EUROGROUP,COUNCIL OF THE EUROPEAN UNION,update

 

Press material Friday, 22 May 2026

● Eurogroup   22/05/2026 12:14 | Press release | Remarks by Kyriakos Pierrakakis following the Eurogroup meeting of 22 May 2026   First of all, I would like to warmly thank our Cypriot hosts for their excellent hospitality. Today's Eurogroup discussions took place at a particularly demanding juncture, at a time when Europe is being called upon to - and is showing that it can - respond with strategic direction, but also with political maturity. The prolonged instability in the Middle East is intensifying, and it's intensifying particularly the pressures on energy markets and supply chains, with serious consequences for critical sectors of the economy. The situation in the Strait of Hormuz affects not only the flow of oil and natural gas, but also the transport of strategic products such as fertilizers and helium, which are essential for industry, production, and the overall functioning of the European economy. Today, the European Commission briefed us on the updated growth and inflation outlook for the euro area. According to the baseline scenario, growth is expected to stand at 0.9% this year and 1.2% in 2027 - lower than previous forecasts, but clearly far from a recession scenario. At the same time, inflation is facing renewed pressures, although we're not experiencing the extreme conditions we faced in 2022. What is important is that the European economy continues to demonstrate resilience despite the successive crises of recent years, and this is the result of responsible policies and stronger European coordination. As the crisis persists, Europe must maintain a difficult but necessary balance. On the one hand, it is crucial to protect fiscal stability, but on the other hand, we cannot ignore the significant pressures faced by households, businesses, and the European economies themselves. What is needed is adaptability and carefully designed collective interventions aimed at supporting the economy without undermining long-term stability. Europe's credibility is defined not only by its commitment to the rules, but by its ability to move forward with a common approach. This is exactly the perimeter of the measures that the Commission has suggested: temporary, targeted, and tailored, commensurate with the long-run strategic priorities of Europe. And if I may add, in the previous meeting, the IMF showed us that everything we have done since 2022 has allowed us to be able to say that the impact of the crisis is 12% less compared to what it would have been had we not done the requisite energy policy adaptations that we did since then. Earlier this week also, some Eurogroup members discussed within the framework of the G7 the impact of the crisis on the global economy. France, which currently holds the G7 presidency, informed us today about the main conclusions of these discussions. The current situation requires, more than ever, close coordination within the EU and at the international level. That was the message that Europe sent to its partners. We are committed to cooperating within a multilateral framework, and we're committed to ensuring stability, resilience, and shared prosperity. We also had, I would add, an extremely substantive discussion on the housing crisis, an issue that now directly affects the daily lives of millions of European citizens. Access to affordable and decent housing has become a central economic and political challenge for Europe, as it affects productivity, labor mobility, inequality, and ultimately the cohesion of our societies. The fact that such issues are now at the centre of the Eurogroup agenda shows that European policy is not only limited to the management of economic figures; its real strength lies in its ability to respond to the real pressures and needs experienced by its citizens. We listened with interest to the experience of countries that have addressed certain aspects of the problem effectively. At the same time, there was a common understanding that there are no one-size-fits-all solutions that can be applied uniformly everywhere. National particularities often require different policy approaches. Finally, we had the opportunity to discuss with Aurore Lalucq, the Chair of the European Parliament's Economic Affairs Committee, the legislation regarding the digital euro. The digital euro is an important strategic priority for maintaining trust and stability in an increasingly digital financial environment. For this reason, I welcome the progress achieved so far by the European Parliament. Ahead of the interinstitutional negotiations, which I hope will begin during the summer, it is important that all parties cooperate so that the legislation can be finalized by the end of this year. Let me add that under the leadership of Christine Lagarde, I believe that this project will be material by 2029. It's an existential project for Europe, and it's a project where we can indeed see our sovereignty increase and the international role of the euro augment. Ladies and gentlemen, Europe has repeatedly shown that it moves forward when conditions become difficult and when challenges require political courage, coordination, and common direction. Today, we once again find ourselves at such a moment, and we have both the determination and the capacity to respond.   Visit the website Contacts Johannes Kleis +32 478 83 26 64 / +32 2 281 75 32

● Eurogroup

