This Week in Finance — Brussels (#16, 2026)
Commission launches merger guidelines consultation; Solvency II lists updated; FX benchmark exemption; Parliament votes on budget discharge, fraud, finfluencers; Council VAT rules agreement.
April 26, 2026 to May 02, 2026
Commission launches merger guidelines consultation; Solvency II lists updated; FX benchmark exemption; Parliament votes on budget discharge, fraud, finfluencers; Council VAT rules agreement.
📋 In This Week's Newsletter
• 📅 This Week's Calendar in Brussels
• 🇪🇺 European Commission
• ⚖️ EU Legislation
• 🏛️ European Parliament
• 🤝 EU Council
• ✒️ EP Committee Work
• 📚 What We're Reading This Week
This Week's Calendar in Brussels
- Eurogroup: On May 04, the EU Council's Eurogroup configuration is scheduled to hold an eurogroup ministerial meeting in Brussels.
- Committee on Budgets (BUDG): On May 04, the European Parliament's Committee on Budgets (BUDG) is scheduled to meet. Agenda includes: Ukraine Facility Dialogue.
- Committee on Economic and Monetary Affairs (ECON): On May 04, the European Parliament's Committee on Economic and Monetary Affairs (ECON) is scheduled to meet. Agenda includes: Amending Directive (EU) 2020/262 as regards the general arrangements for excise duty in respect of tobacco and tobacco related products; Amending Regulation (EU) 2017/2402 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation; Amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions as regards requirements for securitisation exposures.
- Committee on Legal Affairs (JURI): On May 04, the European Parliament's Committee on Legal Affairs (JURI) is scheduled to meet. Agenda includes: Chair’s announcements; Date of next meetings; Establishing the Justice programme for the period 2028-2034 and repealing Regulation (EU) 2021/693.
- Committee on Legal Affairs (JURI): On May 04, the European Parliament's Committee on Legal Affairs (JURI) is scheduled to meet. Agenda includes: * * *; Authorising Member States to accept, in the interests of the European Union, the accession of Cabo Verde to the 1980 Hague Convention on the Civil Aspects of International Child Abduction; Chair’s announcements.
- Economic and Financial Affairs Council: On May 05, the EU Council's Economic and Financial Affairs Council configuration is scheduled to hold an ministerial meeting in Brussels.
- Committee on Budgets (BUDG): On May 05, the European Parliament's Committee on Budgets (BUDG) is scheduled to meet. Agenda includes: Chair’s announcements; Date of next meetings; Establishing a budget expenditure tracking and performance framework and other horizontal rules for the Union programmes and activities.
- Committee on Budgetary Control (CONT): On May 05, the European Parliament's Committee on Budgetary Control (CONT) is scheduled to meet. Agenda includes: Chair’s announcements; Date of next meetings; Establishing a budget expenditure tracking and performance framework and other horizontal rules for the Union programmes and activities.
- Committee on Budgetary Control (CONT): On May 05, the European Parliament's Committee on Budgetary Control (CONT) is scheduled to meet. Agenda includes: * * *; Amending Regulation (EU) No 904/2010 as regards the access of the European Public Prosecutor’s Office (EPPO) and the European Anti-Fraud Office (OLAF) to value added tax information at Union level; Chair’s announcements.
- Committee on Economic and Monetary Affairs (ECON): On May 05, the European Parliament's Committee on Economic and Monetary Affairs (ECON) is scheduled to meet. Agenda includes: Chair’s announcements; Date of next meetings; Exchange of views with the Commission on the Implementation of the EU Taxonomy Regulation (Scrutiny session).
European Commission
Commission opens consultation on draft of new Merger Guidelines
On 29 April 2026, the European Commission launched a public consultation on the draft EU Merger Guidelines, marking the most significant reform in merger control in two decades. The guidelines aim to modernise merger assessment, reflecting current geopolitical and trade realities, and introducing provisions on innovation, investment, sustainability, and resilience. The draft includes guidance for assessing dynamic harm and 'killer acquisitions', with an 'Innovation Shield' for mergers involving small innovative companies, such as start-ups and R&D projects. Ursula von der Leyen, President, and Teresa Ribera, Executive Vice-President, underscored the guidelines' role in boosting competitiveness and maintaining predictability for investors. Stakeholders can submit responses until 26 June 2026, with further engagement planned before the review process concludes.
