European Commission
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Fintech: A More Competitive And Innovative European Financial Sector
This consultation seeks input from stakeholders to further develop the Commission's policy approach towards technological innovation in financial services. It seeks input in terms of stakeholders' perspectives on new technologies' impact on the European financial services sector, both from the perspective of providers of financial services and consumers, and whether the regulatory and supervisory framework fosters technological innovation in line with its three core principles of technologic neutrality, proportionality and integrity. The feedback will help the Commission to gauge how FinTech can make the EU Single Market for financial services more competitive, inclusive and efficient.
Commission presents Action Plan to strengthen the fight against terrorist financing
The European Commission presents an Action Plan to strengthen the fight against the financing of terrorism. The recent terrorist attacks in the European Union and beyond demonstrate the need for a strong coordinated European response to combatting terrorism. The European Agenda for Security had identified a number of areas to improve the fight against terrorist financing. Today's comprehensive Action Plan will deliver a strong and swift response to the current challenges, building on existing EU rules and complementing them where necessary. Through concrete measures, it will adapt or propose additional rules to deal with new threats.
Communication From The Commission To The European Parliament And The Council On An Action Plan For Strengthening The Fight Against Terrorist Financing
This Communication presents an action plan to further step up the fight against the financing of terrorism, building on existing EU rules to adapt to new threats and updating our policy and practices in line with international standards. There are also many ways in which Member States can act already to use the existing framework better.
Action Plan for strengthening the fight against terrorist financing to the Communication from the Commission to the European Parliament and the Council
An action plan for strengthening the fight against terrorist financing, preventing the movement of funds and identifying terrorist funding, and tackling the abuse of the financial system for terrorist financing purposes.
Commission presses Member States on VAT revenue collection
This important study highlights once again the need for further reform in VAT collection systems across the EU. I urge Member States to take the steps needed to fight tax evasion and tax fraud at all levels. This remains a burning issue and is at the top of this Commission's agenda."
The Digital Agenda of Virtual Currencies: Can BitCoin Become a Global Currency?
This paper identifies and analyzes BitCoin features which may facilitate Bitcoin to become a global currency, as well as characteristics which may impede the use of BitCoin as a medium of exchange, a unit of account and a store of value, and compares BitCoin with standard currencies with respect to the main functions of money. Among all analyzed BitCoin features, the extreme price volatility stands out most clearly compared to standard currencies. In order to understand the reasons for such extreme price volatility, we attempt to identify drivers of BitCoin price formation and estimate their importance econometrically. We apply time-series analytical mechanisms to daily data for the 2009-2014 period. Our estimation results suggest that BitCoin attractiveness indicators are the strongest drivers of BitCoin price followed by market forces. In contrast, macro-financial developments do not determine BitCoin price in the long-run. Our findings suggest that as long as BitCoin price will be mainly driven by speculative investments, BitCoin will not be able to compete with standard currencies.
