on the future of a code of conduct on business taxation and on tax base erosion and profit shifting (BEPS). The Council also discussed the progress on international aspects of a proposed common consolidated corporate tax base. In addition, Ministers addressed the state of play of banking union legislation and the European Commission's proposal for a regulation establishing a European deposit guarantee scheme.

    • Council Meeting · Press releases
    • Economic and Financial Affairs

    On 8 December 2015, the Council approved the conclusion of agreements with Liechtenstein and Switzerland aimed at improving tax compliance by private savers. The two agreements will contribute to efforts to clamp down on tax evasion, by requiring the EU member states and the two countries to exchange information automatically. This will allow their tax administrations improved cross-border access to information on the financial accounts of each other's residents.

    • Council Meeting · Press releases
    • Economic and Financial Affairs
    Cross-border tax rulings - Transparency rules adopted

    On 8 December 2015, the Council adopted a directive aimed at improving transparency on tax rulings given by member states to companies in specific cases about how taxation will be dealt with. The directive is one of a number of initiatives aimed at preventing corporate tax avoidance. The new rules will be applied from 1 January 2017. In the meantime, existing obligations for member states to exchange information will stay in place.

    • Council Meeting · Press releases
    • Economic and Financial Affairs

    In a statement adopted on 8 December 2015, ECOFIN Ministers reaffirm the importance of deepening the Banking Union in the context of a well-functioning Economic and Monetary Union. Following the successful establishment of the Single Supervisory Mechanism (SSM), they welcome the forthcoming entry into force of the intergovernmental agreement on the transfer and mutualisation of contributions to the SRF (IGA), which will allow the Single Resolution Fund (SRF) to be fully operational on 1 January 2016.

    • · Press releases
    • Economic and Financial Affairs
    Council reaches agreement on Securitisation package, first building block of the Capital Markets Union

    On 2 December 2015, after two months of intensive and constructive negotiations under Luxembourg Presidency, Member States agreed on the Securitisation package at the meeting of the Committee of Permanent Representatives. “These proposals aim to relaunch the securitisation market, by promoting simple, transparent and standardised securitisations. The objective is to contribute to the financing of the economy and hence to the creation of jobs and growth”, said Pierre Gramegna, Minister of Finance of Luxembourg and President of the ECOFIN Council.

    • Council Meeting · Press releases
    • Economic and Financial Affairs
    Coal-fired power plants - EU endorses new OECD rules on export credits

    New rules on export credits to coal-fired power plants, developed within an OECD framework, have been endorsed by the EU. This is an important EU contribution for the COP21 negotiations on climate change, which start in Paris on 30 November 2015. It marks a further step in work ongoing since 2012 in aligning export credit policies with climate change objectives. The participants to an arrangement on officially supported export credits agreed a sector understanding on coal-fired electricity generation projects on 17 November 2015. The Council endorsed the EU's position on 26 November 2015, thus allowing the EU formally to join the consensus on the new rules.

    • Other meeting · Press releases
    • Economic and Financial Affairs
    Luxembourg Presidency reaches agreement with the European Parliament on the Benchmarks Regulation

    On 25 November 2015, after intensive negotiations between the Council, the European Parliament and the European Commission, a deal has been struck on the proposal for a Benchmarks Regulation, subject to agreement by Member States. “The adoption of the Benchmarks Regulation will help restore confidence in the integrity of benchmarks and enhance their robustness and reliability, hence strenghtening confidence in the financial markets and preventing new manipulation scandals”, said Pierre Gramegna, Minister of Finance of Luxembourg and President of the Ecofin Council.

    • Other meeting · News articles
    • Competitiveness, Economic and Financial Affairs

    On 24 November 2015, during the second day of the "Manufuture 2015" conference, entitled "Strategic Investments in European Manufacturing to Rise to Global Challenges", which was held in Luxembourg in the framework of the Luxembourg Presidency of the Council of the European Union (EU), European industry stakeholders and experts continued discussions on innovation in the manufacturing sector. In his opening address, Marc Hansen, Secretary of State for Higher Education and Research, declared that innovation through research helps to boost reindustrialisation.

