1. Windfall taxes are the latest hit on Europe’s banks
The European Union (EU) is set to impose windfall tax on banks’ profits, according to reports.
The EU Commission is reportedly preparing legislation that would force banks to pay back any profit they make above certain thresholds.
It comes after the EU’s top court ruled that the UK government had acted unlawfully when it cut bankers’ bonuses last year.
In July, the Court of Justice of the European Union (CJEU) said the government was wrong to reduce bankers’ bonuses by 50% in 2013.
The ruling followed a case brought by French bank BNP Paribas.
The CJEU said the government’s move breached EU law.
2. Germany could face fines over its ‘tax haven’ status
Germany could face fines if it fails to close loopholes that allow companies to avoid paying their fair share of tax.
According to German newspaper Handelsblatt, the country’s finance minister Wolfgang Schaeuble has admitted that his country does not have enough laws to tackle corporate tax avoidance.
He told the paper: “We don’t have enough rules.”
Mr Schaeuble added that he wanted to change this situation by introducing new laws.
3. Spain’s economy shrinks at fastest rate since 2008
Spain’s economy contracted 0.8% in the third quarter of 2014, the biggest quarterly drop since the global financial crisis.