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13 May 2024 ESM Press Release no. 6/2024 (Luxembourg/Brussels) — The European Stability Mechanism (ESM) and the European Parliament signed on 7 May a Memorandum of Cooperation (MoC) to establish a framework of cooperation between the two institutions. This MoC builds on a longstanding dialogue between the two institutions, including exchanges in the context of the European Parliament’s Committee on Economic and Monetary Affairs (ECON) and of the Inter-institutional Conference on Stability, Economic Coordination and Governance of the European Union. The cooperation will be strengthened through exchanges of views during bilateral meetings. In particular, the ECON Committee will invite the ESM Managing Director to participate in exchanges of views with the Committee at least once a year. In turn, the ESM will invite a delegation of the ECON Committee on an annual basis. “This agreement reflects the ESM’s commitment to further enhancing transparency, accountability, and inter-institutional dialogue. The ESM has had an ongoing dialogue with the European Parliament since 2012. It has presented to the Parliament, on a voluntary basis, important developments concerning ESM activities and the euro area. This additional step will strengthen the engagement with the Parliament, ensuring a more robust framework for discussions,” said ESM Managing Director Pierre Gramegna. Roberta Metsola, President of the European Parliament Pierre Gramegna, ESM Managing Director Media Enquiries Cédric Crelo Head of Communications and Chief Spokesperson Phone: +352 260 962 205 c.crelo@esm.europa.eu Anabela Reis Deputy Head of Communications and Deputy Chief Spokesperson Phone: +352 260 962 551 a.reis@esm.europa.eu George Matlock Senior Financial Spokesperson Phone: +352 260 962 232 g.matlock@esm.europa.eu Juliana Dahl Principal Speechwriter and Principal Spokesperson Phone: +352 260 962 654 j.dahl@esm.europa.eu About the ESM <p>The European Stability Mechanism (ESM) has the mandate to preserve financial stability in the euro area by providing financial assistance to Member States with severe financing problems. It is a permanent inter-governmental institution, operating since October 2012. The shareholders of the ESM are the 20 euro area Member States. All financial assistance to Member States is linked to appropriate conditionality. The ESM finances its assistance by issuing bonds and other debt instruments. It has a total subscribed capital of approximately €700 billion, which comprises €80 billion in paid-in capital and €624 billion in committed callable capital. The ESM’s maximum lending capacity is €500 billion.</p> |
Romania's National Recovery and Resilience Plan (NRRP) embodies an ambitious agenda of reforms and investment aimed at mitigating the socio-economic effects of the COVID-19 crisis. The total cost of the plan amounts to €29.2 billion, or 13.1 % of the country's 2019 gross domestic product (GDP). This allocation, corresponding to 4 % of the total volume of the Recovery and Resilience Facility (RRF), includes the entire initial grant allocation (€14.2 billion) and a considerable part (€14.9 billion) ...
Since Russia launched its unprovoked war against Ukraine on 24 February 2022, the United States (US) has worked in lockstep with allies and partners, notably the European Union, its Member States and other G7 countries, towards a strong collective response. This has included several packages of economic sanctions against Russia aimed at severing the country from technologies and financial sources that fuel its war, and directly targeting the persons and entities involved. The US in cooperation with ...
The United States (US) has been imposing sanctions on Russia since its illegal annexation of Crimea in 2014. Since the outbreak of Russia's war on Ukraine in February 2022, these sanctions have become increasingly severe and far-reaching. The US, together with the European Union and other close allies, has targeted Russian assets, international trade and the economic sectors involved in the war, as well as specific individuals and entities engaged in sanctioned activities. The sanctions seek to weaken ...
This study was drawn up to support the work of the European Parliament's Special Committee on the COVID 19 pandemic. It examines the European Union's public health response to the COVID 19 pandemic across the following five pillars: (1) the EU vaccines strategy and national vaccination strategies; (2) independent scientific evidence on vaccine effectiveness; (3) the EU public health response to COVID 19, addressing the EU framework for crisis response; (4) the EU's prevention and preparedness efforts ...
During his first visit to the European Parliament and the European Council, Ukrainian President Volodymyr Zelenskyy appealed to the European Union to provide his country with aircraft and other military equipment needed to repel Russia’s further military aggression. Greeted with a standing ovation in the European Parliament, Zelenskyy said that Ukraine was not only defending its own independence, but also the ‘European way of life’. EU leaders vowed to stand by Ukraine with steadfast support, but ...
On 7 February 2023, the President of the United States, Joe Biden, gave his State of the Union (SOTU) address to a joint session of the 118th US Congress (2023-2024). Unlike in 2022, when the US had a 'united' government, with the President's party, the Democrats, holding the majority in both chambers of Congress, Biden now faces a 'divided' government, with a Republican-led House of Representatives, and has to decide on a potential second-term bid in 2024. While in 2022, Russia's then newly launched ...
The highlight of the February II 2023 plenary session was a debate with the Council and the European Commission marking one year since Russia's invasion and the start of its war of aggression against Ukraine. Members also debated the European Union response to the humanitarian situation following the earthquake in Türkiye and Syria. Members discussed EU funding allocated to non-governmental organisations incriminated in recent corruption revelations, following up on measures requested by Parliament ...
As products have become more complex in the digital age, on 28 September 2022, the European Commission published a proposal for a new directive on liability of defective products. This would revise the existing Product Liability Directive, adopted nearly 40 years ago in 1985. The proposal aims to bring the European Union's product liability regime up to speed with the digital age, circular economy business models and global value chains. Addressing the need to ease the burden of proof for consumers ...
The EU's effort-sharing legislation covers greenhouse gas (GHG) emissions in sectors not included in the EU emissions trading system. A wide range of sources – such as fuels used for road transport, energy used for heating and cooling in buildings, animal digestion and fertilisers used in agriculture, waste treatment, and small industries – account for these emissions. To cut the emissions in these sectors, the EU Effort-sharing Regulation (ESR) establishes collective and national binding targets ...
On 8 January 2023, far-right supporters of former president Jair Bolsonaro stormed the presidential palace, the Supreme Court and the Congress in Brasilia. The events, widely acknowledged as echoing the attack on the US Capitol on 6 January 2021, took place only a week after the inauguration of Luiz Inacio Lula da Silva as President of Brazil for the third time; Bolsonaro, who did not concede defeat in the October 2022 election, was notably absent from the inauguration. Brazil is one of the biggest ...
Quantum technologies could be a game-changer in the digital transformation of health care. By enabling much faster and more complex data analysis, they could open the door to the accelerated discovery and development of novel therapeutics, improved diagnostics and treatments, including for rare and complex diseases, genuinely personalised medicine, and better data-driven health policy planning. However, as is also the case in other sectors, quantum technologies come with risks, particularly to cybersecurity ...
International Anti-Corruption Day is marked every year on 9 December to raise awareness of the negative effects of corruption on all areas of life. While difficult to measure, corruption entails not only economic but also social and political costs. International and EU anti-corruption efforts have translated into a multi-layered policy and legal framework. The European Parliament recently called for strengthened EU anti-corruption rules.
The Monthly Highlights publication provides an overview, at a glance, of the on-going work of the policy departments, including a selection of the latest and forthcoming publications, and a list of future events.