25/02/2022 14:00 | Article Informal Meeting of Ministers Responsible for Cohesion Policy On 1 March 2022, in Rouen, the French Presidency of the Council of the EU will bring together: the 27 EU ministers responsible for cohesion policy; European Commissioner Elisa Ferreira; the President of the European Committee of the Regions, Apóstolos Tzitzikóstas; the Chair of the European Parliament Committee on Regional Development, Younous Omarjee; and the President of the Section for Economic and Monetary Union and Economic and Social Cohesion of the European Economic and Social Committee, Stefano Palmieri. In the context of recovery of European economies, which have been hard hit by the public health and economic crisis, the Commission’s Eighth Report on Economic, Social and Territorial Cohesion will form the basis for discussions.

Rouen© Adobestock


On 1 March 2022, in Rouen, the French Presidency of the Council of the EU will bring together: the 27 EU ministers responsible for cohesion policy; European Commissioner Elisa Ferreira; the President of the European Committee of the Regions, Apóstolos Tzitzikóstas; the Chair of the European Parliament Committee on Regional Development, Younous Omarjee; and the President of the Section for Economic and Monetary Union and Economic and Social Cohesion of the European Economic and Social Committee, Stefano Palmieri. In the context of recovery of European economies, which have been hard hit by the public health and economic crisis, the Commission’s Eighth Report on Economic, Social and Territorial Cohesion will form the basis for discussions.

Cohesion policy for harmonious and adapted development of European regions

The European Union consists of 27 Member States and 242 regions with economic and social disparities. The economic, social and territorial cohesion policy aims to bridge the wealth and development gaps between the EU regions, by investing in growth and employment. Through the European Regional Development Fund (ERDF), the European Social Fund Plus (ESF+) and the Just Transition Fund (JTF), the policy finances research and development, digital technology, SME development and ecological transition projects, as well as actions promoting employment, training and social inclusion, all while adapting to the specificities of each region, particularly overseas territories.

As such, thousands of projects throughout Europe are supported by this policy, in the aim of facing common challenges, namely, the major environmental, technological and demographic transitions. These projects are led by a wide variety of stakeholders, companies, public bodies and associations. A symbol of solidarity, the EU’s cohesion policy promotes the harmonious development of the Member States and regions.
The Commission’s Eighth Report on Economic, Social and Territorial Cohesion as the guiding theme of the meeting

The publication of the Commission’s Eighth Report on Economic, Social and Territorial Cohesion has brought to light the state of cohesion within the EU. It starkly highlights the impact of the crisis on local economies and provides an overview of the progress achieved over the last few years relative to cohesion, the role of European structural funds and the effects of other EU policies in the regions.

The OECD’s analysis of the optimisation of public investment in other regions of the world, reaching the same conclusions, will guide discussions on the type of public investment to be mobilised to address European and global challenges.

The ministers will therefore be encouraged to establish a basis for future priorities and long-term objectives concerning a policy that aims for a greener, more innovative and inclusive society.
For better consideration of territorial disparities

In order to meet forthcoming challenges in the best way, citizen support remains vital. This gives rise to the question of their trust in institutions.

In this respect, particular attention must be paid to the problem of growing territorial disparities, especially those of rural areas. The discussions will include proposed solutions to draw citizens closer to the European project.

The Prime Minister, Justin Trudeau, today announced..

 

Canada announces additional measures to support Ukraine

February 24, 2022
Ottawa, Ontario

Canada condemns in the strongest possible terms Russia’s egregious attack on Ukraine. These additional unprovoked actions are another clear and further violation of Ukraine’s sovereignty, territorial integrity, and independence. They are also in violation of Russia’s obligations under international law and the Charter of the United Nations.

Canada has already taken a series of measures, in close coordination with our allies and international partners, to respond to Russia’s reckless and dangerous acts, and following last night’s attack on Ukraine, Canada will take additional action to stop Russia’s unwarranted aggression.

