European Commission President Survives No Confidence Vote

European Commission President Jean-Claude Juncker easily survived a confidence vote in the European Parliament on Thursday brought over revelations that Luxembourg attracted multinationals with super low tax rates during his period as prime minister.

The censure motion was clearly defeated by 461 votes to 101, but it is hardly an auspicious start for Juncker, who has faced criticism in his first month in office, both over his former role as Luxembourg leader and the potential conflict of interest as head of a European Commission examining tax avoidance.

The motion of censure, brought by far-right parties such as France’s Front National and anti-EU parties including Britain’s UKIP, said that Juncker was directly responsible for Luxembourg’s tax avoidance policies during his time as the country’s prime minister.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza