EUROGROUP,COUNCIL OF THE EUROPEAN UNION,update

Meetings Thursday, 10 October 2024

● Council of the EU   10/10/2024 14:38 | Meetings | Agenda highlights - Transport, Telecommunications and Energy Council (Energy), 15 October 2024   EU energy ministers will meet in Luxembourg to discuss energy’s contribution to the EU’s competitiveness, wholesale electricity prices and winter preparedness. The implementation of REPowerEU and Fit for 55 will also feature on the agenda

Meetings Thursday, 10 October 2024

Press material Thursday, 10 October 2024

● Council of the EU   10/10/2024 13:46 | Press release | Cyber resilience act: Council adopts new law on security requirements for digital products   The Council adopted today a new law on cybersecurity requirements for products with digital elements with a view to ensuring that products, such as connected home cameras, fridges, TVs, and toys, are safe before they are placed on the market (cyber resilience act).  The new regulation aims to fill the gaps, clarify the links, and make the existing cybersecurity legislative framework more coherent, ensuring that products with digital components, for example ‘Internet of Things’ (IoT) products, are made secure throughout the supply chain and throughout their lifecycle. Key elements of the new regulation The new law introduces EU-wide cybersecurity requirements for the design, development, production and making available on the market of hardware and software products, to avoid overlapping requirements stemming from different pieces of legislation in EU member states. For example, software and hardware products will bear the CE marking to indicate that they comply with the regulation's requirements. The letters ‘CE’ appear on many products traded on the extended single market in the European Economic Area (EEA). They signify that products sold in the EEA have been assessed to meet high safety, health, and environmental protection requirements. The regulation will apply to all products that are connected either directly or indirectly to another device or to a network. There are some exceptions for products for which cybersecurity requirements are already set out in existing EU rules, for example medical devices, aeronautical products, and cars. Finally, the new law will allow consumers to take cybersecurity into account when selecting and using products that contain digital elements, making it easier for them to identify hardware and software products with the proper cybersecurity features. Next steps Following today’s adoption, the legislative act will be signed by the presidents of the Council and of the European Parliament and published in the EU’s official journal in the coming weeks. The new regulation will enter into force twenty days after this publication and will apply 36 months after its entry into force with some provisions to apply at an earlier stage. Background First announced by Commission President von der Leyen in her State of the Union address in September 2021, the cyber resilience act was mentioned in the Council conclusions of 23 May 2022 on the development of the European Union’s cyber posture, which called upon the Commission to submit its proposal by the end of 2022. On 15 September 2022, the Commission submitted the proposal for a cyber resilience act, which will complement the existing EU cybersecurity framework: the directive on the security of network and information systems (NIS directive), the directive on measures for a high level of cybersecurity across the Union (NIS 2 directive) and the EU cybersecurity act. Following interinstitutional negotiations (‘trilogues’), a provisional agreement was reached between the co-legislators on 30 November 2023. Regulation on horizontal cybersecurity requirements for products with digital elements (Cyber resilience act), 10 October 2024 Cyber resilience act, Council’s negotiating mandate, 19 July 2023 Regulation on harmonised cybersecurity requirements for products with digital elements (cyber resilience act), Commission proposal, 15 September 2022 Your life online: How the EU is making it easier and safer for you (feature story)

