The transaction mainly concerns auctions and private sales of works of art and luxury goods. The EU Commission concluded that the proposed concentration would not raise competition concerns, given that the companies are not present in the same or vertically related markets. The notified transaction was examined under the super-simplified merger control procedure.
The EU Ecofin Council reached an agreement (general approach) on the Council Directive on faster and safer relief of excess withholding taxes (FASTER). The EU ministers also exchanged views on the value added tax (VAT) in the digital age package, which aims to tackle VAT fraud, support businesses and promote digitalisation.
The Eurogroup agreed on a statement on the future of the Capital Markets Union (CMU) in March and yesterday we took the first step towards its delivery.
The Council presidency, the European Central Bank and the European Commission met European social partners today to discuss recent developments of the economic situation, as well as a thematic topic chosen by the presidency: “strengthening the economic base: challenges and opportunities.
“Ministers highlighted the need to strengthen investments in research and development, the importance of education and the steps that need to be taken with regard to taxation, reducing levels of administration, and how we regulate the single market – all of which will overtime make the a EU better place to innovate” – Paschal Donohoe, President of the Eurogroup.
The Japanese economy continues to grow after the pandemic, with broad-based price increases following three decades of low inflation. In 2023Q2, real GDP surpassed the peak level in 2019Q3, and the output gap is estimated to have closed. However, the recovery remains uneven.
The IMF Executive Directors welcomed Austria’s strong policy responses which have helped mitigate severe economic shocks in recent years. Directors noted that the economy nonetheless contracted in 2023 amidst high energy prices, elevated inflation, and higher interest rates.
The European Banking Authority (EBA) today launched a public consultation on technical standards to specify how to create a legal mechanism in order to recognise a property under construction in the own fund requirements calculation under the standardised approach of credit risk.
In light of intensified terrorist activity in the Middle East, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an Advisory to assist financial institutions in detecting potentially illicit transactions related to Islamic Republic of Iran-backed terrorist organizations.
The European Banking Authority (EBA) today published three sets of final draft regulatory technical standards (RTS) and one set of final draft implementing technical standards (ITS) under the Markets in Crypto-Assets Regulation (MiCAR).
The EBA continued its work by finalising the implementation of the Basel III framework in the EU, implementing the ESG roadmap, and delivering on its digital finance mandates under the Markets in Crypto-Assets Regulation (MiCAR) and the Digital Operational Resilience Act (DORA).
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