22/05/2026 12:18 | Meetings | Main results - Eurogroup, 22 May 2026   At the Eurogroup, ministers discussed the latest macroeconomic developments in the euro area based on the Commission's spring forecast and exchanged views on the main economic challenges and policy options in relation to affordable housing. The Eurogroup also received an update on the current state of play of the digital euro project.   View meeting page ● Council of the EU ● European Council   21/05/2026 20:06 | Speech | Speech by President António Costa at the Mexican Senate   [To be checked against delivery in Spanish] It is a great honour for me to be here today in this great nation’s Senate. Thank you very much for inviting me to address this key democratic institution. The house of Mexican federalism. In this very week that is so important for relations between the European Union and Mexico. More than ten years after our last summit, which took place in Brussels, we will hold our eighth EU-Mexico summit here tomorrow. A high-level meeting at which our modernised Global Agreement will be signed. 26 years after the original agreement took effect. We are facing an epochal change: technological changes, the climate emergency and geopolitical tensions are changing the world in profound ways. Of particular concern is the fact that the rules-based multilateral order that emerged after the Second World War is being called into question. And it is no surprise that many are predicting a return to the law of the jungle. I want to be more optimistic. The future is not set in stone. History is scattered with moments when progress seemed to be moving inevitably in one direction, but in the end it moved in another. Few expected the sudden fall of the Soviet Union. And then others, well into the 1990s, were quick to declare the ‘end of history’, the final triumph of liberal democracy and the rules-based international order. Now we see that that was not precisely the case. History rarely follows a straight line. When it seems that we are moving inexorably in a particular direction, new dynamics emerge that steer us in the opposite direction. And faced with today’s prevailing uncertainty, my hope is that the majority of nations will choose cooperation over rupture and isolation. That they will opt for dialogue between partners who believe in stability and respect for international law. That of course is the European Union’s unequivocal will and the strategy we are implementing, promoting agreements and deepening our alliances with all of our partners - for example with India, with Australia, with Mercosur, with Indonesia, with Chile, with South Africa, with Thailand, and of course with Mexico. The European Union needs Mexico. The world needs Mexico. Whenever I come to this city I am overwhelmed by this great country’s exuberance, colour and vitality. This is a civilisation thousands of years old whose identity throughout the world is rich, complex and universal. Because Mexico has something that is hard to describe but impossible to ignore - an extraordinary intensity. Mexicans have always made use of that energy to fight for their freedom and their independence. Because the Mexican Republic, including from this very Senate, has always defended fundamental ideas such as popular sovereignty, the separation of powers and the rule of law, and the conviction that no people has the right to decide the destiny of another. The ideas of the Enlightenment may well have originated in Europe. But Mexico has always shown us that these ideals did not belong to a continent, but to the whole of humanity. A basis on which it has developed a foreign policy that is respected and admired. To quote Benito Juárez’s immortal words at this plenary: ‘Among individuals, as among nations, respect for the rights of others means peace’. Words that are not only a central pillar of Mexico’s diplomatic tradition, but are also a vision of the international order based on law, sovereignty and mutual respect. That is why Mexico enjoys great prestige: for its defence of peace, for its commitment to dialogue and also for its generosity. In Europe we will not forget how, in the last century, you opened your doors to thousands of our exiles. This hospitality will always be an indelible chapter in our shared memory, which should serve to give us hope in a future of cooperation. Our Global Agreement of 2000 has been a success story. To date, the agreement has created: 5.5 million jobs in Mexico, EUR 82 billion in trade in goods and over EUR 25 billion in trade in services. The EU is the second largest investor in Mexico: EUR 209 billion in accumulated investment. And it is the second largest export market for Mexican products. Mexico is also the European Union’s second largest trading partner in Latin America, and the first in terms of trade per capita. The figures speak for themselves, but we have to be even more ambitious. That is why tomorrow we will sign the Modernised Global Agreement. The agreement will eliminate further tariffs, which will boost trade and investment and create great opportunities for Mexican companies to export to and invest in the EU. But this agreement is not just an update of our trade rules. It is a new bridge between Europe and Mexico, broader, more solid and better prepared for the challenges of the 21st century. It is a commitment to fair trade, shared prosperity, and sustainability. An agreement which will deepen our political dialogue and our cooperation in key areas: from security, migration, climate and the environment, to the green and digital transition, innovation and human rights. And we are very grateful to President Sheinbaum for relaunching relations with the European Union and for making it possible to sign this modernisation of the Agreement. The Global Gateway Investment Agenda will support the President’s ‘Mexico Plan’ by generating concrete benefits for the Mexican people. Europe wants to invest more in Mexico. And it wants to invest in strategic sectors in particular: clean energy, digitalisation, sustainable infrastructures, technology industries and resilient supply chains. Our synergies are evident. Mexico has enormous strengths: talent, industrial muscle and a strategic geographical position. The global green and technological transition offers an extraordinary opportunity for building an even more ambitious partnership together. And, of course, we will need the support