Press material Thursday, 10 October 2024

● Council of the EU   10/10/2024 13:42 | Press release | Intellectual property: Council gives its final approval to the designs protection package   The Council has today adopted the two legislative acts under the design package: the revised directive on the legal protection of designs and the amended regulation on community designs. The texts adopted today update the current design legislation to improve the protection of industrial designs in the era of digital designs and 3D printing. This is the last step in the decision-making procedure. Better design protection The directive and regulation adopted today will make the procedure to register designs at EU level cheaper and easier and will harmonise procedures between European and national systems. They also introduce the so-called “repair clause” with new rules to exempt from design protection the spare parts used for repair of complex products (such as spare parts for the car-repair sector). There will be a harmonised transitional period to allow that existing designs of component parts are protected during the transition from the existing legal framework to the legislation adopted today. Next steps Following the Council’s approval today, the legislative act has been adopted. After being signed by the President of the European Parliament and the President of the Council, the directive on the legal protection of designs will be published in the Official Journal of the European Union and will enter into force on the 20th day following its publication. Member States will have a period of 36 months to take the necessary measures to transpose the directive. The regulation amending the regulation on Community designs will enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. It will apply 4 months later. Background Design-intensive industries represent almost 16% of GDP and 14% of all jobs in the Union. On 10 November 2020, the Council asked the Commission to present proposals to modernise the EU design protection provisions, which were almost 20 years old. On 28 November 2022, the Commission published a package of measures containing two proposals: a regulation amending Council regulation (EC) No 6/2002 on Community designs and a directive on the legal protection of designs (recast of directive 98/71/EC). The Council adopted its position on 25 September 2023. Council and Parliament strike provisional deal on design protection package (press release, 5 December 2023) Intellectual property: Council adopts two positions on designs protection legislation (press release, 25 September 2023) General approach directive on the legal protection of designs (recast) General approach on regulation amending Council Regulation (EC) No 6/2002 on Community designs and repealing Commission Regulation (EC) No 2246/2002 Commission’s proposal on Community Designs regulation EU single market (background information) PRESS MATERIAL Wednesday 9 October 2024 ­ ­ • Council of the EU ­ 09/10/2024 | Media advisory | Press briefings -  Environment Council of 14 October 2024 and Transport, Telecommunications and Energy Council (Energy) of 15 October 2024 The press briefing ahead of the Environment Council will take place on Friday, 11 October starting at 10.00, followed by the press briefing ahead of the Transport, Telecommunications and Energy Council (Energy).   These press 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 Justus Lipsius 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 previous press events of the Environment Council or the Transport, Telecommunications and Energy Council (Energy) do not need to do it again.   Deadline for registration: Friday, 11 October 2024 at 9.00   Further instructions will be sent to all registered participants shortly after the deadline.   Environment Council, 14 October 2024 (meeting page) Transport, Telecommunications and Energy Council (Energy), 15 October 2024 (meeting page)     Press material Wednesday, 09 October 2024     ● Council of the EU   09/10/2024 12:07 | Media advisory | Press briefing - General Affairs Council of 15 October 2024   The press briefing ahead of the General Affairs Council will take place on Friday, 11 October 2024 at 13.00 at the ECCL building press room, Luxembourg. This briefing will be "off the record". The press briefing will take place in a hybrid format: EU accredited journalists will be able to participate and ask questions either remotely or in person. To attend the event remotely, please use this link to register and have the possibility to ask questions. Those who already registered for previous press events of the General Affairs Council do not need to do it again. Deadline for registration: Friday, 11 October 2024 at 12.00 Further instructions will be sent to all registered participants shortly after the deadline. Meetings Wednesday, 09 October 2024     ● Council of the EU   09/10/2024 11:41 | Meetings | Agenda highlights - Environment Council, 14 October 2024   EU environment ministers will meet in Luxembourg to approve conclusions on the EU’s position in view of the upcoming UN conferences on climate change and biodiversity. Meetings Tuesday, 08 October 2024     ● Council of the EU   08/10/2024 13:28 | Meetings | Main results - Economic and Financial Affairs Council, 8 October 2024   The Council discussed the implementation of the Recovery and Resilience Facility. Ministers discussed the economic and financial impact of Russia’s aggression against Ukraine. The Council approved conclusions on climate finance and on the revision of the EU list of non-cooperative jurisdictions for tax purposes.   