COUNCIL OF THE EUROPEAN UNION latest

Press material Thursday 15 June 2023

● Eurogroup   15/06/2023 17:39 | Press release | Statement of Paschal Donohoe on the 25th anniversary of the first Eurogroup meeting   Today’s meeting marks the 25th anniversary from our very first Eurogroup meeting, which was also held here in Luxembourg on June 4, 1998. If I look back at what has unfolded since our last milestone – our 20th anniversary in 2018 – the scale of the challenges that have confronted us in the intervening period has been unprecedented. We have taken extraordinary actions to support our citizens amid a global pandemic; an energy crisis; and, tragically, a war in Europe. Yet one element has remained constant – the centrality of the euro as our guiding star for stability; for security; and for prosperity. The achievement of the euro remains, for me, one of the most fundamental rocks of European integration. It is one of those tangible symbols in our shared history. It reflects our common European identity. It is a symbol of unity, solidarity and resilience. And we recognise that the euro continues to hold its appeal. As recently as this year, we welcomed Croatia as our 20th member. In the current uncertain environment, this meant a lot to all of us, and it further reinforced the strength of our monetary union. From my own perspective, it continues to be a tremendous honour and privilege to serve as President of the Eurogroup. As policy makers gathered in this forum, we have made some great decisions, but also learned some lessons along the way. We have proven our mettle in times of crisis – none more so than during our coordinated efforts to tackle the pandemic. Our policies and our actions worked, with millions of lives and livelihoods protected. We provided certainty during a time marked by uncertainty. Looking to the future, I am deeply encouraged by the engagement I have heard from you all in terms of how this forum can make a positive contribution to advancing our shared ambitions. We are right to have confidence in our collective strength. Let’s not forget that our economies have continued to outpace expectations – again last year with growth surprising on the upside, despite the challenges posed by the war and high inflation. We have established new horizons and new opportunities for progress as we embrace the twin transitions. Each of us recognise that building our shared economic future is a work in progress - from completing Banking Union, to our work on deepening our capital markets; to economic governance, to securing the digital future of the euro. But I am reassured in that I recognise in each one of you, your countries, your work and your institutions – the centrality of our collective action that defines the European project. In that sense, Eurogroup embodies so much of what Europe means. The collegiate spirit we have built up works, and it works well. I am reminded of the words of the great statesman Alcide De Gasperi speaking on European integration in the 1950s – well before the advent of the euro. He spoke of the need for political leadership; for common aims to be defined and underwritten. His words are in some respect prescient in foreshadowing our work in the Eurogroup. If I can paraphrase De Gasperi, he said: ‘If we do no more than set up common administrations, without any higher political will, there will be a danger that this European activity might even seem, at times, to be mere superfluous and burdensome trappings.’ His remedy? He went on to say: ‘That is why, despite our clear awareness of the need to build this construction by gradual stages, our action must always be such that the goal remains clear, definite, and agreed.’ Sound advice to us all. As we reflect on the challenges we have overcome, and we look to those to come, I would encourage us all to reflect sincerely on those words. As I look around the room today, I am reminded of the courageous leaders that built our single currency. The mission before us all is to resolve to continue to carry it forward. Videos and photos of the event

Press material Thursday 15 June 2023

● Council of the EU   15/06/2023 10:39 | Media advisory | Media advisory - Press briefings ahead of the Transport, Telecommunications and Energy Council (Energy) of 19 June, and the Environment Council of 20 June 2023   The press briefings ahead of the Transport, Telecommunications and Energy Council (Energy) of 19 June, and the Environment Council of 20 June will take place on Friday, 16 June 2023: at 13.30 Energy Council at 14.00 Environment Council These briefings will be "off the record" and will take place in a hybrid format: EU accredited journalists will be able to participate and ask questions either remotely or in person at the Europa building press room. To attend the event remotely, please use this link to register and have the possibility to ask questions. Those who already registered for the previous press events of Transport, Telecommunications and Energy Council (Energy) or Environment Council do not need to do it again. Deadline for registration: Friday, 16 June 2023, 12.30. Further instructions will be sent to all registered participants shortly after the deadline. Transport, Telecommunications and Energy Council (Energy), 19 June 2023 – Meeting page Environment Council, 20 June 2023 – Meeting page

Meetings Thursday 15 June 2023

● Council of the EU   15/06/2023 10:14 | MEETING | Economic and Financial Affairs Council, 16 June 2023   Background brief - Economic and Financial Affairs Council, 16/06/2023

Meetings Wednesday 14 June 2023

● Council of the EU   14/06/2023 13:14 | MEETING | Agenda highlights - Transport, Telecommunications and Energy Council (Energy), 19 June 2023   EU energy ministers will seek a general approach on the EU electricity market design reform.

