European Union

Directive 2003/48/EC, which since 2005 has allowed tax administrations better access to information on private savers, was repealed by the Council on 10 November 2015.

Repeal of the directive follows a strengthening of measures to prevent tax evasion. A significant overlap had developed with other legislation in this field, and the repeal eliminates that overlap.

Directive 2003/48/EC required the automatic exchange of information between member states on private savings income. This enabled interest payments made in one member state to residents of other member states to be taxed in accordance with the laws of the state of tax residence. The directive was last amended in March 2014 to reflect changes to savings products and developments in investor behaviour since it came into force in 2005.

In December 2014, the Council adopted directive 2014/107/EU amending provisions on the mandatory automatic exchange of information between tax administrations. It extended the scope of that exchange to include interest, dividends and other types of income. Directive 2014/107/EU will enter into force on 1 January 2016.

Directive 2014/107/EU is generally broader in scope than directive 2003/48/EC. It provides that in cases of overlap of scope, directive 2014/107/EU is to prevail.

International developments

Directive 2014/107/EU implements a single global standard developed by the OECD for the automatic exchange of information. The OECD standard was endorsed by G20 finance ministers in September 2014. EU agreements with Andorra, Liechtenstein, Monaco, San Marino and Switzerland, initially based on directive 2003/48/EC, are currently being revised to be aligned with directive 2014/107/EU and the new global standard.

Repeal of directive 2003/48/EC is part of a tax transparency package presented by the Commission in March 2015.

Transitional measures

The repeal was enacted by a directive adopted by the Council, which also provides for transitional measures. These concern in particular a derogation granted to Austria under directive 2014/107/EU, allowing it to apply that directive one year later than other member states.

The repeal directive was adopted at a meeting of the Economic and Financial Affairs Council, without discussion.

The industry committee set out its demands for a European energy union in a resolution passed on Tuesday. Among them: compliance with the Commission's recommendation concerning hydraulic fracturing, a voluntary system to collectively purchase energy, and support for the development of Europe's own energy resources.
Committee on Industry, Research and Energy

Source : © European Union, 2015 - EP

The industry committee set out its demands for a European energy union in a resolution passed on Tuesday. Among them: compliance with the Commission's recommendation concerning hydraulic fracturing, a voluntary system to collectively purchase energy, and support for the development of Europe's own energy resources.
Committee on Industry, Research and Energy

Source : © European Union, 2015 - EP

On 5 October 2015, the Council adopted Council Decision (CFSP) 2015/1781[1].

The Council Decision extends existing measures for one person until 6 March 2016 and updates the statement of reasons relating to this person.

The Candidate Countries Montenegro* and Albania, and the EFTA countries Liechtenstein and Norway, members of the European Economic Area, as well as Ukraine and the Republic of Moldova align themselves with this Decision.

They will ensure that their national policies conform to this Council Decision.

The European Union takes note of this commitment and welcomes it.

[1] Published on 6.10.2015 in the Official Journal of the European Union no. L 259, p.23. 

Montenegro and Albania continue to be part of the Stabilisation and Association Process.

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The European Council called for an international summit to discuss migration issues with African and other key countries concerned. This summit takes place in Valletta on 11 and 12 November 2015.

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On 1 October 2015, the Council adopted Council Decision (CFSP) 2015/1764[1]. The Council Decision allows certain operations concerning specific pyrotechnics referred to in the Common Military List of the European Union necessary for European space programmes. Prior authorisation must be obtained for any of these operations from the relevant competent authority.

The Candidate Countries Montenegro* and Albania*, and the EFTA countries Liechtenstein and Norway, members of the European Economic Area, align themselves with this Decision.

They will ensure that their national policies conform to this Council Decision.

The European Union takes note of this commitment and welcomes it. 

 [1] Published on 2.10.2015 in the Official Journal of the European Union no. L 257, p. 42.

 * Montenegro and Albania continue to be part of the Stabilisation and Association Process.

On 1 October 2015, the Council adopted Decision (CFSP) 2015/1763[1].

The Decision imposes a travel ban and asset freeze against persons undermining democracy or obstructing the search for a political solution to the crisis in Burundi, in particular through acts of violence, repression or incitement to violence, including acts that constitute serious human rights violations or abuses.

The Candidate Countries the former Yugoslav Republic of Macedonia*, Montenegro*, Serbia* and Albania*, the country of the Stabilisation and Association Process and potential candidate Bosnia and Herzegovina, and the EFTA countries Liechtenstein and Norway, members of the European Economic Area, as well as Ukraine, the Republic of Moldova and  Armenia align themselves with this Decision.

They will ensure that their national policies conform to this Council Decision.

The European Union takes note of this commitment and welcomes it.

[1] Published on 2.10.2015 in the Official Journal of the European Union no. L 257, p. 37.

 * The former Yugoslav Republic of Macedonia, Montenegro, Serbia and Albania continue to be part of the Stabilisation and Association Process.

The Council extended the mandate of the European Union Special Representatives (EUSRs) in Afghanistan, in Bosnia and Herzegovina, and for the Horn of Africa until 28 February 2017.

The mandate of the following EUSRs are extended:

- Mr Franz-Michael Skjold Mellbin, EUSR in Afghanistan since 1 September 2013,

- Mr Lars-Gunnar Wigemark, EUSR in Bosnia and Herzegovina since 1 March 2015 and

- Mr Alexander Rondos, EUSR for the Horn of Africa since 1 January 2012.

EUSRs promote the EU's policies and interests in troubled regions and countries and play an active role in efforts to consolidate peace, stability and the rule of law. The first EUSRs were appointed in 1996. Currently, nine EUSRs support the work the High Representative of the Union for Foreign Affairs and Security Policy, Federica Mogherini.

The Council: 

1. RECALLS its Conclusions of 19 June 2015 on a Capital Markets Union[1] encouraging the Commission to elaborate a comprehensive, targeted and ambitious action plan for building a Capital Markets Union (CMU) as a lever for more jobs, growth and investment; 

2. WELCOMES the adoption by the Commission of the Action Plan on Building a Capital Markets Union[2] with a step-by-step approach based on a thorough analysis and the Commission's presentation of a first package of more concrete proposals and initiatives[3]; and STRESSES the importance of preserving momentum also in the long-term with a concrete and ambitious agenda for further on-going action; 

3. RECALLS that the CMU is an important pillar of the Commission Investment Plan to promote jobs and growth in Europe by continuing the three pronged approach (growth-friendly fiscal consolidation, structural reforms, investment) as well as by removing unjustified barriers to cross-border investment and diversifying the sources of funding, thus supporting notably the financing of infrastructure and SMEs; 

4. UNDERLINES the relevance of the CMU as a project of shared importance for EU-28, and as a priority for completing the Economic and Monetary Union[4], WELCOMES the opportunity that it presents for all Member States, including those with less developed capital markets to tap into deeper European financial markets and STRESSES the principles of subsidiarity, proportionality as well as preservation of financial stability and investor protection to be respected in all related initiatives; 

5. RECALLS that well-functioning cross-border capital markets benefit the smooth transmission of monetary policy and facilitate more private risk-sharing, thus contributing to making the EU-28, including the euro area, more resilient to shocks; 

6. SUPPORTS accordingly the following priority areas, including those identified by the Commission:

• increasing the variety of financing sources available for all businesses, in particular SMEs and small mid caps, from smaller or larger financial markets, including high-growth potential and innovative SMEs, and building on successful solutions for connecting them to a wider basis of prospective investors. This should be achieved by using a balanced approach based amongst others on market-led initiatives and self-regulation of the market where appropriate and possible, as well as legislative initiatives where unjustified barriers warrant an intervention from the legislator; and, especially by advancing the work streams in areas such as: the Prospectus Directive, Venture Capital, Crowdfunding, Private Placements, Mini Bonds, SME growth markets and SME credit information;
• ensuring an appropriate regulatory environment for long-term, sustainable investment and financing of Europe's infrastructure, including steps to attract private capital in order to realise the targets of the Investment Plan for Europe, and to assess and support financial market developments that contribute to environmental sustainability;
• increasing investment and choices for retail and institutional investors within a framework of adequate investor protection, beginning with the publication of a Green Paper focused on retail financial services and insurance in the last quarter of 2015, as well as through exploratory work on the potential merits of a European framework for long-term individual savings schemes such as third pillar personal pensions;
• enhancing the capacity of banks to lend, in particular to SMEs, notably through establishing an appropriate framework to revive simple, transparent and standardised securitisation, exploratory work on the potential merits of a European framework for covered bonds, building on national regimes that work well, by addressing the issue of Non-Performing Loans, and by ensuring a proportionate treatment for credit institutions, notably smaller ones, consistent with the single market;
• assessing the coherence, consistency and the cumulative impact of the financial reforms  on the financing of the real economy; and,
• examining and dismantling unjustified cross-border barriers to the development of capital markets for all 28 Member States, including where appropriate in the area of clearing and settlement and other market infrastructures, and also finding (through appropriate tax working groups) pragmatic solutions to long-standing tax obstacles such as double taxation linked to current withholding tax arrangements, while duly considering the implications on financial stability and national legal regimes;

