The European Commission decided that the Belgian government has to collect EUR 700 million in tax of multinationals. According to the European Commission, Belgium has provided illegal tax incentives. At least 35 multinationals, mainly from Europe, were able to reduce their tax base by using excess-profit rulings. This allowed multinationals to reduce taxes by as much as 50%. For some companies, the reductions were even as high as 90%.
The Organisation for Economic Cooperation and Development (OECD) predicts a stable economic growth in the Eurozone. The Dutch and German economies are forecasted to grow at their current levels. The growth of the French economy will increase. The OECD sees a deterioration in growth for the US and the UK and a stabilization for China and Brazil.
Yesterday, oil prices continued to decline. The price of a barrel of Brent crude oil dropped to USD 31.40, a decline of 6% compared to Friday. The WTI price decreased by 5% to USD 31.42. The prices are at their lowest levels in 12 years. The pressure on the oil price is partly caused by fear of a slowdown of the Chinese Economy and sustained production levels of OPEC and Iran.
The 6M Euribor remained unchanged at -0.05%. The 10Y Swap increased 2 basis points to 0.91%.
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