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Meetings Friday 23 February 2024

● Eurogroup   23/02/2024 16:32 | MEETING | Main results - Eurogroup, 23 February 2024   Ahead of the adoption of a statement in March, the Eurogroup (in inclusive format) continued to exchange views on the future of European capital and financial markets. Euro area finance ministers reappointed Tuomas Saarenheimo as president of the Eurogroup Working Group. Press material Friday 23 February 2024   ● Eurogroup   23/02/2024 16:13 | Statements and remarks | Remarks by Paschal Donohoe following the Eurogroup meeting of 23 February 2024   Hello everybody, it is really great to be here again and to be here in this magnificent stadium. I want to extend my thanks to Vincent and the Belgian presidency for their excellent hospitality, and as I said, for such an original location within which we can do our work. I will quickly run you through the agenda and the content of today's meeting, noting also that we were joined by the chair of the European Parliament's Committee on Economic and Monetary Affairs, Irene Tinagli. All of our discussions today were in inclusive format, so we invited and welcomed our non-euro friends and colleagues, and all of the discussion today was on the very important topic of the future of European capital and financial markets. We are now at the end of a very thorough reflection process, which started under a year ago, in response to the call by the leaders of the European Union, for all of us to step up our efforts to take forward the Capital Markets Union. Together with all of my colleagues, we analysed where the EU stands in the global context as this is an area which needs renewed political attention. We heard from the private sector, from different market players and businesses on their experience on what is good and what could be better within the European Union. We all agreed on the urgency in making progress and on the need to take action. The ultimate aim is to provide European companies with the financing opportunities, with the capital to innovate, to grow in Europe rather than having to leave to other continents and other parts of the world to grow and scale up. It's about providing more attractive investment and saving opportunities for our citizens. We are looking into both how to strengthen national capital markets from the bottom-up and how to improve integration among them from the top-down, at how we can strengthen the availability of capital and capital markets themselves in individual countries. Now, a lot has already been achieved by co-legislators, by the institutions that are represented here today. But all of us know we still have a way to go, and I'd argue that we face a political urgency to focus our efforts to deliver more. So today ministers discussed a draft statement, which provided a list of policy ambitions and measures, that would, over time, lead to a stronger and more united capital market within the European Union. More specifically, there are three priority areas which were referred to as the “ABC” of the future of European capital markets: the “A” of architecture is for how we can reduce barriers, how we can develop a better regulatory and supervisory system that works for businesses, investors and savers; the “B” is for business, what we need to ensure that businesses, especially smaller businesses, looking to grow quicker, have access as well as the knowledge and capacity to benefit from the appropriate funding to grow and remain competitive in Europe; and then the “C”, which stands for our focus on citizens, what we can do to create opportunities for them and facilitate access to capital markets for retail investors. We had a long discussion on these, with many ministers offering strong points of view on many of the topics that we discussed. This provided both additional direction and also additional work that all of us need to do to agree a statement at our March Eurogroup meeting. I will then report back on our work to leaders at the Euro Summit at the end of March, which myself and President Lagarde will attend. There is a further “A” that matters so much in all of this, which is the “A” of ambition. We have achieved much, but it's clearly obvious to all of us that we need to achieve far more. Finally, we also concluded on two points: work regarding an updated draft budgetary plan statement with regards to Slovakia and, ending on a very positive note, with the reappointment of Tuomas Saarenheimo as president of the Eurogroup Working Group, after all his excellent work over the past four years. We look forward to working with him in the next two. Thank you very much.

Press material Friday 23 February 2024

● European Council   23/02/2024 15:45 | Statements and remarks | Joint statement by the President of the European Council, the President of the European Commission and the President of the European Parliament   Today marks a tragic anniversary: that of Russia’s full-scale war of aggression against Ukraine in manifest violation of international law and the UN Charter. Two years of violence, brutality, terror and destruction. We shall never forget the initial shock of the attack, the horror of the events in Borodianka, Bucha, Mariupol. Yet, in spite of all the continuing atrocities and suffering inflicted upon it across the country, Ukraine is standing firm. The heroic Ukrainian people are demonstrating fortitude and determination in defending their homeland and fighting for their freedom and our shared European values. The European Union will always support Ukraine’s independence, sovereignty and territorial integrity within its internationally recognised borders. The illegal annexation of Crimea and Sevastopol 10 years ago marks the beginning of Russia’s sustained aggression against Ukraine. Russia and its leadership bear sole responsibility for this war and its global consequences, as well as for the serious crimes committed. We remain determined to hold them to account, including for the crime of aggression. Every day, Ukraine is facing the constant brutal and indiscriminate attacks of its aggressor. More than ever, we remain united and true to our promise to support Ukraine for as long as it takes. For the people of Ukraine, for peace and security in Europe and for the rules-based international order to prevail. The European Union will continue its strong and unwavering political, military, financial, economic, diplomatic and humanitarian support to help Ukraine defend itself, protect its people, its cities and its critical infrastructure, restore its territorial integrity, bring back the thousands of deported children, and bring the war to an end. The European Union has decided to open accession negotiations with Ukraine and will help it on its path towards EU membership. The future of Ukraine lies in the European Union. The European Union will continue to provide Ukraine with regular and predictable financial support. The 50 billion euro financial assistance package for 2024-2027 will help Ukraine meet its immediate needs, rebuild its economy and society, modernise its institutions and consolidate democracy and the rule of law. We will continue to address Ukraine’s pressing military and defence needs, including deliveries of urgently needed ammunition and missiles. We have taken unprecedented actions at the EU level to ramp up European defence industry production, and we will continue to increase the capacity, which will allow us to step up our military support and cooperation with Ukraine while simultaneously strengthening our defence readiness and European sovereignty. We are also working on future security commitments which will help Ukraine defend itself, resist destabilisation efforts and deter acts of aggression in the future.i Russia and its leaders will pay a growing price for their actions. Together with partners, we have imposed unprecedented sanctions against Russia and those complicit in the war and remain ready to increase the pressure on Russia to limit its ability to wage war. We have also taken the first concrete steps towards directing extraordinary revenues stemming from Russian immobilised assets to support Ukraine. We will continue our targeted actions to further isolate Russia in international fora. We support Ukraine’s Peace Formula for a just, comprehensive and lasting peace based on the principles of the UN Charter and international law as well as all efforts towards a Global Peace Summit with the widest possible international support. Today, our flags will be flying side by side as a symbol of our solidarity, commitment and resolve. i Military support and security commitments will be provided in full respect of the security and defence policy of certain Member States and taking into account the security and defence interests of all Member States.

Press material Friday 23 February 2024

● Council of the EU   23/02/2024 10:30 | Press release | Russia: two years after the full-scale invasion and war of aggression against Ukraine, EU adopts 13th package of individual and economic sanctions   The Council adopted today - in view of the second year mark of the beginning of Russia’s full-scale invasion of Ukraine - a thirteenth package of restrictive measures against Putin’s regime, those who are responsible for perpetuating his illegal, unprovoked and unjustified war of aggression and those who are significantly supporting it. "As we reach the sad mark of two years since Vladimir Putin launched the full-scale invasion of Ukraine, the European Union keeps up the pressure on Russia. Today, we are further tightening the restrictive measures against Russia’s military and defence sector, targeting further entities in third countries who supply equipment as well as those responsible for the illegal deportation and military re-education of Ukrainian children. We remain united in our determination to dent Russia’s war machine and help Ukraine win its legitimate fight for self-defense and restore its independence, territorial integrity and sovereignty." Josep Borrell, High Representative for Foreign Affairs and Security Policy Today’s package includes the following measures: Individual listings The Council decided to impose restrictive measures on an additional 106 individuals and 88 entities responsible for actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine. The new listings agreed today target primarily the military and defence sectors and associated individuals, including those involved in DPRK armament supply to Russia, as well as members of the judiciary, local politicians and people responsible for the illegal deportation and military re-education of Ukrainian children. Altogether, EU restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine now apply to over 2000 individuals and entities altogether. Those designated are subject to an asset freeze and EU citizens and companies are forbidden from making funds available to them. Natural persons are additionally subject to a travel ban, which prevents them from entering or transiting through EU territories. Import-export controls and restrictions The Council added 27 new entities to the list of those directly supporting Russia’s military and industrial complex in its war of aggression against Ukraine. They will be subject to tighter export restrictions concerning dual use goods and technologies, as well as goods and technology which might contribute to the technological enhancement of Russia’s defence and security sector. Some of these entities are located in third countries (India, Sri Lanka, China, Serbia, Kazakhstan, Thailand, and Türkiye) and have been involved in the circumvention of trade restrictions, others are Russian entities involved in the development, production and supply of electronic components for Russia’s military and industrial complex. Furthermore, today's decision expands the list of restricted items that could contribute to the technological enhancement of Russia’s defence and security sector by adding components for the development and production of unmanned aerial vehicles (UAV). Lastly, the EU introduced further restrictions on exports of goods which contribute in particular to the enhancement of Russian industrial capabilities, such as electrical transformers. Iron and steel Today’s decision adds the United Kingdom to a list of partner countries which apply a set of restrictive measures on imports of iron and steel from Russia, and a set of import control measures that are substantially equivalent to those of the EU. The relevant legal acts will soon be published in the Official Journal of the EU. Background On 14 and 15 December 2023, the European Council adopted conclusions in which it reiterated its resolute condemnation of Russia’s war of aggression against Ukraine, which constitutes a manifest violation of the Charter of the United Nations, and reaffirmed the EU’s unwavering support for Ukraine’s independence, sovereignty and territorial integrity within its internationally recognised borders and its inherent right of self-defence against Russia’s aggression. The European Council also stated that Russia’s ability to wage its war of aggression must be further weakened, including by further strengthening sanctions, and through their full and effective implementation and the prevention of their circumvention, especially for high-risk goods, in close cooperation with partners and allies. On 12 February 2024 the Council adopted a decision and a regulation clarifying the obligations of Central Securities Depositories (CSD) holding assets and reserves of the Central Bank of Russia (CBR) that are immobilised as consequence of EU’s restrictive measures. Immobilised Russian assets: Council decides to set aside extraordinary revenues (press release, 12 February 2024) Russia's war of aggression against Ukraine: EU adopts 12th package of economic and individual sanctions (press release, 18 December 2023) 12th package of sanctions on Russia's war of aggression against Ukraine: additional 61 individuals and 86 entities included in the EU's sanctions list (press release, 18 December 2023) EU response to Russia's invasion of Ukraine (background information)