7. CALLS for a swift adoption of the Regulation of the European Parliament and of the Council laying down common rules on securitisation and creating a framework for simple, transparent, and standardised securitisation and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 and of the Regulation of the European Parliament and of the Council amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms, with the aim of reviving securitisation markets, thereby increasing the capacity of banks to lend and allowing for channelling funds efficiently from non-banks to the real economy‎ and preserving financial stability, whilst decreasing overreliance on external ratings; and, maintaining an adequate risk sensitivity;

8. LOOKS FORWARD to the Commission's proposal to revise the Prospectus Directive to make it easier and cheaper for firms to raise funding on public markets by eliminating overly burdensome requirements while  improving investor protection, especially through the focus on relevant, comprehensible information;

9. STRESSES the importance of preserving financial stability objectives of financial legislation,  consumer and investor protection and the single market, including through the single rulebook, while taking good note of the Commission's intention to review this body of law to ensure coherence, internal consistency and proportionality, accordingly LOOKS FORWARD to the outcome of the Commission's Call for evidence on the EU regulatory framework for financial services; and, SUPPORTS the maintenance of a stable regulatory environment in the EU. 

10. INVITES the Commission, in the context of the relevant sectoral reviews, to assess the impact of third-country regimes, including equivalence and mutual recognition, in current regulations on the structure of European capital markets, the competitiveness of the European financial industry as well as effective access to third-country markets; 

11.    ENCOURAGES the Commission to consult, without delay, the Member States with a view to identifying  business insolvency law-related barriers to the development of a single market for capital, as referred to in the Action Plan; WELCOMES the Commission's intention to submit, on the basis of those consultations and having due regard to the complexity of the involved subject matters and the resulting need for taking a balanced approach, a proposal aiming to ensure, in full respect of the principles of subsidiarity and proportionality, that the main business insolvency-related obstacles identified are tackled, drawing on best practices and well-performing national frameworks; specifically, NOTES the possible need to establish, where necessary, a reasonable timeframe for completing insolvency proceedings and increasing transparency on the possible outcomes of insolvency procedures across the EU and improving access to early restructuring possibilities subject to further analysis; 

12. INVITES the Commission to present the outcome and possible follow-up of its study on the cross-border issues in the area of directors' liability and disqualifications as soon as possible;

13. NOTES THAT analysis by the Commission of possible barriers in other relevant areas, such as for instance securities law, may be needed before taking actions in these  areas to further facilitate cross-border investing; 

14. EMPHASIZES the Commission's conclusion that the next steps towards Capital Markets Union can be taken based on the existing mandates of the European Supervisory Authorities (ESAs); RECOGNISES the need for the ESAs to work on strengthening supervisory convergence, where appropriate through peer-review procedures and, if necessary, enhanced coordination, identifying where a more collective approach can improve the functioning of the single market for capital, including involving initiatives by national competent authorities; and STRESSES the need for all national authorities to implement EU financial rules fully and consistently in order to ensure the highest levels of conduct and integrity across the EU capital market; 

15. NOTES the importance of the Commission's plan to further analyse, in a White Paper, by mid-2016, the governance and financing of the ESAs, with due account of their European role; 

16. ACKNOWLEDGES the need to review the EU framework for preserving financial stability to cater for potential risks beyond the banking sector; 

17. REAFFIRMS the commitment of Member States to the long-term vision of a genuine Capital Markets Union, the objective of a higher level of financial integration and stronger capital market financing together with enhanced bank financing, thus leading to a more balanced financing structure between equity and debt of EU businesses and further cross-border private risk-sharing, and to the effective implementation of agreed CMU actions at national level; and, in this spirit, LOOKS FORWARD TO working with the Commission to develop a roadmap to identify existing barriers to the free movement of capital and ways to remove the most damaging and unjustified ones; and to discuss the proposal of the Commission  to address the debt-equity bias in taxation within the appropriate fora; and INVITES the Commission to continue the public debate on the ability of the EU financial industry to contribute to a successful CMU; 

