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EP Study: The value of more Europe
Europe’s economy could be boosted by €800 billion – equivalent to 6 per cent of current GDP – if more action is undertaken at EU level, according to a study by the EP.
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European Council Conclusions: European Semester / Savings taxation
The European Council concluded the first phase of the European Semester and had a first discussion on the implementation of the Europe 2020 Strategy ahead of the mid-term review at the Spring 2015 European Council. It cleared the way for the adoption of the Directive on taxation of savings income.
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EP President Schulz on European Semester / Troika
In his speech to the European Council, Schulz said closer economic coordination should be seen as a necessary first step towards close economic and monetary union. He proposed three short-term measures to remedy some of the 'design flaws' which have hampered the Troika's work.
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Council adopts new rules on the taxation of savings income
Commissioner Šemeta said it marked a major breakthrough in EU tax policy and a major step forward in the common fight against tax evasion. The OECD's Gurría also welcomed the 'international progress'.
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Comments on new Savings Tax Directive rules: EBF, Insurance Europe, BdB, ABBL
"There is a crucial need for this regime to be based on a single, consistent and coherent model, as banks and tax administrations are investing substantially in the development of systems that will enable them to comply with the new requirements", said ECB chief executive Guido Ravoet.
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EUobserver: 'Bank secrecy set to die' after Austria and Luxembourg back EU law
At the European Council, Austria and Luxembourg - the two countries which had delayed endorsing EU reforms on the Savings Tax Directive over the past six years of negotiations - agreed to back EU plans to increase transparency in tax reporting.
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Nicholas Hirst: Member States increase tax transparency
Writing for EV, Hirst fears that the rules are likely to be superseded by an OECD standard before ever being applied.
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EU–US Summit (TTIP)
The EU was represented by Presidents Van Rompuy and Barroso; the US was represented by President Barack Obama. Prior to the summit, multiple US/EU financial services trade associations issued a statement in support of a TTIP that includes financial services regulatory coordination. (Includes comments.)
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Commission launches public online consultation on investor protection in TTIP
As part of its ongoing efforts to make its negotiations with the US the most open and transparent trade talks to date, the Commission launched a public consultation on investor protection and investor-to-state dispute settlement (ISDS) in the TTIP. (Includes link to Commissioner De Gucht statement.)
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EPC/Emmanouilidis: Post-Summit analysis
Emmanouilidis reviews i.a. the progress made on the European Semester, taxation of savings income and the SRM/SRF.
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Tripartite Social Summit: EU leaders and social partners stress need to rebuild confidence in Europe
The Summit took stock of past actions and discussed future steps in the European Semester. It looked at the social partners' key role in strengthening the social dimension of the EMU, as well as their importance in elaborating and effectively implementing reforms at European and national level.
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EACT/Raeburn: EU financial transaction tax must not be rushed
In a letter to the FT, Raeburn writes that it is important that the 11 EU countries involved do not lose sight of the importance of international trade and investing; they must reflect on the core principle in the EU treaty, the prohibition of any restriction on the free movement of capital.
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OECD forecasts during and after the financial crisis - A post mortem
This paper assesses the OECD's projections for GDP growth and inflation during the global financial crisis and recovery. It focuses on lessons that can be learned from projection errors and their cross-country differences, and the changes to forecasting models and procedures.
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