1. Research
  2. About us
  3. Analysts
  4. Analysts by first name

EU Monitor

The series "EU Monitor" focuses on political, economic and monetary developments in the enlarged EU. The spectrum ranges from political commentaries and reform of the EU institutions to matters pertaining to the European Economic and Monetary Union, financial-market and banking aspects, and the consequences of enlargement for specific sectors and countries.

6 Documents
February 6, 2015
Region:
1
With the independence referendum in Scotland and unofficial polls in Catalonia and Veneto, separatist aspirations in Europe were recently given a boost. In regions seeking greater self-determination or even full secession, not only emotional and cultural aspects play a role but also concrete financial motives. Nearly all the regions seeking greater autonomy are among the wealthiest in their respective countries and far outstrip the national average in terms of per capita income. Moreover, some of them are substantial net contributors in regional redistribution systems. [more]
July 25, 2014
Region:
2
Sub-sovereign bonds are a segment that has attracted little attention to date. Bonds are the dominant form of funding for Germany's Länder, though, and they also play an important role for the regions in Spain. While the Länder benefit from Germany’s excellent sovereign rating, only those Spanish regions not forced to request financial assistance from the central government at the height of the debt crisis have recently been able to obtain financing via the capital market. In France the issuance by the municipalities is likely to increase due to the newly established Agence France Locale. A local authority finance agency is also in the process of being introduced in the United Kingdom. The importance of the sub-sovereign bond market crucially depends on country-specific institutional arrangements. [more]
June 5, 2014
Region:
Analyst:
3
The adoption of the proposal to extend the Savings Taxation Directive is another important stepping-stone towards comprehensive, universal automatic exchange of information at the EU level. The current schedule is very optimistic. But given the international developments over the past year it may be assumed that nothing will be able to stop the march of automatic exchange of information even beyond the EU's borders on a medium-term horizon. It remains to be seen to what extent it will actually be possible to coordinate the multitude of international initiatives with one another and ensure adequate data protection. [more]
September 12, 2013
Region:
Analyst:
4
In the current debate and the numerous initiatives surrounding the improvement of tax collection and cooperation on cross-border (investment) income it is vital to differentiate between two phenomena: one is the fight against (illegal) tax evasion (mainly on investment income) and the other is the legal, (often) so-called 'aggressive' tax planning via profit shifting. Efforts to establish the automatic exchange of information for tax purposes as the European and/or international standard are relatively advanced. 'Aggressive' tax planning, which enables the de facto tax exemption of profits, cannot be addressed by extending the scope of the exchange of information alone, however. [more]
October 5, 2012
Region:
Analyst:
5
Since the financial crisis, the countries of Europe have been faced with the difficult challenge of consolidating their budgets while at the same time promoting economic growth. One approach is a growth-conducive tax system, which keeps distorting effects of taxation on the growth factors – labour, capital and technological progress – as small as possible. Tax reforms carried out in the EU to date are steps in the right direction. Increasing economic policy coordination in Europe offers the chance to implement further structural reforms. [more]
June 22, 2009
Region:
Analyst:
6
Five years after the Ecofin Council reached agreement on the Savings Taxation Directive, the European Commission has submitted a proposal on its extension. The prevailing political climate for more cooperation and exchange of information between the States has improved significantly in recent months. A flurry of new bilateral agreements, initiatives at OECD level and further EU proposals for directives underscore the momentum that has gathered here. Negotiations on amendment of the Savings Taxation Directive will presumably not drag on again. [more]
2.3.3