The Commission proposes reforms for further financial integration and a full Capital Markets Union; EU-Canada trade agreement enters into force
Capital Markets Union
Following President Jean-Claude Juncker's State of the Union address on 13 September, in which he underlined the importance of further building the Capital Markets Union, the Commission has today adopted wide-ranging proposals to reform the EU's financial supervisory architecture and to strengthen the Economic and Monetary Union.
European consumers, investors and businesses will benefit from the Commission's initiatives which aim at creating a stronger and more integrated European financial supervision for the Capital Markets Union. Ensuring that financial markets across the EU are well regulated, strong and stable and enhancing regulatory and supervisory convergence within the Single Market is key to the real economy.
Once adopted, the proposals will improve the mandates, governance and funding of the European Supervisory Authorities for banking, for securities and financial markets and for insurance and pensions.
These bodies are pivotal in ensuring that financial markets across the EU are well regulated, strong and stable. To ensure a uniform application of EU rules and promote a true Capital Markets Union, the proposals also entrust the European Securities and Markets Authority with direct supervisory power in specific financial sectors.
The proposals also include steps to foster the development of financial technologies and to make sure that sustainability considerations are systematically taken into account in supervisory practices at the European level.
The reforms will promote further capital market integration following the UK's departure from the EU. They will also introduce changes to the supervisory relations with non-EU countries so as to ensure proper management of all financial-sector risks.
EU-Canada trade agreement enters into force
On Thursday, 21 September, the Comprehensive Economic and Trade Agreement (CETA) between the EU and Canada enters into force provisionally.
Welcoming this milestone in the EU's trade policy, President of the European Commission Jean-Claude Juncker said: "This agreement encapsulates what we want our trade policy to be - an instrument for growth that benefits European companies and citizens, but also a tool to project our values, harness globalisation and shape global trade rules. […] Now it's time for our companies and citizens to make the most out of this opportunity and for everyone to see how our trade policy can produce tangible benefits for everyone".
CETA offers new opportunities for EU businesses of all sizes to export to Canada. It will save EU businesses €590 million a year – the amount they pay in tariffs on goods exported to Canada. As of 21 September CETA removes duties on 98% of products (tariff lines) that the EU trades with Canada. It also gives EU companies the best access ever offered to companies from outside Canada to bid on the country's public procurement contracts - not just at the federal level but at provincial and municipal levels, too.
The agreement will especially benefit smaller companies who can least afford the cost of the red tape involved in exporting to Canada. Small businesses will save time and money, for example, by avoiding duplicative product testing requirements, lengthy customs procedures and costly legal fees.
The EU's 500 million consumers will also benefit from CETA. The agreement offers greater choice while upholding European standards, as only products and services that fully respect all EU regulations will be able to enter the EU market. CETA will not change the way the EU regulates food safety, including genetically modified products or the ban on hormone-treated beef.
CETA will be fully implemented once all EU Member States ratify the deal according to their respective constitutional requirements.
Factsheet: CETA overview
Factsheet: Shaping globalisation
Factsheet: The EU's interests - 6 guarantees
Factsheet: Sustainable development
Brochure: the benefits of CETA
Guide to CETA for businesses
Factsheet: Benefits for agriculture
CETA impact on Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom
CETA in your town - interactive map with information about the trade with Canada in local communities all around Europe
Factsheet: In figures: EU-Canada trade
20 september 2017