Press material Wednesday 14 June 2023

● Council of the EU   14/06/2023 13:02 | Press release | The Council adopts its negotiating mandate for a new EU law on liability for defective products   The ambassadors of the EU member states agreed today on the Council’s negotiating mandate for a new EU law on liability for defective products. Once finally adopted, the law will update decades-old civil liability rules and make them fit for the digital age and circular economy. "Effective liability rules are essential if consumers are to trust the market. With our economies becoming digital and circular an update to the EU rulebook is important. The Council position will increase consumer protection and guarantee a stable legal framework for companies." Gunnar Strömmer, Swedish Minister for Justice Digital economy The proposed new liability directive extends the definition of ‘product’ to digital manufacturing files and software. Because of the increasing technical complexity of many products, member states must also ensure that an injured person who claims compensation before a national court has access to relevant evidence at the disposal of the manufacturer on how a product was produced. Circular economy In a circular economy, products are designed to be more durable, reusable, reparable and upgradable. When a product is modified substantially and is made available on the market or put into service again, it is considered to be a new product. Where the modification is not made by the original manufacturer the new directive stipulates that the person that made the substantial modification should be held liable as the manufacturer of the modified product. Products bought from non-EU manufacturers Because consumers are increasingly buying from manufacturers based outside of the EU, the new liability directive provides for the same level of protection against defective products coming from non-EU manufacturers as for products from EU manufacturers. It stipulates that the importer of the defective product, the authorised representative of the manufacturer or, as a last resort, the fulfilment service provider (a company that typically takes care of the warehousing, packaging and dispatching of a product) can be held liable for damages. Longer expiry period Entitlement to compensation expires after 10 years from the placing on the market of the defective product. In cases where the symptoms of a personal injury are slow to emerge, the expiry period is 20 years – up from the original Commission proposal of 15 years. Burden of proof One of the directive’s objectives is to ensure that consumers will have a fair chance of getting compensation in complex cases. The Council has therefore streamlined the presumptions that apply when claimants are faced with excessive difficulties, in particular due to the technical or scientific complexity of the case. In these cases, the claimant is only required to prove the likelihood that the product was defective or that its defectiveness is a likely cause of the damage.

Press material Wednesday 14 June 2023

● Council of the EU   14/06/2023 12:19 | Press release | Capital markets union: Council agrees its negotiating mandate on the listing act   The Council agreed its negotiating mandate on the listing act, a package which will make EU public capital markets more attractive for EU companies and facilitate access to capital for companies of all sizes, in particular small and medium-sized enterprises. This initiative is part of the completion of the Capital Markets Union. The proposed measures will further develop the CMU by cutting unnecessary red tape and costs for companies. This will encourage companies to get and remain listed on EU public markets. Easier access to public markets will allow companies to better diversify and complement available sources of funding. "Today’s agreement will help European companies access sources of financing which they until now have not tapped into because of excessive red tape. The new rules will make it easier for companies of all sizes, including SMEs, to list on European stock exchanges." Elisabeth Svantesson, Minister for Finance of Sweden Now that member states’ EU ambassadors meeting at the Council have agreed a mandate on the proposal, the Council is ready to start negotiations with the European Parliament in order to agree on a final version of the texts. Background On 7 December 2022, the Commission put forward measures to alleviate – through a new listing act – the administrative burden for companies of all sizes, in particular SMEs, so that they can better access public capital market funding, without undermining market integrity and investor protection. The listing act package consists of: amending the prospectus regulation, market abuse regulation and the markets in financial instruments regulation amending the markets in financial instruments directive and repealing the listing directive a directive on multiple-vote shares The proposal seeks to streamline the rules applicable to companies going through a listing process and companies already listed on EU public markets with an aim to simplify for the companies by alleviating their administrative burdens and costs, while preserving a sufficient degree of transparency, investor protection and market integrity. On 19 April, the Council had already agreed its mandate on the directive on multiple-vote shares. Today it has finalised its mandate on the remaining two pieces of legislation. Listing act regulation – mandate for negotiations with the European Parliament Listing act regulation – mandate for negotiations with the European Parliament - Addendum Listing act directive – mandate for negotiations with the European Parliament SME access to capital: Council adopts negotiating mandate on multiple-vote share structures (press release, 19 April 2023) Listing act regulation – Commission proposal Listing act amending directive – Commission proposal Capital markets union (background information)

Press material Wednesday 14 June 2023

● Council of the EU   14/06/2023 11:13 | Press release | Financial regulation: agreement on a mandate to start negotiations on EU budget rules   Today member states’ EU ambassadors endorsed a mandate for negotiations with the European Parliament on a targeted revision of the financial regulation which lays down the financial rules applicable to the EU budget. The main reason for this targeted revision proposed by the Commission is the need to align the financial regulation with the multiannual financial framework (MFF) package. The proposal builds on the lessons learned from the COVID-19 pandemic putting forward changes for a more efficient crisis management, focuses on the protection of EU financial interests and strives for further simplification. In its mandate, the Council keeps a focus on ensuring proportionality as regards the additional administrative burden for national administrations, resulting from the proposed use of the single integrated IT system for data mining and risk scoring and of the early detection and exclusion system (EDES), while safeguarding data protection. The fundamental budgetary principles and the interinstitutional balance are maintained. Also, in its mandate the Council supports the Commission’s efforts to further simplify rules and procedures, with an interest in legal certainty and clarity. The negotiations with the European Parliament to agree on a final version of the text are expected to start before the end of June. Background On 16 May 2022, the Commission presented a proposal for a recast regulation on the financial rules applicable to the general budget of the Union, with the focus on: aligning the financial regulation with the multiannual financial framework package, including the declarations made by the EU institutions in the context of the MFF, and to maintain a single rulebook governing the expenditure of the Union including targeted improvements and simplifications, notably to address the green transition, facilitate crisis management, reduce the administrative burden for grant applicants, simplify tenders through use of electronic invoicing for procurement and facilitate digital audits and reporting enhancing the protection of the EU financial interests through an update of the data mining tool and of the early detection and exclusion system, while improving financial transparency across the budget Financial regulation – Council’s mandate for negotiations Commission proposal EU budget (background information)