Press material Tuesday, 08 October 2024     ● Council of the EU   08/10/2024 13:06 | Press release | Climate finance: Council approves conclusions ahead of COP29   Today, the Council approved conclusions on climate finance ahead of the United Nations framework convention on climate change (UNFCCC) meeting in Baku, Azerbaijan, from 11 to 22 November 2024 (COP 29). In its conclusions, the Council underlines that the EU and its member states are committed to the current goal of developed countries to collectively mobilise $100 billion per year in climate finance until 2025. This goal was met for the first time in 2022. The Council also highlights its strong commitment to continue delivering on climate finance in the future and its intention to support reaching ambitious new collective quantitative goals after 2025. The EU and its member states are the world’s largest contributor to international public climate finance, and since 2013 have more than doubled their contribution to climate finance to support developing countries. As in previous years, the conclusions do not yet include the figure of the EU contribution for the year 2023. It will be made available by the Commission and to be approved by the Council separately, in time before the start of COP29. Background The main objective for the upcoming COP29 will be to negotiate the new collective quantitative goals (NCQGs) after 2025. Every year, the conference of the parties (COP) to the UN framework convention on climate change (UNFCCC) meets to determine ambition and responsibilities, and identify and assess climate measures. The EU and its member states are parties to the Convention, which has 198 Parties (197 countries plus the European Union) in total. The rotating presidency of the Council, together with the European Commission, represent the EU at these international climate summits. Later in October 2024, the Council is expected to approve conclusions that set the general mandate for the EU's negotiators at the COP29 climate conference. The conclusions approved today will complement the EU’s general mandate. Council conclusions on climate finance, 8 October 2024 Financing the climate transition (background information) Climate change: what the EU is doing (background information) Climate goals and the EUʼs external policy (background information) Press material Tuesday, 08 October 2024     ● Council of the EU   08/10/2024 12:03 | Press release | Hybrid threats/Russia: Statement by the High Representative on behalf of the EU on Russia’s continued hybrid activity against the EU and its Member States   The European Union and its Member States strongly condemn Russia’s intensifying campaign of hybrid activities against the EU, its Member States and partners. These activities again illustrate Russia’s reckless and irresponsible behaviour and its disregard for the rules-based international order and international law. We have detected an increasing number of a broad range of activities against the EU and its Member States, including cyber-attacks, information manipulation and interference campaigns, cases of arson, vandalism and sabotage, including against our critical infrastructure as well as instrumentalisation of migration and other disruptive actions. Russia also continues to disrupt satellite communications, violate European airspace and conduct physical attacks against individuals on the territory of the EU. These malicious activities are part of a broad coordinated hybrid campaign directed by Russia as an attempt to divide our society, destabilise and weaken the EU and its Member States and our resilience as well as to undermine our support to Ukraine and its ability to defend itself. This will not succeed: we will act united and determined to address these activities and hold perpetrators accountable. Our support to Ukraine will remain solid and unwavering for as long as it takes. With today’s decision to establish a dedicated framework of restrictive measures in view of Russia’s destabilising activities, the EU takes another decisive step. Under the new legal framework, the EU can target those who are responsible for, implement, support or benefit from Russia’s destabilising actions worldwide, as well as their associates and supporters. We will continue to strengthen our resilience, work closely with our partners, and make full use of the EU Hybrid Toolbox, including diplomatic and restrictive measures, as well as all available instruments, to prevent, deter and respond to Russia’s hybrid activities. Press material Tuesday, 08 October 2024     ● Council of the EU   08/10/2024 11:22 | Press release | Russia: New sanctions framework against those responsible for destabilising activities against the EU and its member states   The Council today established a new framework for restrictive measures in response to Russia’s destabilising actions abroad. This new framework will allow the EU to target individuals and entities engaged in actions and policies by the government of the Russian Federation, which undermine the fundamental values of the EU and its Member States, their security, independence and integrity, as well as those of international organisations and third countries. The EU will as of now be able to address a variety of hybrid threats, such as: the undermining electoral processes and the functioning of democratic institutions; threats against and sabotage of economic activities, services of public interest or critical infrastructure; the use of coordinated disinformation, foreign information manipulation and interference (FIMI); malicious cyber activities, the instrumentalisation of migrants, and other destabilizing activities. Today’s decision, based on a proposal by the High Representative for Foreign Affairs and Security Policy Josep Borrell, is part of the EU’s response to the continued campaign of hybrid activities by Russia, which has recently increased through new operations on European soil. Under this newly established framework, those designated will be subject to an asset freeze and EU citizens and companies will be forbidden from making funds available to them. In addition, natural persons will also be subject to a travel ban, which will prevent them from