The Prime Minister, Justin Trudeau, today announced that Canada will be imposing additional sanctions under the Special Economic Measures (Russia) Regulations and the Special Economic Measures (Ukraine) Regulations. These new actions, which build on the measures announced on February 22, include:

• Imposing restrictions on 58 additional Russian individuals and entities, including banks, financial elites and their families;
• Sanctioning members of the Russian Security Council, including the Defence Minister, the Finance Minister, and the Justice Minister;
• Imposing restrictions on four Ukrainian individuals for their collaboration with Russia to destabilize Ukraine; and
• Restricting exports to Russia by halting new export permit applications and cancelling valid export permits, with a limited number of exceptions for critical medical supply chains.

The Prime Minister also announced that Canada will take additional and immediate measures to support Ukrainians and people residing in Ukraine, and to make it easier and faster for Canadian citizens, permanent residents, and their accompanying immediate family members to return to Canada. These new measures include:

• Establishing a dedicated service channel for Ukraine enquiries on immigration. This will be available for clients both in Canada and abroad at 613-321-4243, with collect calls accepted. In addition, clients can now add the keyword “Ukraine2022” in their email enquiry, which will prioritize their email;
• Urgent processing of travel documents, including issuing single-journey travel documents for immediate family members of Canadian citizens and permanent residents who do not have valid passports;
• Ensuring that Ukrainians currently in Canada are able to extend their stay or work longer in Canada by prioritizing the renewal of work and study permits;
• Issuing open work permits to Ukrainian visitors, workers, and students who are currently in Canada and cannot go home; and 
• Waiving fees for travel and immigration documents, such as for Canadian passports, permanent resident travel documents, proofs of citizenship, visitor visas and work and study permits.

Immigration, Refugees and Citizenship Canada (IRCC) has already implemented measures to priority-process applications for travel documents for Canadian citizens, permanent residents and their immediate family members, and grant applications for adoption, and permanent and temporary residence applications for people with a primary residence in Ukraine who want to reunite or travel with family, study, work or start a new life in Canada. More immigration measures will be announced in the near future.

Russia’s actions are being met with severe consequences. Earlier this week, Canada unequivocally condemned Russia’s decision to recognize the independence of the Donetsk and Luhansk regions in Ukraine and in response announced it will:

• Impose new sanctions against Russia, including new prohibitions on direct and indirect dealings in Russian sovereign debt;
• Send additional military contributions to support the North Atlantic Treaty Organization (NATO) through Operation REASSURANCE, including up to an additional 460 personnel to the approximately 800 currently deployed in Europe in support of NATO; and
• Authorize approximately 3,400 Canadian Armed Forces personnel across all branches of the service to deploy to the NATO Response Force should they be required by NATO.

Russia’s attack on Ukraine is also an attack on democracy, on international law, on human rights, and on freedom. It threatens peace and order in Europe and around the world. These unwarranted actions will not go unpunished. We continue to stand with Ukraine, its people, and the Ukrainian Canadian community here in Canada.

Quotes

“Canada condemns in the strongest possible terms Russia’s egregious attack on Ukraine. Canada is taking strong action to stand up for what is right and protect the rights and freedoms of the Ukrainian people. Let me be clear: there will be serious consequences for Russia’s actions. Together with our allies and partners, we will continue to take decisive action to support the sovereignty, territorial integrity, and independence of Ukraine and by extension, democratic principles, freedom, and human rights around the world.”

The Rt. Hon. Justin Trudeau, Prime Minister of Canada

“Today, we woke up to a changed world. Russia has launched a brutal and unprovoked attack on the sovereignty of Ukraine – a country of more than 40 million people who have sought nothing but peace and freedom. Canada understands what is at stake. We know that the people of Ukraine, in fighting for their lives and their sovereignty, are fighting for us, too. They are fighting for democracy, and we stand with them.”

