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29th Mar 2024

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Gibraltar tobacco smuggling cost €700 million says OLAF

Tobacco smuggling in Gibraltar cost the EU €700 million in tax revenues between 2009-2013, a report by anti-fraud office OLAF claims. Over 100 million packets of smuggled cigarettes entered Spain each year, it adds. The report was prompted by a border dispute between Spain and the UK, which controls Gibraltar.

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Opinion

EU Modernisation Fund: an open door for fossil gas in Romania

Among the largest sources of financing for energy transition of central and eastern European countries, the €60bn Modernisation Fund remains far from the public eye. And perhaps that's one reason it is often used for financing fossil gas projects.

'Swiftly dial back' interest rates, ECB told

Italian central banker Piero Cipollone in his first monetary policy speech since joining the ECB's board in November, said that the bank should be ready to "swiftly dial back our restrictive monetary policy stance."

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