The Single European Mechanism (SRM) will be launched over the next three months, with the aim of rescuing or winding up stricken banks with minimal recourse to taxpayers’ money.
The SRM will consist of a board and a fund, and will cover banks overseen by the Single Supervisory Mechanism (SSM) which became operational last month, and represents a concluding part of the new Banking Union.
The board will be the European resolution authority for the Banking Union and will work in close cooperation with national resolution authorities of participating member states.
Marine Le Pen's National Front has launched the "New Ecology" movement. The French nationalist party's take on environmental activism will include opposing international climate negotiations and promoting nuclear energy. EurActiv France reports.
Asked if the EU should consider sanctions on Russian energy firms as a reaction to the continuing conflict in Eastern Ukraine, Ukrainian Prime Minister Arseny Yatsenyuk told a Brussels audience today (16 February) that the falling price of oil was already having this type of effect on Russia.
Yatsenyuk, who came to Brussels on the occasion of the historic first EU-Ukraine association Council, was the guest of a conference organised by the European Policy Centre, a Brussels think tank.
Four national European parliaments have already voted to recognize Palestinian statehood. It's time the European Parliament does the same, Ilan Baruch writes.
The European Commission will ditch the Circular Economy package, replace it with “more ambitious” legislation in 2015, and change pending air-pollution rules, First Vice-President Frans Timmermans told MEPs on Tuesday (16 December).
He also set a six month deadline for blocked legislation to extend fully paid maternity leave to 18 weeks to be passed. If it wasn’t, it would be ditched, he said.
Timmermans was presenting the European Commission’s 2015 work programme at the European Parliament in Strasbourg.
The new European Commissioner for Trade defended the transatlantic trade negotiations in Paris this week, emphasising the benefits an agreement could bring to French exports and economic growth. EurActiv France reports.
How do we communicate the need for fundamental change beyond this group of environmentalists, scientists and progressive businesses? asks Luc Bas.
Luc Bas is the Director of the Brussels office of the International Union for Conservation of Nature (IUCN)
First and foremost, Ukraine needs a rule of law, so judicial reforms need to be passed. Everybody knows that every single judge in Ukraine is corrupt, and most of them need to be changed, Aivaras Abromavicius, Minister of Economic Development and Trade of Ukraine, told EurActiv in an exclusive interview.
Aivaras Abromavicius is a Lituanian-born manager and investment banker who became Ukraine’s Minister of economy on 2 December 2014.
He was speaking to EurActiv’s Senior Editor Georgi Gotev.
Ukraine is a good payer: in the course of 2014 it has received almost 9 billion dollars of credit from the EU and its international partners, the IMF and the USA. However, the country has paid out about 14 billion dollars in debt repayments to honour its commitments, and it needs more help, Natalie Jaresko, Minister of Finance of Ukraine, told EurActiv in an exclusive interview.
Natalie Ann Jaresko is an American-born Ukrainian businesswoman who became Ukraine’s Minister of Finance on 2 December 2014.
She spoke to EurActiv’s Senior Editor, Georgi Gotev.
EU environment ministers have signalled their support for waste rules, part of the Circular Economy package axed today from the European Commission’s 2015 work programme, and will discuss the pending legislation at their meeting in Brussels tomorrow (17 December).
Ambassadors from 23 member states, led by the Italy, which holds the rotating Presidency of the EU, put the waste package onto the agenda of the Council of Ministers meeting.
Switzerland has added 13 people and five organisations to a list designed to stop the country being used as a conduit to circumvent Western sanctions against Russia. Switzerland, which is outside the European Union but is linked by agreements governing trade and other measures, decided in March not to join the sanctions that the EU has imposed over the Ukraine crisis, but has been keen to avoid undermining them.
Tuesday’s (16 December) meeting of the General Affairs Council is going to have to take a fresh look at the EU’s deteriorating relationship with Turkey. Turkey’s EU Accession Negotiations should now be suspended, writes Andrew Duff.
Millions of euros of EU money was wasted on too many airports, on airports that are too close together and do not attract enough passengers, the European Court of Auditors has found.
Auditors scrutinised investment from 2000 to 2013, worth more than €666 million of EU money at 20 airports in Estonia, Greece, Italy, Poland and Spain.
The cash came from the European Regional Development Fund and the Cohesion Fund.
The European Union agreed yesterday (15 December) to implement a German-British plan to revive Bosnia and Herzegovina's bid to join the bloc, which rests on a new government's commitment to reform.
Britain and Germany proposed last month to offer EU funds to Bosnia in return for institutional reform, an initiative that was followed up by the EU's foreign policy chief Federica Mogherini with a visit to Sarajevo. EU foreign ministers in Brussels have now promised to back the plan.
Greece's economy faces the risk of "irreparable" damage as the political crisis of recent days takes on increasingly serious proportions, the country's central bank chief said in prepared speech remarks yesterday (15 December).
Prime Minister Antonis Samaras has brought forward a presidential election by two months to end political uncertainty but faces an early parliamentary election, with no outright winner, if his candidate loses. Polls show the anti-bailout, leftist Syriza party would win a snap vote.
When word of an EU ban on high-power vacuum cleaners hit Eurosceptic British tabloids in August, "Hoovergate" brought home a dilemma for the bloc that goes well beyond house-proud devotees of deep-pile English carpet.
New, stricter capital rules for Europe's insurers could spur takeovers and consolidation next year among the region's 5,000 insurers, after recent stress tests showed nearly one in seven would fail them, analysts and industry executives said.
The European Union's Solvency II rules, due to take effect in January 2016, are aimed at improving the safety of products for consumers, and will require a complete overhaul of risk-management systems at insurance companies large and small.
Ahead of the release of a report on a controversial arbitration clause in the Transatlantic Trade and Investment Partnership (TTIP), Gus Van Harten told EurActiv that the EU should explore the option of an international arbitration court and use Australia, not Canada as a benchmark.
Gus Van Harten, associate professor of law at the Osgoode Hall Law School in Toronto, has studied the Investor-State Dispute Scheme for 15 years. He has written a number of studies on the topic.
He spoke to EurActiv's Editor-in-Chief, Daniela Vincenti.
China is preparing a fresh investment push into central and eastern Europe, promising more than $10 billion in loans for energy and infrastructure projects to be discussed in Belgrade this week.
Ukrainian Prime Minister Arseny Yatseniuk appealed to the European Union for urgent financial aid yesterday (15 December), saying the government was doing all it could to fix a shattered economy but needed help.
A year of revolution and war with pro-Russian separatists has pushed Ukraine's hryvnia currency to record lows and crippled the economy, which was already near bankruptcy after years of corruption and economic mismanagement.