Latest news on economic and monetary affairs in the European Union.
Updated: 6 min 15 sec ago
The European Commission has welcomed the headway made in tackling non-performing loans (NPLs) in the EU as part of ongoing work at the national and EU level to reduce remaining risks in parts of the European banking sector.
The European Commission proposed Thursday new rules which would give EU Member States more flexibility to set Value Added Tax (VAT) rates and to create a better tax environment to help SMEs flourish.
The European Commission proposed on 18 January new rules to give EU Member States more flexibility to set Value Added Tax (VAT) rates and to create a better tax environment to help SMEs flourish.
On 7 April 2016 the European Commission adopted an Action Plan on VAT - Towards a single EU VAT area. Following adoption of this Action Plan, the European Commission has made a series of proposals to work towards its completion.
The 2017 State Aid Scoreboard, published on 16 January by the European Commission, showed that over 97% of new implemented aid measures fell under the new General Block Exemption Regulation and could be quickly implemented by EU Member States to the benefit of citizens, businesses and regions, avoiding bureaucracy, red tape and delays.
Cheaper, easier and safer electronic payments should result from the revised Payment Services Directive (PSD2), which applies as of 13 January, and aims to modernise Europe's online payment services.
European consumers will be able to reap the full benefits of paying online for goods and services, thanks to new rules that will it make it cheaper, easier and safer to make electronic payments. The revised Payment Services Directive (PSD2, Directive 2015/2366/EU), applicable as of 13 January 2018, aims to modernise Europe's payment services to the benefit of both consumers and businesses, so as to keep pace with this rapidly evolving market.
In 2015 the EU adopted a new directive on payment services (PSD 2) to improve the existing rules and take new digital payment services into account. The directive became applicable in January 2018. It includes provisions to make it easier and safer to use internet payment services; better protect consumers against fraud, abuse, and payment problems; promote innovative mobile and internet payment services; strengthen consumer rights; strengthen the role of the European Banking Authority (EBA) to coordinate supervisory authorities and draft technical standards
The European Commission is working to create an efficient and integrated market for payment services in the EU. The EU is aiming to create a single payment area which lets citizens and businesses make cross-border payments as easily and safely as they would in their own countries; and where cross-border payments are subject to the same charges as domestic payments.