entering or transiting through EU territories. Background The Strategic Compass for Security and Defence, approved by the Council in 2022, called for the development of an EU Hybrid Toolbox bringing together existing and possible new instruments to detect and respond to a broad range of hybrid threats. Such Toolbox has been operational since December 2022. On 21 May 2024, the Council approved conclusions acknowledging that state and non-state actors were increasingly using hybrid tactics, posing a growing threat to the security of the EU, its member states and partners, and called on EU institutions and the member states to step up action to monitor attempts by foreign actors to interfere in the EU's democratic process. In its conclusions of 27 June 2024, the European Council strongly condemned all types of hybrid activities, which are on the rise and target the EU, its member states and partners. Furthermore, the European Council called, inter alia, for work to be taken forward in the Council to establish a new sanctions regime in view of hybrid threats. European Council Conclusions (27 June 2024) Council conclusion on democratic resilience: safeguarding electoral processes from foreign interference (21 May 2024) Timeline – EU sanctions against Russia (background information) EU response to Russia’s war of aggression against Ukraine (background information) Press material Tuesday, 08 October 2024     ● Council of the EU   08/10/2024 10:42 | Press release | Recovery and resilience fund: Council greenlights Lithuania’s and Portugal’s amended plans   The Council today approved the Commission’s positive assessment of Lithuania’s and Portugal’s amended recovery and resilience plans. According to the analysis by the Commission, the targeted modifications put forward by both member states do not affect the relevance, effectiveness, efficiency and coherence of their recovery and resilience plans. Lithuania The targeted amendments submitted by Lithuania concern investments for green transition and public sector efficiency. The modified plan continues to have a strong focus on the green transition, devoting 37.4% of the available funds to measures that support climate objectives. The plan is now worth €3.849 billion, with €2.297 billion in Recovery and Resilience Facility (RRF) grants and €1.551 billion in RRF loans. Portugal The targeted amendments submitted by Portugal concern investments for green and digital transition, as well as economical and social resilience. The plan allocates 40.6% of funds to support climate objectives, while 21.1% of funds will be used to underpin the country's digital transition. The plan is now worth €22.215 billion, with €16.325 billion in Recovery and Resilience Facility (RRF) grants and €5.890 billion in RRF loans. Background On 25 July 2024, Lithuania presented a modified recovery and resilience plan. On 1 and 12 August 2024, Portugal presented a modified recovery and resilience plan. The Commission submitted a positive assessment of both plans on 17 September 2024. The RRF is the EU’s large-scale financial support programme in response to the challenges the COVID-19 pandemic has posed to the European economy. It is the centrepiece of NextGenerationEU, a temporary recovery instrument that allows the Commission to raise funds to help repair the immediate economic and social damage caused by the pandemic. To benefit from the facility, member states must submit recovery and resilience plans (RRPs) to the Commission, setting out the reforms and investments they intend to implement by the end of 2026. So far, €648 billion have been committed to this end. To date, all RRPs have been approved, 69 payment requests have been received and €267 billion have been disbursed. Council implementing decision approving the assessment of the recovery and resilience plan for Lithuania Council implementing decision approving the assessment of the recovery and resilience plan for Portugal A recovery plan for Europe (background information)   Press material Tuesday, 08 October 2024     ● Council of the EU   08/10/2024 10:38 | Press release | ISIL/Da’esh and Al-Qaeda: EU sanctions regime renewed until 31 October 2025   The Council today renewed the autonomous restrictive measures against ISIL/Da'esh and Al-Qaeda and persons, groups, undertakings and entities associated with them, prolonging their duration for a further year, until 31 October 2025. The autonomous list in place currently applies to 15 persons and 6 groups. All those designated are subject to an asset freeze, while the individuals are also under a travel ban to the EU. Additionally, EU persons and entities are forbidden from making funds, financial assets or economic resources available to those listed. These restrictive measures are complementary to those imposed by the UN Security Council against ISIL/Da’esh and Al-Qaeda. The EU remains committed to acting against those who threaten international peace and security by planning, financing, and executing terrorist attacks and by spreading terrorist propaganda around the world. Background As of September 2016, the EU can autonomously impose sanctions against ISIL (Da’esh) and Al-Qaeda and persons, groups, undertakings and entities associated with them. The EU autonomous restrictive measures are complementary to those imposed by the UN Security Council against ISIL(Da’esh) and Al-Qaeda. Council Decision (CFSP) 2016/1693 of 20 September 2016 concerning restrictive measures against ISIL (Da'esh) and Al-Qaeda and persons, groups, undertakings and entities associated with them and repealing Common Position 2002/402/CFSP (Consolidated text 25 March 2024) ISIL(Da'esh) and Al-Qaeda: Council adds a person and an entity to its autonomous list of sanctions (press release, 25 March 2024) ISIL/Da'esh and Al-Qaeda: EU restrictive measures prolonged for an additional year (press release, 23 October 2023) EU terrorist list (background information)

