The outlook for the EU economy before the outbreak of the war was for a prolonged and robust expansion. But Russia’s invasion of Ukraine has posed new challenges, just as the Union had recovered from the economic impacts of the pandemic. By exerting further upward pressures on commodity prices, causing renewed supply disruptions and increasing […]
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Parliament set to back global minimum corporate tax rate
MEPs are expected to back new rules for a global minimum corporate tax rate from 2023 during the plenary session on 18-19 May. On 18 May, Parliament will consider a report by the economic and monetary affairs committee on ensuring a minimum corporate tax rate for large multinational corporations. The directive will apply to companies with […]
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Commission will phase out State aid COVID Temporary Framework
The European Commission will phase out the State aid COVID Temporary Framework, adopted on 19 March 2020 and last amended on 18 November 2021, enabling Member States to remedy a serious disturbance in the economy in the context of the coronavirus pandemic. The State aid COVID Temporary Framework will not be extended beyond the current expiry date, which is 30 […]
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Spain: EUR 150m EIB loan for hospitals in Galicia
The EIB provides EUR 150m to modernise and expand two public university hospital complexes in the Spanish region of Galicia The Vice President of the EIB, Ricardo Mourinho Félix, and the acting Minister of Finance and Public Administration of the Xunta de Galicia, Miguel Corgos López-Prado, met this morning in Santiago to discuss the collaboration […]
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New tool to protect internal market against distortive foreign subsidies
To ensure a level playing field for all companies operating in the internal market, member states agreed a negotiating mandate for the regulation on foreign subsidies distorting the internal market. The regulation aims to address the distortions created by subsidies granted by non-EU countries to companies operating in the EU’s single market. It establishes a comprehensive framework for the […]
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Ministers welcome assessment of national plans for Bulgaria and Sweden
Main results ECOFIN – 3 May 2022 Ministers focused on the economic recovery in Europe. They exchanged views on the Council implementing decisions on the approval of national recovery and resilience plans for Bulgaria and Sweden. In order to formally adopt the decisions, the written procedure will be started shortly after the informal meeting held today. At the […]
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Commission receives Spain’s second payment request for €12 billion under the Recovery and Resilience Facility
On 30 April 2022, the Commission received Spain’s second payment request under the Recovery and Resilience Mechanism (RRM), for an amount of EUR 12 billion of financial support (net of pre-financing). The overall recovery and resilience plan for Spain amounts to €69.5 billion in grants. The RRF payments are results-based and depend on Spain implementing […]
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Antitrust: Commission sends Statement of Objections to Apple over practices regarding Apple Pay
The European Commission has informed Apple of its preliminary view that it abused its dominant position in markets for mobile wallets on iOS devices. By limiting access to a standard technology used for contactless payments with mobile devices in stores (‘Near-Field Communication (NFC)’ or ‘tap and go’), Apple restricts competition in the mobile wallets market on […]
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Conclusions of the Eurogroup and ECOFIN meetings – April 4 and 5
Eurogroup, 4 April 2022 The euro area impact from the war in Ukraine in the short- and medium term Ministers discussed economic developments resulting from the Russian military aggression in Ukraine. Monitoring and assessing these fast-moving developments is crucial for Eurogroup’s coordination of economic policies and promotion of the conditions for stronger economic growth. Trade-offs […]
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