International tax law
First session of the EU summit: Agreement on immediate action and on new fiscal rule for the eurozone
At a press conference Herman Van Rompuy, President of the European Council, and José Manuel Barroso, President of the European Commission, explained the short-term measures. Up to €200 billion will be made available to the IMF, the European Financial Stability Facility (EFSF) leverage “will be rapidly deployed” and the European Stability Mechanism (ESM) should enter into force in July 2012.
The Multiannual Financial Framework: The Proposals on External Action Instruments
The MFF translates the Union’s political priorities for seven years into financial terms1. It sets annual maximum amounts (ceilings) for EU expenditure as a whole and for the main categories of expenditure (headings).
An increased external relations budget will help make Europe count in a world of shifting alliances and emerging new powers. The overall objective for external action will be to ensure that the EU is also able to live up to its ambitions in promoting democracy, peace, solidarity, stability and poverty reduction and to help safeguard global public goods.
Package of economic and budgetary recommendations sets priorities for 2012 and includes new measures to reinforce eurozone financial governance and stability
Governments need to put public finances in order and make structural reforms to boost growth and jobs, says the Commission in its 2012 growth survey. The survey marks the start of the second “European semester”, an annual 6-month cycle during which governments benefit from the input of their EU peers as they formulate national budgetary [...]
Tax breaks, company incentives could help improve lot of single parents
There are an increasing number of single parent households in the EU and they are almost three times more likely to be at risk of poverty and social exclusion than couples with children. A report by Italian EPP member Barbara Matera suggests tax breaks and incentives for companies could help. The own-initiative report, which will [...]
Doing more for the stability of the eurozone
“We are determined to take all necessary measures and actions needed to ensure the stability of the euro area. Since two years, we have taken steps to overcome the crisis but the immediate economic challenges are so serious that we must do more. All leaders agree to that,” declared Herman Van Rompuy, President of the [...]
Building on Wyden-Coats: Making International Tax Reform Possible
Michael C. Durst (Steptoe & Johnson, Washington, D.C.) has published Building on Wyden-Coats: Making International Tax Reform Possible, 131 Tax Notes 741 (May 16, 2011): Abstract: Durst praises the recently introduced Wyden-Coats reform proposal, but he suggests ways it might be enhanced to increase the likelihood of enactment, particularly regarding its international provisions. In particular, Durst [...]
Corporate Meltdowns Caused by Compensatory Stock Options
Calvin H. Johnson (Texas) has published Corporate Meltdowns Caused by Compensatory Stock Options, 131 Tax Notes 737 (May 16, 2011). Abstract: Tax contributes to high-risk investments that cause meltdowns when the high risk turns into losses. This proposal would end the exemption of compensatory stock options from the § 162(m) $1 million limit on compensation deductions. [...]
Inflation in the euro area has picked up, but underlying price pressures remain subdued
This Quarterly Report on the euro area concludes that the main reason for the acceleration of inflation in recent months is higher commodity prices, whereas domestically-generated inflation pressures remain subdued. The Report also welcomes the recent milestones in strengthening the economic governance in the euro area as decisive steps to safeguard the financial stability and [...]
The Influence of Law & Economics on Law & Accounting
Lawrence A. Cunningham (George Washington University Law School) has posted The Influence of Law and Economics on Law and Accounting: Two Steps Forward, One Step Back, in Research Handbook on the Economics of Corporate Law (Brett McDonnell & Claire Hill, ed.) (Edward Elgar, 2012), on SSRN. Theory can have profound effects on practice, some intended [...]
Lawmakers begin work on derivatives regulation
Work on EU legislation to regulate derivatives trading began officially in the Economic Affairs Committee on Monday, with the presentation of a draft report by Werner Langen (EPP, DE). Mr Langen says the new rules should govern only privately-traded derivatives (rather than all kinds, as some Member States wish). His draft also advocates limited exemptions, [...]
Euro area inflation estimated at 2.4%
Euro area annual inflation is expected to be 2.4% in February 2011 according to a flash estimate issued by Eurostat, the statistical office of the European Union. It was 2.3% in January 20113. Computation of flash estimates Euro area inflation is measured by the Monetary Union Index of Consumer Prices (MUICP). To compute the MUICP [...]