Press material Tuesday, 08 October 2024

● Council of the EU   08/10/2024 10:30 | Press release | Taxation: Antigua and Barbuda removed from the EU list of non-cooperative jurisdictions for tax purposes   Today, the Council removed Antigua and Barbuda from the EU list of non-cooperative jurisdictions for tax purposes. With these updates, the list consists of the following 11 jurisdictions: American Samoa Anguilla Fiji Guam Palau Panama Russia Samoa Trinidad and Tobago US Virgin Islands Vanuatu The Council regrets that these jurisdictions are not yet cooperative on tax matters and invites them to improve their legal framework in order to resolve the identified issues. Reasons for removing Antigua and Barbuda from the list Antigua and Barbuda was included in the EU list of non-cooperative jurisdictions for tax purposes in October 2023, after a negative assessment from the OECD Global Forum with regard to exchange of information on request. Following changes to the applicable rules in Antigua and Barbuda, the Global Forum has granted it a supplementary review, which will be undertaken in the near future. Pending the outcome of this review, Antigua and Barbuda has been included in the relevant section of Annex II. In addition, two jurisdictions that have been listed for an extended period of time, namely Fiji and Palau, have made promising steps towards compliance with the listing criteria, and this has been reflected in their entries in the list. State of play document (Annex II) In addition to the list of non-cooperative tax jurisdictions, the Council approved the usual state of play document (Annex II) which reflects the ongoing EU cooperation with its international partners and the commitments of these countries to reform their legislation to adhere to agreed tax good governance standards. Its purpose is to recognise ongoing constructive work in the field of taxation, and to encourage the positive approach taken by cooperative jurisdictions to implement tax good governance principles. Two jurisdictions, Armenia and Malaysia, fulfilled their commitments by amending a harmful tax regime, and will be removed from the state of play document. In the light of recent reassurances, Vietnam has been given more time to comply with its commitment on country-by-country reporting and will be reassessed in the next update, planned in February 2025. Background The EU list of non-cooperative jurisdictions for tax purposes was established in December 2017. It is part of the EU’s external strategy on taxation and aims to contribute to ongoing efforts to promote tax good governance worldwide. Jurisdictions are assessed on the basis of a set of criteria laid down by the Council. These criteria cover tax transparency, fair taxation and implementation of international standards designed to prevent tax base erosion and profit shifting. The chair of the code of conduct group conducts political and procedural dialogues with relevant international organisations and jurisdictions, where necessary. Work on the list is a dynamic process. Since 2020, the Council updates the list twice a year. The next revision of the list is scheduled for February 2025. The list is set out in Annex I of the Council conclusions on the EU list of non-cooperative jurisdictions for tax purposes. The conclusions also include a state-of-play document (Annex II) identifying cooperative jurisdictions which have made further improvements to their tax policies or related cooperation. The Council’s decisions are prepared by the Council's code of conduct group which is also responsible for monitoring tax measures in the EU member states. The code of conduct group is cooperating closely with international bodies such as the OECD Forum on Harmful Tax Practices (FHTP) to promote tax good governance worldwide. Council conclusions on the revised EU list of non-cooperative jurisdictions for tax purposes Code of Conduct Group report to the Council on the update of the EU list EU list of non-cooperative jurisdictions Code of Conduct Group (Business Taxation)

Press material Tuesday, 08 October 2024

● Council of the EU   08/10/2024 10:24 | Press release | Sudan: EU sanctions regime prolonged for a further year   The Council today decided to prolong the restrictive measures targeting those responsible for undermining the stability and political transition of Sudan, where fighting is still ongoing between the Sudanese Armed Forces (SAF) and the Rapid Support Forces (RSF) and their respective affiliated militias. The restrictive measures currently in place under the Sudan sanctions regime will continue to apply until 10 October 2025 to a total of six individuals and six entities. Those designated are subject to travel restrictions in the EU, the freezing of assets, and a prohibition on the provision of funds or economic resources to them, whether directly or indirectly. Background On 22 January 2024, the Council adopted a first set of restrictive measures against six entities belonging or affiliated to the SAF and the RSF and responsible for supporting activities undermining the stability and political transition of Sudan. On 24 June 2024, the Council adopted further restrictive measures against six individuals of both warring sides. Following a dramatic escalation of fighting in El Fasher in southwestern Sudan, instigated by the RSF against the SAF, the High Representative issued a statement on 22 September 2024, recalling the obligations contained in UN Security Council resolution 2736 and demanding that the RSF halt the siege and de-escalate fighting immediately. The High Representative also urged the belligerent parties, their affiliated militias, and their regional supporters to adhere to international humanitarian law by protecting civilians from conflict, providing unhindered humanitarian access, and allowing civilians caught in the crossfire to move. Council Decision (CFSP) 2023/2135 of 9 October 2023 concerning restrictive measures in view of activities undermining the stability and political transition of Sudan (including a consolidated list of sanctioned individuals and entities) Sudan: Statement by the High Representative on the situation in El Fasher (EEAS website) Sudan: Statement by the High Representative on behalf of the European Union one year into the conflict (press release, 12 April 2024)

