European leaders next week will affirm their aim to break the crisis-causing links between banks and sovereign debt by centralizing bank oversight, while leaving open how to resolve German reluctance on cost-sharing.
Group of Eight leaders agreed to work for “a new global standard” to stamp out bank secrecy and pledged to deter multinational companies’ tax-avoidance strategies, according to a draft joint statement.
European Union finance ministers are expected to sign off next week on regulations to combat fraud related to value-added taxes after nations reached agreement in Brussels yesterday, an EU official said.
The European Investment Bank is considering loans to countries affected by heavy flooding that could be on the scale of the 1 billion euros ($1.3 billion) provided in 2002 under similar conditions, the Luxembourg-based EIB said today.
The European Union will press EU governments to permit negotiations over local-content media rules as part of a bargaining strategy for planned trade talks with the U.S., EU officials told reporters in Brussels.
Euro-area states should only be able to seek direct help for their banking systems from the currency zone’s firewall fund if their national solvency is at risk, the European Commission said in a draft report.