The Hon. Chrystia Freeland, Deputy Prime Minister and Minister of Finance

“Today is a dark day. Russia’s further invasion of Ukraine is a fundamental challenge to the world order that has kept us safe since the Second World War. The fight is in Ukraine, but the threat extends far past its borders. Canada and our partners have been clear: these reckless and dangerous acts will not go unpunished. The sanctions being imposed today will work in coordination with those from our partners to inflict severe costs to the Russian regime.”

The Hon. Mélanie Joly, Minister of Foreign Affairs

“In the wake of Russia’s deliberate attack on Ukrainians orchestrated by Putin, Canada’s message to Ukraine is clear – Canada stands with you. Today is a devastating day for Ukraine, for democratic societies, and for peace and security around the world. Together with our allies and partners, our Canadian Armed Forces and country will continue to meet Putin’s unwarranted aggression with Canada’s steadfast support to the Ukrainian people as they fight for their sovereign right to exist.”

The Hon. Anita Anand, Minister of National Defence

“Canada is steadfast in its support of the sovereignty and territorial integrity of Ukraine. For over a month, we have been prioritizing applications from Ukraine, bolstering our resources in the region, and preparing additional measures. We will continue to provide priority assistance to Canadians, permanent residents and their families, as well as Ukrainians who wish to come to Canada and Ukrainian temporary residents already in Canada who cannot return home. As we continue to monitor the ongoing situation, we will increase our efforts to make it easier for Ukrainians to stay in Canada, and faster for them to arrive.”

The Hon. Sean Fraser, Minister of Immigration, Refugees and Citizenship

Quick Facts

• In response to Russia’s threats and military build-up in and around Ukraine in recent weeks, the Government of Canada invested in additional support for Ukraine. This includes through the extension and expansion of Operation UNIFIER, the Canadian Armed Forces’ military training and capacity-building mission in Ukraine, up to $620 million in loans, and the provision of nearly $10 million in lethal and non-lethal equipment and ammunition.
• Since Russia’s attempted annexation and illegal occupation of Crimea in 2014, Canada has sanctioned more than 440 individuals and entities, with many of these sanctions undertaken in coordination with our allies and partners. Canada’s sanctions will impose asset freezes and dealings prohibitions on listed persons.

Associated Links

• Statement by the Prime Minister on Russia’s attack on Ukraine
• Canada’s engagement in Ukraine
• Canada’s response to the crisis in Ukraine
• Canadian sanctions related to Russia
• Canada announces support to address the situation in Ukraine

Related Products

• Additional immigration support for those affected by the situation in Ukraine
• Canada imposes additional economic measures on Russia in response to Russia’s attack on Ukraine

Prime Minister Justin Trudeau speaks with President of Ukraine Volodymyr Zelenskyy

February 24, 2022
Ottawa, Ontario

Today, Prime Minister Justin Trudeau spoke with the President of Ukraine, Volodymyr Zelenskyy, to express solidarity and support to the people in Ukraine.

Prime Minister Trudeau strongly condemned the large-scale military aggression by the Russian Federation against the territorial integrity, sovereignty and independence of Ukraine. He reiterated that Ukraine’s security is also Europe’s security and that of all democratic states seeking to uphold fundamental principles of international law and state sovereignty. The Prime Minister reaffirmed Canada’s steadfast support for the sovereignty and territorial integrity of Ukraine. President Zelenskyy thanked Prime Minister Trudeau for announcing meaningful and punitive sanctions against those in Russia who are directly responsible for this tragedy or who help support it. President Zelenskyy also welcomed recently arrived lethal aid from Canada, noting that two shipments had arrived earlier this week. Prime Minister Trudeau commended the President’s courage and resolve to lead the Ukrainian people through this unprovoked and unjustified attack.

The Prime Minister stressed that Russia’s actions are blatant violations of international law, and will not be tolerated. Prime Minister Trudeau committed to follow developments very closely in the coming days, and the two leaders discussed ways in which Canada could continue to support Ukraine in the immediate future.