of all the institutions to continue building this relationship. And that of our parliaments. I would therefore like to acknowledge the solid and committed efforts of the EU-Mexico Joint Parliamentary Committee, whose role, after two decades of work, is now more important than ever. I would particularly like to thank Antonio López-Istúriz White and Beatriz Robles Gutiérrez, who are here with us today, for the leading role they have played in keeping this strategic relationship between Europe and Mexico alive. In Europe, we are facing an existential threat . The war of aggression being waged against Ukraine by a permanent member of the Security Council is unacceptable and threatens the security of every nation on the planet. The sovereignty and territorial integrity of any country is a fundamental right enshrined in the United Nations Charter that must be respected. The European Union will support, to the very end, all efforts aimed at achieving a comprehensive, just and lasting peace in Ukraine. A peace that fully respects Ukraine’s independence, sovereignty and territorial integrity. The European Union advocates for international law to be respected everywhere in the world, whether in Ukraine, the Middle East or Latin America. We therefore call for a concerted effort to strengthen international law and multilateral institutions. This is not about self-interest – it is a question of survival. This is why we must work together to push for more representative and effective international governance. Because today’s world is no longer what it was in 1945. Multilateral institutions must adapt to a more diverse and complex international landscape in order to tackle challenges that no single country, however powerful, can face alone. Europe and Mexico can be important allies in promoting a reform of the United Nations. A reform that preserves the fundamental principles of the international order while better reflecting the realities of the 21st century. Dear friends, I will now conclude. In his novel Pedro Páramo, the writer Juan Rulfo told us about Comala: a ‘village full of echoes’, where voices had stopped listening to each other. Where every murmur came from a place of isolation and mistrust. The multilateral system may be at risk of becoming something similar: a space filled with echoes, where nations continually repeat their interests, fears and grievances, without actually listening to each other. The decline of multilateralism does not only start when institutions fail. It starts when we stop believing that our voices can be part of something shared, when dialogue is replaced by mistrust, and when common rules lose their legitimacy. But, as I said at the start of my speech: the future is not set in stone. It is in our hands. That is why today, more than ever, the European Union and Mexico, together with other friendly nations, must speak with one voice. Not to create new echoes, but to rebuild a shared conversation. Because we can and must continue to cooperate. Because international law matters. Because we must ensure that the community of nations does not become another Comala. Because, ultimately, Rulfo’s great lesson is that, even through murmurs, the human need to be heard endures. And as long as there are voices that can find each other, there is still hope. Thank you very much. Long live the European Union! Long live Mexico!   Visit the website ● Council of the EU   21/05/2026 15:02 | Press release | Business taxation: Tina Humar elected as chair of the EU’s code of conduct group   The EU’s group on the code of conduct for business taxation today elected Tina Humar (Slovenia) as its chair. Her term starts on 21 May 2026 and lasts for two years. Established in 1998 and composed of high-level taxation experts of the member states, the code of conduct group is the EU body that promotes fair tax competition and monitors harmful tax measures, both within the EU and beyond. Ms Humar is a Director General in the Directorate for the System of Tax, Customs and Other Public Finance Revenues at the Ministry of Finance of Slovenia. Background The code of conduct group implements the code of conduct for business taxation - a political, intergovernmental commitment by EU member states to curb harmful tax measures and to promote fair tax competition within the EU and beyond. Its work also has an international dimension: to promote worldwide tax good governance through cooperation. It carries out the technical screening and assessment leading to the regular revision by the Council of the EU list of non-cooperative jurisdictions for tax purposes. This EU list is revised biannually following an in-depth review of the implementation of commitments taken by all third-country jurisdictions that are part of the process. The chair of the group, supported by the General Secretariat of the Council and with the technical assistance of the Commission, is also responsible for liaising with third-country jurisdictions on the EU listing process. Short CV Code of Conduct Group (Business Taxation) EU list of non-cooperative jurisdictions (background information)   Visit the website   ● Council of the EU   21/05/2026 14:03 | Meetings | Agenda highlights - Agriculture and Fisheries Council, 26 May 2026   Agriculture ministers will exchange views on availability and affordability of fertilisers in the EU. They will also discuss trade-related agricultural issues.   View meeting page ● Council of the EU   21/05/2026 14:07 | Meetings | Agriculture and Fisheries Council, 26 May 2026   Background brief - Agriculture and Fisheries Council of 26 May 2026   View meeting page 22/05/2026 11:12 | Press release | Middle East: Council extends EU legal framework to target those involved in Iran’s actions impeding lawful transit passage and freedom of navigation   The Council decided today to extend the scope of EU’s restrictive measures originally established to address Tehran’s military support for Russia’s war of aggression against Ukraine and various armed groups in the Middle East and the Red Sea region. The amended sanctions framework will now also target individuals and entities involved in Iran’s actions and policies threatening the freedom of navigation in the Middle East. The decision delivers on the political agreement reached by EU ministers at the Foreign Affairs Council on 21 April 2026. Iran’s actions against vessels transiting through the Strait of Hormuz are contrary to international law. Such actions infringe upon established rights of both transit and innocent passage through international straits. Thanks to the amended legal framework, the EU will now be able to introduce further restrictive measures in response to Iran’s actions undermining the freedom of navigation in the Strait of Hormuz. Such restrictive measures consist of travel restrictions that prohibit listed individual and entities from entering or transiting through EU territories, and an asset freeze. In addition, EU citizens and companies are forbidden from making funds, financial assets or economic resources available to listed individual and entities. Background On 20 July 2023, the Council established a dedicated framework for sanctions in view of Iran's military support of Russia's war of aggression against Ukraine. The scope of the framework was broadened on 14 May 2024, in view of Iran's military support of armed groups in the Middle East and Red Sea region and of the drone and missile attacks Iran carried out against Israel in April 2024. In its conclusions of 19 March 2026, the European Council called for the full implementation of UNSC Resolution 2817 (2026), recalling the need to ensure maritime security and respect for the freedom of navigation and condemning any acts that threaten navigation or prevent vessels from entering and exiting the Strait of Hormuz. On 9 April 2026, the High Representative of the Union for Foreign Affairs and Security Policy issued a statement on behalf of the EU on the ceasefire agreed by the United States and Iran urging all involved to fully ensure freedom of navigation as well as free and safe passage through the Strait of Hormuz, in line with international law, as reflected in the United Nations Convention on the Law of the Sea. Consolidated text: Council Decision (CFSP) 2023/1532 of 20 July 2023 concerning restrictive measures in view of Iran’s military support to Russia’s war of aggression against Ukraine and to armed groups and entities in the Middle East and the Red Sea region Foreign Affairs Council, 11 May 2026 (main results) Foreign Affairs Council, 21 April 2026 (main results) EU sanctions against Iran   Visit the website ● Council of the EU   22/05/2026 10:33 | Press release | Council approves a deal on strengthening the welfare and traceability of cats and dogs   Today the Council adopted a new legislation establishing, for the first time, harmonised EU-wide standards for the welfare, breeding, identification and traceability of cats and dogs. The new rules introduce common requirements for breeders, sellers, shelters and online platforms involved in the placing of cats and dogs on the EU market. They establish mandatory identification and registration systems to ensure full traceability throughout the Union. The regulation also responds to growing concerns over illegal trafficking, irresponsible breeding practices, and the expansion of online pet sales, which have exposed animals and consumers alike to significant risks. “Today’s adoption sends a clear message: animal welfare matters in Europe. With these new rules, we are protecting millions of cats and dogs, supporting responsible breeders and owners, and closing the door on illegal operators.” — Maria Panayiotou, Minister of Agriculture, Rural Development and Environment of the Republic of Cyprus Main elements of the regulation stricter animal welfare requirements will apply to breeding, housing, handling and veterinary care cats and dogs with extreme conformational traits will be excluded from taking part in competitions, shows or exhibitions online advertisements for cats and dogs will need to include verifiable identification information imports from third countries will be subject to equivalent traceability and welfare standards competent national authorities will benefit from reinforced enforcement and cross-border cooperation mechanisms The regulation progressively introduces mandatory identification and registration requirements for dogs and cats placed on the market or kept in the European Union, including privately owned animals, with phased implementation periods. The legislation is expected to significantly improve transparency in the pet trade while helping authorities tackle fraudulent practices and illegal trafficking networks operating across borders. Next steps The regulation will enter into force 20 days after its publication in the Official Journal of the European Union.Several transitional periods are foreseen for some provisions to allow operators and member states sufficient time to adapt to the new requirements. Provisional deal to improve the welfare and traceability of cats and dogs across Europe (press release, 25 November 2025)) Council negotiating mandate on the welfare of dogs and cats Commission proposal on the welfare of dogs and cats Welfare of dogs and cats (European Commission) Eurobarometer on animal welfare (European Commission)   Visit the website ● Council of the EU   22/05/2026 10:27 | Press release | Council suspends customs tariffs on certain fertilisers for one year   The Council decided today to suspend for one year customs tariffs on key nitrogen-based fertilisers used in agricultural production in the EU, including fertiliser inputs such as urea and ammonia. The measure aims to lower costs for EU farmers and fertiliser industry – saving them an estimated €60 million in import duties, according to the