Commission greenlights Italy's ninth payment request under NextGenerationEU
On 28 April 2026, the European Commission issued a positive assessment for Italy's ninth payment request of €12.8 billion under the Recovery and Resilience Facility. Italy has fulfilled all 16 milestones and 34 targets, covering reforms in public administration, tax modernisation, judicial efficiency, education, and digital skills. Notable measures include the extension of the Guaranteed Employability programme, reduction of early school leaving, and deployment of 3,800 low-emission vehicles by the National Fire Brigade. The Economic and Financial Committee will review the Commission's assessment before the payment proceeds. This request brings Italy's received funds to €166 billion, accounting for 85% of its plan.
Commission proposes plan for simpler, clearer and better enforced EU rules
On 27 April 2026, the European Commission presented a plan to modernise EU lawmaking, focusing on clarity, simplicity, and robust enforcement. The strategy includes embedding 'simplicity by design' in every proposal, deep cleaning existing legislation, addressing regulatory gold-plating, and accelerating enforcement. President Ursula von der Leyen and Commissioner Valdis Dombrovskis stated the plan aims to bolster competitiveness and reduce administrative costs. The Commission will collaborate with Parliament and Council to apply these principles during legislative processes.
Statement by President von der Leyen at CDU/CSU group meeting
On 26 April 2026, Ursula von der Leyen addressed the CDU/CSU group in the Bundestag, outlining priorities including deepening the internal market, digitalisation, and creating a single capital market. She discussed energy dependency, ongoing trade agreements with Mercosur, India, and Australia, and the proposal for 'EU Inc.'—a new legal form for startups to streamline cross-border business formation. Von der Leyen also referenced the 'One Europe, One Market' roadmap, signed with the Council Presidency and Parliament, aiming to remove single market barriers by 2027.
Commission refers seven Member States to Court of Justice for failing to transpose CER Directive
On 28 April 2026, the European Commission referred Bulgaria, France, Luxembourg, the Netherlands, Poland, Spain, and Sweden to the Court of Justice for failing to transpose the Directive on the resilience of critical entities (CER Directive) by the 17 October 2024 deadline. The directive targets sectors such as energy, transport, health, water, banking, and digital infrastructure. The Commission requests financial sanctions and notes previous formal notices and reasoned opinions issued to these Member States.
Remarks by Commissioner Dombrovskis on plans for simpler, clearer and better enforced EU rules
On 27 April 2026, Commissioner Valdis Dombrovskis delivered remarks on the Commission's strategy for modernising EU rules. He outlined five pillars: simplicity by design, strengthening better regulation, regulatory deep cleaning, tackling gold-plating, and faster enforcement. Dombrovskis detailed upcoming action plans and collaborative efforts with Parliament and Council to enhance rulemaking, enforcement, and Single Market coherence.
Questions and Answers on the Communication on 'A simpler, clearer and better enforced EU rulebook'
The Commission released a Q&A document on 27 April 2026 explaining the new strategy for EU lawmaking. The initiative focuses on drafting simpler laws, regulatory deep cleaning in 12 priority areas (including financial services), addressing gold-plating, and stricter enforcement. The document details improvements to the better regulation system, including optimised consultations, impact assessments, and enhanced scrutiny of urgent initiatives.
EU Legislation (Official Journal)
Commission Implementing Regulation (EU) 2026/911 amends Solvency II lists
On 28 April 2026, Commission Implementing Regulation (EU) 2026/911 amended Implementing Regulation (EU) 2015/2011 to update the lists of regional governments and local authorities under Directive 2009/138/EC (Solvency II). New types from France and Latvia are added, while United Kingdom regional governments are removed. The changes allow exposures to these entities to be treated as exposures to central government.
Commission Implementing Regulation (EU) 2026/905 exempts spot FX benchmarks
On 27 April 2026, Commission Implementing Regulation (EU) 2026/905 established a list of spot foreign exchange benchmarks exempt from Regulation (EU) 2016/1011. The USDINR, USDKRW, USDTWD, and USDPHP benchmarks are designated for exemption, based on currency controls and frequent usage for hedging in the Union. The regulation enters into force twenty days after publication.
