This Position Paper is a response to the Reflection Paper on the Future of EU Finances by the European Commission. The goal of this Paper is to evaluate the outlook for EU Budget, its trends and ongoing discussions and to present EU budget reform solutions that would change Europe, make it prosperous.
The EU budget has been a result of political negotiations and trade-offs between Member States rather than a well-grounded financing of mutually agreed pan-European goals for a long time.
The fear that the UK-based financial industry will not be able to fully conduct all its current post-Brexit pan-European operations has prompted several London-based institutions to make plans to move some jobs to the continent or to Ireland.
The European Commission has launched a legislative initiative on cash payment restrictions aimed at exploring the rationale for the introduction of upper limits on cash transactions.
After more than three years of discussion and contention, the European Parliament and Council agreed on a new set of regulations regarding Money Market Funds (MMFs) at the end of last year.