This briefing was requested by the FEMM Committee for an Inter-parliamentary Committee Meeting to be held on 5 March 2020 in connection with International Women’s Day on 8 March 2020. This thematic briefing concentrates on women and the economy, violence against women, women and climate change, and the backlash against women’s rights and gender equality.
A group of Europe’s largest and most important financial infrastructures, members of the Euro Cyber Resilience Board for pan-European Financial Infrastructures (ECRB), chaired by the European Central Bank (ECB), today launched an initiative to share vital cybersecurity threat information to help protect European citizens’ savings against cybercriminals.
The European Systemic Risk Board (ESRB) has today published a report on macroprudential policy for the insurance sector. In line with its strategy for expanding macroprudential policy beyond banking, the ESRB believes that the review of the Solvency II regulatory regime for insurance in the EU, which is envisaged to be completed by the end of 2020, should result in a revised framework that better reflects macroprudential considerations. The revised framework should thereby contribute to reducing systemic risk in the financial sector.
Roadmap and public consultations open.
With the financial sector making ever-greater use of information and communications technology (ICT), the risk of cyberattacks is increasing. The EU therefore needs to update its rules to ensure that financial-sector ICT systems can withstand security threats and that third-party ICT providers are monitored.
The European Commission is considering:
- amending existing rules, particularly in the Network and Information Security (NIS) Directive
- a new law on digital operational resilience for financial services.
Europol’s EC3 signs Memorandum of Understanding (MOU) with global non-profit dedicated to reducing cyber-risk in the financial system through intelligence sharing.
A summary of the exchange of views is now available.
EU countries lost €137 billion in Value-Added Tax (VAT) revenues in 2017 according to a study released by the European Commission today. The so-called ‘VAT Gap’ – or the overall difference between the expected VAT revenue and the amount actually collected – has reduced somewhat compared to previous years but remains very high. This substantial VAT Gap again highlights the need for comprehensive reform of the EU VAT rules, as proposed in 2017 by the Commission, and increased cooperation between Member States to clamp down on VAT fraud and to make the rules work for legitimate businesses and traders. The VAT Gap measures the effectiveness of VAT enforcement and compliance measures in each Member State, as it provides an estimate of revenue loss due to fraud and evasion, tax avoidance, bankruptcies, financial insolvencies as well as miscalculations.
Prepared by Maria Teresa Chimienti, Urszula Kochanska and Andrea Pinna
Some 251,000 counterfeit euro banknotes were withdrawn from circulation in the first half of 2019, a decrease of 4.2% when compared with the second half of 2018 and 16.6% less than in the first half of 2018. The likelihood of receiving a counterfeit is very small indeed as the number of counterfeits remains very low compared with the number of genuine banknotes in circulation, which has risen steadily at rates in excess of GDP growth since they were first introduced. In 2018 the number and value of euro banknotes in circulation grew by around 5.6% and 5.2%, respectively. There are now over 22 billion euro banknotes in circulation, with a total value of around €1.2 trillion.
NBFI MonitorNo 4 / July 2019
Working Paper SeriesNo 97 / June 2019 by Manuel Muñoz