    • Other meeting · Press releases
    • Economic and Financial Affairs
    EU 2016 budget approved by the Council

    On 24 November 2015, the Council by unanimity approved the 2016 EU budget deal agreed by the Conciliation Committee on 14 November. If the agreement is also confirmed by the European Parliament on 25 November the EU budget for 2016 is adopted. The 2016 EU budget provides for €155.00 billion in total commitments. This leaves a margin of €2.3 billion under the expenditure ceiling of the multiannual financial framework for 2014-2020, allowing the EU to react to unforeseen needs. The level of total payments is set at €143.89 billion. This is a 1.8% increase compared to the 2015 EU budget, taking into account the eight amending budgets.

    • Ministers in the European Parliament · News articles
    • Economic and Financial Affairs
    2016 EU budget – The European Parliament debates on the agreement reached with the Council on the eve of its final vote on the compromise

    The Minister for Finances and President of the Ecofin Council, Pierre Gramegna, attended the plenary session of the European Parliament in Strasbourg on 24 November 2015, to participate on behalf of the Council in the debate on the draft joint EU budget for 2016, following the deal reached between the two institutions in the Conciliation Committee on 14 November 2015. This compromise, negotiated in Brussels under the aegis of the Luxembourg Presidency, was formally adopted by the Council on 24 November 2015 by written procedure, and will be submitted for voting to the plenary session of the Parliament on 25 November. At the time of the debate, Pierre Gramegna commended "the very good result for all the institutions and, above all, for Europe", evoking "the unity, the solidarity et the efficacy of the European Union".

    • Other meeting · News articles
    • Competitiveness, Economic and Financial Affairs
    'Manufacture 2015' Conference- The importance of investing in innovation in the manufacturing sector at the centre of discussions

    In the context of the Luxembourg Presidency of the Council of the European Union (EU), the 'Manufacture 2015' Conference was held in Luxembourg on 23 and 24 November 2015. The main aim of this conference, which brought together actors and experts from European industry, was to identify and validate new political, financial and scientific instruments which could help strengthen and improve research and innovation in Europe. In their opening speech, the speakers stressed the importance of investing in the manufacturing sector. Francine Closener, Secretary of State for the Economy, pointed to innovation as the key to competitiveness in the European manufacturing industry.

    • Other meeting · News articles
    • Economic and Financial Affairs, Employment, Social Policy, Health and Consumer Affairs, Foreign Affairs
    High-level TTIP conference – Xavier Bettel calls for a comprehensive and qualitative agreement

    The Luxembourg Presidency of the Council of the EU, together with the European Parliament, the European Commission and the European Economic and Social Committee (EESC), held a conference in Brussels on 17 November 2015 entitled "TTIP - What's in it for the social partners?". The purpose of the conference, which brought together social partners from the 28 Member States for the first time, was to address different aspects of the negotiations on the Transatlantic Trade and Investment Partnership (TTIP) currently being discussed by the EU and the USA, and in respect of which a number of concerns have been put forward.

    • Council Meeting · Press releases
    • Economic and Financial Affairs
    Deal reached on 2016 EU budget

    On 14 November 2015, the Council and the European Parliament reached an agreement on the EU budget for 2016. Meeting in the Conciliation Committee they agreed to set the total level of commitments at €155.00 billion and of payments at €143.89 billion. "The budget agreed today is a concrete expression of solidarity both within the EU and with third countries", said Pierre Gramegna, minister for finance of Luxembourg and President of the Council. "It provides the EU with the financial means to boost growth, create jobs and tackle the migration crisis. And it keeps sufficient financial leeway to allow the EU to react to unforeseen needs and events."

  • Updated 15-07-2015