Press material Thursday 22 February 2024

● Council of the EU   22/02/2024 20:05 | Press release | Frankfurt to host the EU’s new anti-money laundering authority (AMLA)   Today, the Council and the European Parliament representatives reached an agreement on the seat of the future European authority for anti-money laundering and countering terrorist financing (AMLA). AMLA will be based in Frankfurt and begin operations mid-2025. It will have over 400 staff members. The new authority is the centrepiece of the reform of the EU’s anti-money laundering framework. AMLA will have direct and indirect supervisory powers over obliged entities and the power to impose sanctions and measures. Regarding the location of the authority, the Council and the Parliament worked together to ensure a selection process that is transparent, fair and equitable to all candidates. The final agreement on the location of AMLA’s seat was made by the co-legislators in an informal inter-institutional meeting at political level, where the Parliament’s and the Council’s representatives voted together at the same time with 27 votes attributed to each co-legislator. The location of the seat will be included in the AMLA regulation and formally adopted as part of the text. Background On 20 July 2021, the Commission presented a package of legislative proposals to strengthen the EU’s rules on anti-money laundering and countering terrorist financing (AML/CFT). This package includes a regulation establishing a new EU anti-money laundering authority. The Council and the Parliament found a provisional agreement on the AMLA regulation on 13 December 2023. In its judgments of 14 July 2022 concerning the seat of the European Medicines Agency and the European Labour Authority, the EU Court of Justice held that the competence to determine the location of the seat of those agencies lies with the EU legislature, which must act to that end in accordance with the procedures laid down by the substantively relevant provisions of the Treaties, in this case the ordinary legislative procedure. Discussions to agree on a selection procedure for the location of the seat of AMLA, the first agency to be set up after the judgments of 14 July 2022, took place between the Parliament, the Council and the Commission. In June 2023, the co-legislators agreed on joint criteria for the selection of the seat of AMLA. On 28 September, the Commission launched the call for applications, with the deadline of 10 November 2023 for member states to send applications. Nine member states submitted applications to host AMLA: Belgium (Brussels), Germany (Frankfurt), Ireland (Dublin), Spain (Madrid), France (Paris), Italy (Rome), Latvia (Riga), Lithuania (Vilnius) and Austria (Vienna). The Commission was tasked to assess the eligibility of the candidacies. The assessments were released in January 2024. The co-legislators agreed on the principle of organising joint public hearings to allow representatives of member states’ candidacies to present their applications. The co-legislators assessed each application according to the selection criteria included in the call for applications, the information provided by candidates in their application forms, the Commission’s assessment of those forms as well as the outcome of joint public hearings. On the basis of their assessment, the co-legislators held a vote today. Anti-money laundering: Council and Parliament agree to create new authority (press release, 13 December 2023) Selection of the seat of the Anti-Money Laundering/Countering the Financing of Terrorism Authority (AMLA) (European Commission, background information) Fight against money laundering and terrorist financing (background information)