European Commission. It will also reduce the EU's dependency on Russia and Belarus for fertiliser products and help build a more diversified trading network in this area. “Today’s decision gives European farmers better access to affordable, reliable fertiliser supplies – good news for the agriculture sector and EU consumers alike. At the same time, we are accelerating away from Russian and Belarusian products and building more resilient supply chains and partnerships globally.” — Makis Keravnos, Minister of Finance of the Republic of Cyprus In practice, the suspension will apply only to products not already imported into the EU duty-free from countries that have preferential access under most favoured nation (MFN) tariffs. However, to balance the interests of EU producers, the measure is limited to a quota of goods equal to the volume of MFN imports in 2024 plus 20% of the volumes imported from Russia and Belarus in the same year. The EU has decided that the suspension will not apply to products imported from Russia due to its unprovoked and unjustified war of aggression against Ukraine. Nor will it apply to products imported from Belarus given its support for Russia, and its disregard for international law, fundamental freedoms and human rights. Next steps  The measure will enter into force the day after its publication in the EU’s official journal and will apply until one year later. The Commission is expected to monitor the fertiliser market and, if necessary, propose the extension or the modification of the suspension. Background Fertilisers are essential for European farmers who need a secure and regular trade flow at competitive prices to guarantee agricultural production and food security. Prices of those products have increased substantially since 2021, in turn increasing the price of food and putting the agricultural production under pressure. In 2024, the EU imported 2 million tonnes of ammonia and 5.9 million tonnes of urea, notably to produce nitrogen fertilisers. In addition, the Union imported 6.7 million tonnes of nitrogen-based fertilisers and mixtures containing nitrogen. The EU already imports a significant portion of nitrogen-based fertilisers duty-free from countries benefitting from preferential access to the Union market. Despite this, the Union still imports a large volume of these goods originating in countries subject to the common customs tariff, with customs duty rates currently ranging between 5.5% and 6.5%.   Visit the website ● Council of the EU   22/05/2026 10:22 | Press release | Trade: Council signs off reinforced rules on trade preferences for developing countries   The Council today formally adopted the revised Generalised Scheme of Preferences (GSP) regulation that grants EU trade preferences to developing countries, reinforcing the link between preferential access to the EU market and respect for human rights, labour rights, environmental protection and good governance. “The EU is committed to using trade as a partnership tool to support sustainable development, human rights and good governance. The revised GSP rules strengthen our partnerships with developing countries while making clear that trade preferences go hand in hand with shared commitments and responsibilities.” — Michael Damianos, Minister of Energy, Commerce and Industry of the Republic of Cyprus The revised framework strengthens the current GSP system by improving monitoring and transparency and expanding the list of international conventions beneficiary countries must respect. It introduces a faster procedure to suspend trade preferences in cases of serious violations of these conventions, in particular international agreements on climate change and environmental protection. The regulation also introduces, for the first time, a link between trade preferences and cooperation on migration and readmission. Under the new framework, the Commission will be able to assess whether beneficiary countries cooperate effectively on the readmission of their nationals illegally staying in the EU and, where necessary, propose the withdrawal of preferences. The revised regulation also strengthens safeguards to protect EU producers in the event of sudden increases in imports from beneficiary countries, including a specific safeguard mechanism for rice imports. To avoid serious disruptions to the EU rice market, if rice imports rise significantly above normal levels, the EU will be able to temporarily reintroduce tariffs on those imports. Next steps The regulation will now be signed and published in the Official Journal of the EU. It will apply from 1 January 2027. Background The EU's generalised scheme of preferences (GSP) is a trade policy that offers vulnerable developing countries and territories preferential access to the EU market through reduced or zero tariffs on their exports. The scheme has three main arrangements designed to support different stages of development: standard GSP, granting a partial or full removal of customs duties on two-thirds of all tariff lines to low and lower-middle income countries GSP+, offering complete duty-free access for the same two-thirds of tariff lines to vulnerable low and lower-middle-income countries, provided they ratify and effectively implement 27 international conventions related to human rights, labour rights, environmental protection and good governance everything but arms (EBA), the most generous treatment, granting duty- and quota-free access for all products (except arms and ammunition) to the world's least developed countries (LDCs). Regulation on applying a generalized scheme of tariff preference I/A item note Statement by Greece, Spain and Italy Statement by Hungary Voting results GSP (EU Law Tracker) Trade: Council and Parliament strike a deal to reinforce rules on trade preferences to developing countries (press release, 1 December 2025) Generalised scheme of preferences (European Commission)   Visit the website