18. ENCOURAGES the Commission and Member States to focus on addressing the issue of the  financial literacy of future investors and other market agents, which is important for the overall and balanced success of the CMU project; 

19. WELCOMES the Commission's intention to develop a strategy for providing technical assistance to Member States where needed to reinforce specific capacities of national capital markets; 

20. INVITES the Commission to report, at least every six months to the Council through the Financial Services Committee and the Economic Financial Committee, providing an evidence-based assessment of the progress made in the build-up of the Capital Markets Union including on the basis of key indicators and evidence.

 [1]  Doc. 10148/15 
 [2] Doc. 12263/15
 [3] Commission Proposal for a Regulation of the European Parliament and of the Council laying down common rules on securitisation and creating a framework for simple, transparent, and standardised securitisation and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012; Commission Proposal for a Regulation of the European Parliament and of the Council amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms; Consultation Document on covered bonds, Consultation on venture capital and social entrepreneurship funds, Call for evidence on EU regulatory framework for financial services. 
 [4]  Completing Europe's Economic and Monetary Union: Report by the 5 Presidents. 

The public hearing will present an overview of the current CSDP partnerships with third countries and organisations, the possibilities of evolution and general tendencies.
Location : Altiero Spinelli 1G-2
Programme
Programme
Source : © European Union, 2015 - EP

GSA and SGI v Parliament
Public procurement
The General Court dismisses an action involving the award of a public service contract by the European Parliament for the supply of fire security, assistance to persons and external surveillance at the European Parliament’s site in Brussels

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Disclaimer : The interpretation of debates serves to facilitate communication and does not constitute an authentic record of proceedings. Only the original speech or the revised written translation is authentic.
Source : © European Union, 2015 - EP

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Relations between the EU and Georgia started in 1992. Bilateral relations have further intensified since the 2003 rose revolution which brought to power a new Georgian administration committed to an ambitious programme of political and economic reforms.

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From 21 to 25 September 2015 the bi-annual Congress of the German Association for Political Science (DVPW) took place at the University of Duisburg in Western Germany. More than 800 participants attended the event. As one of these participants, three observations seemed to be of particular interest to me.

First, in comparison to the previous congress in Tübingen, in 2013, the proportion of international papers and paper-givers had hugely increased and gave the conference a much more international atmosphere than before.

Second, while grass-roots democracy is very much alive in this association, it is not always to the advantage of its membership! The elections of the new Chair and Committee of Governors was one such example where meddling behind the scenes and public anger about it clashed in the general assembly. It took six hours to get to the elections only to find two hours later that the newly elected Chair, Michael Zürn, had already resigned! Highly divisive, in this assembly the good and great of German political science dismantled each other to a degree that the new Committee of Governors, which remained in place after the resignation of the chair, decided only to stay for one year, rather than the normal three years, and use that time mainly to revise electoral procedures in the DVPW. They will surely consider online voting, such as in other big academic organisations such as the University Association for Contemporary European Studies (UACES), but one way or another it will be a lost year for making the DVPW more relevant through more internationalisation, for example.

Thirdly, during the 5 days of the congress, there was a wide thematic variety of panels, from political economy to international politics and environmental policies. Most of these panels touched in their contents on the most important political phenomenon of our time, the European Union, but hardly any mentioned it by name or saw the importance of European Union aspects in their particular analyses.There was only one silver lining on the horizon, the Working Group for (European) Integration, but with about 10 people in the audience this remained a side-line panel. Quite curious for a political science association…

The question arises whether German political science is so inward-looking now that it doesn’t even notice European integration any more. In other words: does it mean that the famous ‘re-nationalisation’ of politics in Europe is not only conducted by governments but also by researchers? It is perhaps a sign of our time in which the EU seems to drift more and more into oblivion while at the same time it is becoming increasingly needed for key policies, such as the refugee crisis.

Thomas Hoerber, EU-Asia Institute,
ESSCA School of Management

The post Don’t mention the EU! appeared first on Ideas on Europe.

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EU Ministers of Finance meet in Brussels on 10 November 2015 to try to reach a political agreement on the rules for bridge financing of the single resolution mechanism.

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Speeches by Donald TUSK, President of the European Council.

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