Associated links

• Statement by the Prime Minister on Russia’s attack in Ukraine
• Canada’s engagement in Ukraine
• Canada’s response to the crisis in Ukraine
• Canada announces support to address the situation in Ukraine
• Canada strongly condemns Russia’s move to recognize independence of two regions within Ukraine
• Prime Minister Justin Trudeau speaks with President of Ukraine Volodymyr Zelenskyy

Prime Minister Justin Trudeau speaks with Prime Minister Boris Johnson of the United Kingdom

February 25, 2022
Ottawa, Ontario

Today, Prime Minister Justin Trudeau spoke with Prime Minister Boris Johnson of the United Kingdom about Russia’s illegal invasion of Ukraine’s sovereign territory.

Prime Minister Trudeau strongly condemned the large-scale military aggression by Russia against the territorial integrity, sovereignty and independence of Ukraine. The two leaders stressed that Russia’s actions threaten peace and order in Europe and around the world, are blatant violations of international law, and will not be tolerated.

Prime Minister Trudeau and Prime Minister Johnson recognized the heroic efforts and sacrifices of the Ukrainian armed forces and people, and committed to further support them. The leaders discussed the heavy, punitive sanctions against those in Russia who are directly responsible for this tragedy. They also stressed the importance of maintaining unity among partners and allies and continuing to support Ukraine.

Prime Minister Trudeau and Prime Minister Johnson agreed to continue coordinating closely on efforts with allies and partners to impose severe costs on Russia.

Associated links

• Prime Minister Trudeau speaks with President of Ukraine Volodymyr Zelenskyy
• Statement by the Prime Minister on Russia’s attack in Ukraine
• Canada announces additional measures to support Ukraine
• Canada announces support to address the situation in Ukraine
• Canada’s response to the crisis in Ukraine

EUROPEAN BANK,update

 

News

EBRD statement on Russia and Belarus 25-02-2022 03:31 PM GMT Shareholders to decide whether to apply Article 8.3 of EBRD constitution The EBRD will stand by Ukraine 24-02-2022 10:10 AM GMT Statement from the EBRD President, Odile Renaud-Basso EBRD welcomes Western Balkans prime ministers for investment summit 24-02-2022 01:14 PM GMT Bank invested €1 billion in the region in 2021 EBRD invests €8.7 million in Qair’s inaugural green bond issue to support solar and wind projects 25-01-2022 08:22 AM GMT The proceeds will support Qair International’s renewable energy projects mainly in EBRD countries of operation Promoting the digital revolution in the Western Balkans 25-02-2022 09:37 AM GMT The EBRD and Norway facilitate the digital development of the region's businesses Watch Live: Western Balkans Investment Summit 2022 22-02-2022 10:22 AM GMT Join the livestream on 28 February at 9AM GMT EBRD supports reform of Morocco’s state-owned enterprises 24-02-2022 12:13 PM GMT Technical assistance to develop and implement a state ownership policy EBRD and EU help structure Serbian family-run firm 22-02-2022 01:05 PM GMT Serbian packaging producer prepares for business succession

Russia’s military aggression against Ukraine: EU imposes sanctions against President Putin and Foreign Minister Lavrov and adopts wide ranging individual and economic sanctions

 