Meetings Monday, 07 October 2024

● Eurogroup   07/10/2024 21:14 | Meetings | Main results - Eurogroup, 7 October 2024   Ministers discussed the state of play of the digital euro project and euro area competitiveness, building on previous discussions, and reviewed progress on the capital markets union. The Eurogroup also reviewed economic and exchange rate developments ahead of the World Bank and IMF annual meetings. The Eurogroup President outlined the key points in his letter to the Euro Summit President ahead of the October Euro Summit.

Press material Monday, 07 October 2024

● Eurogroup   07/10/2024 20:49 | Statements and remarks | Remarks by Paschal Donohoe following the Eurogroup meeting of 7 October 2024   We began our discussion on the digital euro, together with our EU colleagues who are from outside the euro area. We reviewed the speed of change of the European payments landscape. We discussed the advancements that are taking place in payment technologies and the shift towards cashless transactions that have all redefined expectations regarding the future of the euro. Any decision to introduce a digital euro would not only be a response to these emerging trends. It would need to be a positive step to ensure that the euro remains fit in a quickly changing digital and payments world. Since we discussed this last, the European Central Bank has continued to work on the technical preparations. Discussions between co-legislators are also advancing on the proposed legal framework. In our exchange with ministers today, we acknowledged again that public outreach on the digital euro remains key for the success of its potential future rollout. Ultimately, it's the citizens themselves who will make a decision on whether to use a digital euro, so their views and their trust are essential ingredients of this project. The Eurogroup will continue to politically engage in it to ensure that we remain a strategic anchor to this common European project. We then turned to the topic of competitiveness. Some of you may recall that around a year ago we initiated discussions and have been addressing the issue of competitiveness now from many different angles in recent meetings. We are now moving towards a conclusion. Today I reviewed with ministers the different topics that we've discussed. We looked at individual policy areas, at discussions that cut across individual policy areas and at what could be the key elements of a draft Eurogroup statement. I received feedback from nearly every minister who was present here today. Our deputies are going to continue to work on this topic and I aim to come back to it in November with the hope of reaching agreement on a text that reflects our shared vision, ensuring that the voice of finance ministers is also present in the different decisions that will be taken on how we enhance the competitiveness of our Union in the years ahead. We then followed up with a key pillar of this competitiveness work, the follow-up to the statement on the future of the Capital Markets Union (CMU). This is in line with the roadmap on CMU that we endorsed in May. Our discussion looked at how our capital markets can be developed to support mid-sized companies across all EU countries and the role of the European Investment Bank (EIB) in delivering this. I was pleased to welcome back our colleague Nadia Calviño to our session. She talked about the different initiatives that the EIB is considering in order to provide targeted support to innovative EU businesses to allow them to grow within Europe. Maintaining political momentum on the CMU project is a really important priority for the Eurogroup. In November we are going to come back to this and assess the different steps that have been taken at national level since we began this project just under a year ago. We have the Euro summit coming up on 18 October and I informed my colleagues of the letter that I plan to send to President Michel and of what will be the different strands of the presentation that I'll make to the heads of government in a couple of weeks’ time. We also discussed our preparation for the international meetings in Washington in a few weeks – the IMF and World Bank Annual meetings and a meeting of the G7 finance ministers. Our colleague Giancarlo Giorgetti gave us an update on work that is happening at the level of the Italian G7 presidency. We had a quick discussion on main topics and reaffirmed our view in relation to exchange rate developments. We also welcomed our new colleagues from Estonia and France - Ministers Jürgen Ligi and Antoine Armand. Each of them gave us a presentation on their priorities, and we look forward to working closely with them in the time ahead.