The Spanish economy is estimated to have expanded by 2.5% in 2023, marginally above what was projected in autumn, with preliminary data for the fourth quarter pointing to an acceleration (0.6% q-o-q) compared to the third quarter. Private consumption and, to a lesser extent, investment were the key drivers of GDP growth throughout 2023. External […]
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Council and European Parliament reach agreement on reform of EU tax rules
The Council and European Parliament negotiators reached a provisional political agreement on the proposed reform of the EU’s economic governance framework. The main objective of the reform is to ensure sound and sustainable public finances, while promoting sustainable and inclusive growth in all member states through reforms and investment. Main elements of the provisional agreement […]
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Ensuring euro money transfers arrive within ten seconds
The new regulation aims to make sure that retail clients and businesses, especially SMEs, will not have to wait for their money, as well as to enhance the safety of transfers. Banks and other payment service providers (PSPs) will have to ensure credit transfers are affordable and immediately processed. The text, already agreed with EU […]
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EU budget: The first review of the EU’s long-term budget will help address Europe’s main challenges
The European Commission welcomes the historic agreement of the European Council to for the first ever revision of the Multiannual Financial Framework’s ceilings. The Council’s agreement confirms all priorities of the Commission’s proposal and covers 80% of the requested financing. This reinforcement will allow the EU to continue delivering on our common priorities, benefiting the […]
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European Commission disburses €1.4 billion in pre-financing to Spain for implementation of its REPowerEU plan
Last Thursday, the Commission disbursed €1.4 billion to Spain in pre-financing grants related to the REPowerEU funds under the Recovery and Resilience Mechanism (RRM). This second and final REPowerEU pre-financing tranche complements the €340 million of loans previously disbursed to Spain on 25 January 2024. This pre-financing will help accelerate the implementation of the key […]
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EU leaders greenlight €64.6 billion in additional funding
EU leaders greenlit additional funding for the multiannual financial framework 2021-2027 and discussed support for Ukraine. They also discussed the situation in the Middle East and agriculture, and paid tribute to former European Commission President Jacques Delors, who passed away on 27 December 2023. Mid-term revision of EU long-term budget 2021-2027 As a follow-up to their meeting in December, EU leaders discussed […]
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Deal on new stricter anti money laundering rules
The Council and Parliament found a provisional agreement on parts of the anti-money laundering package that aims to protect EU citizens and the EU’s financial system against money laundering and terrorist financing. With the new package, all rules applying to the private sector will be transferred to a new regulation, while the directive will deal […]
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EU Ministers take forward work on 2024 European Semester
The Belgian Presidency presented its work programme for the first semester of the year in the field of economic and financial affairs. The Presidency will focus on finalising the Union’s economic governance review, on continued financial support to Ukraine, and on legislation governing the Banking Union and the Capital Markets Union. Moreover, the Presidency will work on […]
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European Commission and EIF join forces to boost investment in defence innovation
The European Commission and the European Investment Fund (EIF) have joined forces to step up their support to EU’s defence and security through the launch of the Defence Equity Facility. The initiative, consisting of €100 million from the European Defence Fund and an additional €75 million from the European Investment Fund, will significantly expand EIF’s investment capacity to support, […]
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