The EU today decided to sanction Vladimir Putin, President of the Russian Federation and Sergey Lavrov, Minister of Foreign Affairs of the Russian Fe… View in browser Press material Saturday 26 February 2022   ● Council of the EU   26/02/2022 00:06 | Press release | Russia’s military aggression against Ukraine: EU imposes sanctions against President Putin and Foreign Minister Lavrov and adopts wide ranging individual and economic sanctions   The EU today decided to sanction Vladimir Putin, President of the Russian Federation and Sergey Lavrov, Minister of Foreign Affairs of the Russian Federation. The Council also agreed on a further package of individual and economic measures covering also Belarus to respond to the unprovoked and unjustified military aggression carried out by the Russian Federation against Ukraine. "President Putin and his government started a war against an independent, sovereign neighbouring country. The behaviour of the Russian leadership constitutes a major threat to international peace and security. Today, we are replying with the strongest possible restrictive measures. The European Union is united in its resolve, together with international partners and allies, to defend the peace order, international law and the rules based system." Josep Borrell, High Representative for Foreign Affairs and Security Policy Swiftly implementing the European Council conclusions of 24 February, the package of sanctions adopted today includes: Individual sanctions In addition to freezing the assets the Russian President and Minister of Foreign Affairs, the EU will impose restrictive measures on the members of the National Security Council of the Russian Federation who supported Russia’s immediate recognition of the two non-government controlled areas of the Donetsk and Luhansk oblasts of Ukraine as independent entities. Sanctions will also be extended to the remaining members of the Russian State Duma, who ratified the government decision of the Treaty of Friendship, Cooperation and Mutual Assistance between the Russian Federation and the two entities. Furthermore, the EU will also target those individuals, who facilitated the Russian military aggression from Belarus. Economic sanctions Financial sanctions The package adopted today further expands the existing financial restrictions, thereby cutting Russian access to the most important capital markets. It also prohibits the listing and provision of services in relation to shares of Russian state-owned entities on EU trading venues. In addition, it introduces new measures which significantly limit the financial inflows from Russia to the EU, by prohibiting the acceptance of deposits exceeding certain values from Russian nationals or residents, the holding of accounts of Russian clients by the EU Central Securities Depositories, as well as the selling of euro-denominated securities to Russian clients. These sanctions will target 70% of the Russian banking market, and key state-owned companies, including in the field of defence. They will increase Russia's borrowing costs, raise inflation and gradually erode Russia's industrial base. Additionally measures are taken to prevent the Russian elite's fortunes from being hidden in safe havens in Europe. Energy sector The EU will prohibit the sale, supply, transfer or export to Russia of specific goods and technologies in oil refining, and will introduce restrictions on the provision of related services. By introducing such export ban, the EU intends to hit the Russian oil sector, and make it impossible for Russia to upgrade its oil refineries. Russia's export revenues accounted for EUR 24 billion in 2019. Transport sector The EU introduced an export ban covering goods and technology in the aviation and space industry, as well as a prohibition on the provision of insurance and reinsurance and maintenance services related to those goods and technology. The EU will also prohibit the provision of related technical and financial assistance. This ban on the sale of all aircrafts, spare parts and equipment to Russian airlines will degrade one of the key sectors of Russia's economy and the country's connectivity, as three quarters of Russia's current commercial air fleet were built in the EU, the US and Canada. Technology sector The EU imposed further restrictions on exports of dual-use goods and technology, as well as restrictions on exports of certain goods and technology which might contribute to Russia’s technological enhancement of its defence and security sector. This will include products such as semiconductors or cutting-edge technologies. Visa policy Diplomats, other Russian officials, and business people will no longer be able to benefit from visa facilitation provisions, which allow privileged access to the EU. This decision will not affect ordinary Russian citizens. The decision will enter into force on the day of the adoption. The European Union condemns in the strongest possible terms the Russian Federation’s unprovoked and unjustified military aggression against Ukraine, as well as the involvement of Belarus in this aggression. The European Union demands that Russia immediately ceases its military actions, unconditionally withdraws all forces and military equipment from the entire territory of Ukraine and fully respects Ukraine’s territorial integrity, sovereignty and independence within its internationally recognised borders. The European Council calls on Russia and Russia-backed armed formations to respect international humanitarian law and stop their disinformation campaign and cyber-attacks. The use of force and coercion to change borders has no place in the 21st century. Tensions and conflict should be resolved exclusively through dialogue and diplomacy. The EU will continue cooperating closely with neighbours and reiterates its unwavering support for, and commitment to, the sovereignty and territorial integrity of Georgia and of the Republic of Moldova. It will continue strong coordination with partners and allies, within the UN, OSCE, NATO and the G7. The relevant legal acts, including the names of the persons concerned by restrictive measures, will be published in the Official Journal. Meetings Friday 25 February 2022   ● Council of the EU   25/02/2022 22:26 | MEETING | Main results - Extraordinary Foreign Affairs Council, 25 February 2022   Ministers proceeded to the adoption of a further package of restrictive measures that will have massive and severe consequences for Russia. They agreed to intensify diplomatic efforts to ensure the widest possible international condemnation of Russia's illegal and unprovoked aggression. There was also clear consensus to continue to support Ukraine and to step up efforts to tackle disinformation. Ministers agreed on the need to strengthen support to Moldova and Georgia and to deter provocations in the Western Balkans.

