According to the Treaty on the Functioning of the European Union, adopting the euro as the national currency is a mandatory requirement unless an explicit exception is agreed upon.
In its third consecutive meeting, the Governing Council of the European Central Bank (ECB) cut all three key interest rates by a quarter of a percentage point, as expected. They are now in the range of 3.00–3.40 per cent.
Until the early 2010s, government subsidies in Europe were on a downward trend, partly because of the increasing prevalence and enforcement of competition and state aid rules.
Globalisation-related pressures have led countries across the world to reduce CIT rates, making taxation more business-friendly. Despite the decrease in tax rates, tax revenues are not falling.