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Issue 25 | July 2013

Commission Proposal for a Single Resolution Mechanism (SRM)

On 10 July, the Commission proposed a Single Resolution Mechanism for the Banking Union. The Single Resolution Mechanism complements the Single Supervisory Mechanism which the Commission proposed in September 2012. The SRM aims to centralise key competences and resources for managing the failure of any bank in the Euro Area and in other Member States participating in the Banking Union.

Earlier this month the ECOFIN Council adopted a General Approach on the Bank Recovery and Resolution Directive on the prevention of banking crises and resolution of troubled banks. The agreement endorses the toolbox initially proposed by the Commission, including the emblematic "bail-in" tool which enables authorities to write down or convert (into equity) liabilities to shareholders and creditors with a view to absorbing losses and recapitalising the bank. This agreement paves the way for trilogue meeting with the Commission and the Parliament so as to finalise the text by the end of the year.


"We need a system which allows banks to be resolved quickly, efficiently, avoiding doubts on the impact on public finances and with rules that create certainty in the market. That is the point of today’s proposal for a Single Resolution Mechanism."

Latest news »« TOP
Single Market Scoreboard website launched - New figures are now available online

On 4 July, the Commission has launched the online Single Market Scoreboard, a comprehensive and user-friendly reporting system for Member States on Single Market rules. .The Single Market Scoreboard incorporates comprehensive reports on 13 governance tools including monitoring the correct transposition of EU directives, analysis of infringement proceedings, administrative cooperation networks and various information and problem-solving services.

  More information
 
Accounting and Transparency Directives (including country by country reporting)

Commissioner Barnier welcomed the vote taken on 12th June by the European Parliament on the new Accounting and Transparency Directives. With this agreement, listed companies, including small and medium-sized issuers, will no longer be obliged to publish quarterly financial information, which will contribute to less administrative burden and should help to discourage short-termism on financial markets. The revised Transparency Directive will prevent investors from secretly building up a controlling stake in a listed company ("hidden ownership"). Investors will now need to notify all financial instruments that have the same economic effect as holdings of shares. This agreement ensures that the disclosure requirements for the extractive and forestry industries as recently agreed in the Accounting Directive apply to all companies of those sectors that are listed in the EU.

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Commissioner Barnier welcomes agreement on modernisation of public procurement rules and concessions

"I congratulate the European Parliament and the Council on having reached an agreement today on the reform of EU legislation on public procurement ((...)) and on the new Directive on the award of concession contracts."

  Read the statements
 
E-invoicing in public procurement: another step towards end-to-end e-procurement and e-government in Europe

On 26 June, the European Commission proposed a draft directive on e-invoicing in public procurement, accompanied by a communication setting out its vision for the full digitisation of the public procurement process, so-called "end-to-end e-procurement".

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New Funds to make long-term investment easier

On 26 June, the European Commission proposed a new investment fund framework designed for investors who want to put money into companies and projects for the long term. These private European Long-Term Investment Funds (ELTIFs) would only invest in businesses that need money to be committed to them for long periods of time.

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Commissioner Barnier welcomes the trilogue agreement on the modernisation of the Professional Qualifications Directive

The European Parliament and the Council reached an agreement on June 12 on the modernisation of the Directive on professional qualifications. "The modernisation of this directive is an important measure in our strategy to relaunch the European economy. In creating a more efficient system for recognition of professional qualifications, it will contribute to dealing with the labour shortage in Europe and will come to the aid of highly qualified job seekers, in particular the young".

  Statement by Commissioner Barnier
Visits and Missions »« TOP
Commissioner Barnier, Vienna - 20 June 2013

Commissioner Barnier met with Michael Spindlegger, Vice-Chancellor, and Maria Fekter, Minister of Finance. These meetings enabled him to thank Austria for its positive role in the Council in the adoption of various laws on the agenda of financial regulation as well as the establishment of a banking union within the eurozone. The Commissioner also discussed ongoing initiatives in the fight against money laundering and strengthening of tax cooperation between Member States and with third countries.

 
Commissioner Barnier, Amsterdam - 28 May 2013

Commissioner Barnier attended the award ceremony for the European Inventor Award 2013 which was held in Amsterdam. This event allowed the Commissioner to reiterate the European Commission's commitment to establish an environment conducive to innovation, a major factor in the resumption of growth in Europe. In this respect, he highlighted the breakthrough represented by the unitary European patent and the reforms implemented to better protect European brands against counterfeiting and meet the need to improve the competitiveness of European enterprises.


Commissioner Barnier, Helsinki - 7 June 2013

Commissioner Barnier participated in the "Economic Ideas Forum" organised under the patronage of the Prime Minister of Finland Jyrki Katainen. The importance of financial regulation to restore stability to the financial system and how to ensure the return of growth were at the heart of the speech by the Commissioner. He highlighted the consistency set up by the single supervisory mechanism, bank resolution framework and the single resolution mechanism to implement a real banking union between the countries of the eurozone. In so far as banking union is a prerequisite in terms of financial stability, it is not sufficient to boost growth. The Commissioner called for a more diversified funding system for businesses based on a greater involvement of institutional investors, a direct appeal to the capital markets and long-term savings. In this regard, the Commissioner invited the conference participants to take part in the public consultation on the long-term financing of the European economy launched in March. Finally on this occasion, the Commissioner also met parliamentarians and several members of the Finnish Government.

Consultations »« TOP
  27.05.2013  -  16.08.2013ServicesInsurance cover for the provision of services in another Member State

  06.06.2013  -  15.09.2013Company LawSingle-member limited liability companies

  26.04.2013  -  31.07.2013Financial ServicesEuropean System of Financial Supervision

News from the Parliament »« TOP
Strasbourg plenary week (10-13 June 2013)
  • Lehne & McCarthy Reports: Plenary debate on financial statements and transparency requirements
  • Plenary debate on the "Lack of progress in Council and Commission's delay in the adoption of certain proposals"
  • Council and Commission statements: Preparations for the European Council meeting (27-28 June 2013)
  • Plenary debate on Organised crime, corruption and money laundering (Iacolino report)
  • Commission statement: US Internet surveillance of EU citizen (NSA PRISM programme)

See also:
  Website: IMCO (Internal Market Committee)
  Website ECON (Economic and Monetary Affairs Committee)

For your diary »Latest publications »Question of the Month »
  18 September 2013
Conference on e-procurement and e-invoicing in the EU

Single Market News
Nº65 (2013 – I)



A new financial system for Europe – Financial reform at the service of growth


Do you agree that more transparency by the extractive industry will help promote the development of resource-rich countries?

YESNO


Results from the last month:
Do you think centralising supervision will help to restore confidence in banks and in the euro?
YES - 37.5%
NO - 62.5%

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