European Parliament
Parliament votes discharge of EU budget management for 2024
On 29 April 2026, Parliament granted discharge for the European Commission's management of the 2024 budget, noting ongoing rule of law concerns and transparency issues in Recovery and Resilience Facility funding. The Council's discharge was postponed due to lack of cooperation.
Parliament warns against expanding performance-based funding in next EU budget
On 28 April 2026, Parliament adopted a report warning that performance-based funding in the Multiannual Financial Framework increases risks of errors and fraud. MEPs called for strict safeguards, especially regarding RRF-linked payments and oversight.
Parliament sets 2027 budget priorities: cohesion, competitiveness, security
On 28 April 2026, Parliament adopted guidelines for the 2027 EU budget, prioritising social cohesion, competitiveness, and security. MEPs called for increased investment in critical infrastructure, support for SMEs, and rule-of-law conditionality on funds.
Parliament debates and votes annual report on combating fraud
On 27 and 28 April 2026, Parliament debated and voted the annual report on protection of EU financial interests and combating fraud (A10-0080/2026, rapporteur Julien Sanchez). The report covers fraud detection and control measures for EU funds.
www.europarl.europa.eu | www.europarl.europa.eu
Parliament votes report on financial literacy and finfluencers
On 30 April 2026, Parliament voted on the report addressing financial literacy and the rise of finfluencers in the context of the EU savings and investments union (A10-0082/2026, rapporteur Lídia Pereira), focusing on consumer protection and digital finance.
EU Council
Eurogroup discusses Middle East conflict's impact and bank resilience
On 4 May 2026, the Eurogroup assessed the economic implications of the Middle East conflict and reviewed banks' operational resilience, with focus on cyber security and artificial intelligence.
ECOFIN agrees on new rules to combat VAT fraud
On 5 May 2026, the Economic and Financial Affairs Council reached agreement on new measures to address VAT fraud and held a policy debate on the market integration and supervision package.
Upcoming Eurogroup and ECOFIN meetings
Eurogroup and Economic and Financial Affairs Council will hold informal meetings on 22 May 2026.
www.consilium.europa.eu | www.consilium.europa.eu
General Affairs Council to discuss MFF, EU-UK relations, rule of law
On 26 May 2026, the General Affairs Council will prepare for the June European Council, including policy debates on the Multiannual Financial Framework 2028-2034 and annual rule of law dialogue.
EP Committee Work
ECON draft report on SFDR and PRIIPs amendments
On 28 April 2026, the Committee on Economic and Monetary Affairs published a draft report amending Regulation (EU) 2019/2088 (SFDR), Regulation (EU) No 1286/2014 (PRIIPs), and repealing Commission Delegated Regulation (EU) 2022/1288. Rapporteur: Gerben-Jan Gerbrandy.
EMPL draft opinion on strengthening occupational retirement provision
On 29 April 2026, the Committee on Employment and Social Affairs issued a draft opinion on the proposal to amend Directives (EU) 2016/2341 and 2016/97, focusing on occupational retirement provision. Rapporteur: Estelle Ceulemans.
FEMM draft opinion on budget expenditure tracking and performance framework
On 30 April 2026, the Committee on Women's Rights and Gender Equality published a draft opinion on the proposed regulation establishing a budget expenditure tracking and performance framework for Union programmes. Rapporteur: Lina Gálvez.
What We're Reading This Week
- FISMA - Deadline extended: final chance to have your say on private equity exits: Stakeholders now have additional time to provide input on regulatory changes impacting private equity exit strategies.
- Boost competitiveness with simpler banking rules, says EBA chair: EBA chair advocates streamlined banking regulations to enhance Europe's financial sector competitiveness and spur economic growth.
- Eurogroup - Draft annotated agenda1 4 May 2026: Eurozone finance ministers plan to discuss fiscal policy coordination and economic outlook at their upcoming May meeting.
- Senior Tory MP provided legal services to company of sanctioned Russian oligarchs: A prominent Conservative MP faces scrutiny for offering legal assistance to a firm linked to sanctioned Russian oligarchs.
- German finance minister doesn’t rule out emergency borrowing as ‘Trump’s irresponsible war’ bites: Germany considers emergency borrowing as economic pressures mount amid global uncertainty linked to Trump's actions and international tensions.
