EU News - European Union

The Governing Council decided to keep the key ECB interest rates unchanged

Mario Draghi, President of the European Central Bank, reported in a statement that the Governing Council of this European institution decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.75%, 1.50% and 0.00% respectively.

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An extra €11.2 billion is required for the EU budget to cover unpaid claims from 2012

The European Commission confirmed that an extra €11.2 billion is required for the EU budget to reimburse beneficiaries of EU funded programmes completed across Europe in 2012 as well as to honour the Cohesion Policy claims that will fall due in 2013. The MEP chairing the Budget Committee in the European Parliament, Alain Lamassoure, stressed that the Commission proposal to settle only part of the EU's €16.2 billion debt rolled over from 2012 threatens the EU with insolvency later in 2013.

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Croatia is ready to join the EU, according to the European Commission

The European Commission's last Monitoring Report on Croatia's preparations for joining the EU show that this country has completed the ten priority actions identified in the previous report in October, and has shown the will and ability to fulfil all outstanding commitments in good time before accession.

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The Eurogroup and the Cypriot authorities reach an agreement for the financial aid programme application

The agreement reached in Brussels by the Eurogroup and the Cypriot authorities includes the necessary elements for the implementation of the future macroeconomic adjustment plan. The agreement will involve the immediate resolution of the second largest bank in Cyprus, the Laiki Bank, as well as the restructuring of the Bank of Cyprus. All insured depositors in all banks will be fully protected in accordance with the relevant EU
legislation.
 

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The Eurogroup reaffirmed the importance of fully guaranteeing deposits below €100 000 in the EU

Jeroen Dijsselbloem, President of the Eurogroup, reaffirmed the Eurogroup's readiness to stand ready to discuss with the Cypriot authorities a draft new proposal, which it expects the Cyprus authorities to present as rapidly as possible. In a meeting with MEPs, Mr Dijsselbloem also told them he doubted that there really was a possible 'Plan B'.

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Two new Communications from the Commission on the next steps towards a deep and genuine Economic and Monetary Union

The European Commission presented two new Communications on the Economic and Monetary Union (EMU). The Communication on the ex-ante coordination of plans for major economic policy reforms contains options on how to organise EU-level discussions on large-scale economic policy reforms in the Member States before final decisions are taken at national level. On the other hand, the Communication on a Convergence and Competitiveness Instrument (CCI) sets out options for two instruments: contractual arrangements for member states to undertake specific reforms and financial support to help member states implement these reforms.

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MEPs and the Irish Presidency of the EU reached a deal on banking supervision legislation

The European Parliament's negotiators and the Irish Presidency of the EU Council reached a deal on banking supervision legislation. According to MEPs, the deal will strengthen EU-level oversight of many EU banks.

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Budgetary Control Committee approved the 2011 spending for which the Commission was responsible

MEPs at the Budgetary Control Committee in the European Parliament approved the European Commission's management of EU spending under the 2011 budget. MEPs also underlined that spending by member states' administrations under the "shared management" regime - accounting for 80% of the EU budget - had not improved.

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President of the Eurogroup reaffirmed the importance of fully guaranteeing deposits below €100.000 in Cyprus

Following a teleconference held by the Eurogroup on the evening of the 18 March with regard to the economic situation in Cyprus, Jeroen Dijsselbloem, President of the Eurogroup, stressed that the Eurogroup continues to be of the view that small depositors should be treated differently from large depositors and reaffirms the importance of fully guaranteeing deposits below €100.000.

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Eurogroup welcomes the political agreement reached with Cyprus on its adjustment programme

Euro zone leaders welcomed in a statement the political agreement reached with the Cypriot authorities on the cornerstones of the policy conditionality underlying a future macroeconomic adjustment programme. The measures agreed include the introduction of an upfront one-off stability levy applicable to resident and non-resident depositors.

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President of the European Council confirms that fighting against unemployment is part of the EU economic strategy

Following the first evening of the Spring European Council, Herman Van Rompuy highlighted that EU leaders agreed that the only way out of the crisis is to keep tackling its root causes. They also reconfirmed the EU economic strategy which has four strands: Restoring financial stability, and maintaining it; Ensuring sound public finances, structurally sound; Urgently fighting unemployment; And reforming for long-term growth and competitiveness.

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MEPs rejected the member states deal on the EU budget for 2014-2020

The European Parliament rejected the agreement reached among member states on the EU budget for 2014-2020. In addition to sets out its stance on this topic for negotiating with the Council, MEPs want a political undertaking from the Council that all bills falling due in 2013 will be paid in 2013, so as to avoid "rolling over" a deficit into the new Multiannual Financial Framework (MFF).

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