Main results - Eurogroup, 25 February 2022

Meetings Friday 25 February 2022

● Eurogroup   25/02/2022 18:13 | MEETING | Main results - Eurogroup, 25 February 2022   The Eurogroup reflected on the euro-area dimension of the macroeconomic imbalances procedure. It issued statements on the digital euro, on Greece, and reappointed Tuomas Saarenheimo as EWG President

Meetings

Eurogroup
Eurogroup, 25 February 2022

Main results
Economic governance review: Euro area dimension of the macroeconomic imbalances procedure

As part of the economic governance review, ministers reflected on the euro-area dimension of the macroeconomic imbalances procedure. A secretariat issues note framed the discussion.



Eurogroup recognises that macro-economic imbalances are of particular importance to the euro area and that the Macroeconomic Imbalances Procedure has supported their unwinding. It was particularly successful to reduce current account deficits but admittedly less effective to reduce high surpluses.Paschal Donohoe, President of the Eurogroup

Δήλωση του Eurogroup για τις πρόωρες αποπληρωμές δανείων του ΔΝΤ και του GLF από την Ελλάδα

 

Press material Friday 25 February 2022

● Eurogroup   25/02/2022 16:44 | Statements and remarks | Eurogroup statement on the early repayments of IMF and GLF loans by Greece   The Eurogroup welcomes the expected early repayment by Greece of its outstanding International Monetary Fund (IMF) loan this spring and the partial prepayment of its loans under the Greek Loan Facility (GLF) at the end of this year, subject to national procedures and the relevant approval by EFSF and ESM decision-making bodies. On 6 December, Greece informed the Eurogroup that it was considering an early repayment of the remaining amount of its outstanding IMF loan, as well as a partial prepayment of its loans under the GLF. The partial prepayment of the GLF would correspond to the principal payments due until the end of 2023 under the GLF. Today the Eurogroup recalled the positive developments of the Greek economy, including a strong recovery from the pandemic and the policy reforms that have been implemented even in challenging circumstances, which allow Greece to envisage these repayments. We underline the importance of continued reform implementation also in the context of the Greek Recovery and Resilience Plan. The Eurogroup stresses the positive impact that the early repayments will have on Greece’s public finances and the signal of confidence to financial markets. The Eurogroup also welcomes the participation of the ΙMF in the monitoring activities of European creditors for the remainder of the enhanced surveillance period. Eurogroup statement on Greece of 6 December 2021 (press release, 6 December 2021) Δήλωση του Eurogroup για τις πρόωρες αποπληρωμές δανείων του ΔΝΤ και του GLF από την Ελλάδα Το Eurogroup χαιρετίζει την αναμενόμενη πρόωρη αποπληρωμή από την Ελλάδα του εκκρεμούς δανείου της από το Διεθνές Νομισματικό Ταμείο (ΔΝΤ) αυτή την άνοιξη και τη μερική προπληρωμή των δανείων της στο πλαίσιο της Ελληνικής Δανειακής Διευκόλυνσης (GLF) στο τέλος του τρέχοντος έτους, με την επιφύλαξη των εθνικών διαδικασιών και των σχετικών έγκριση από τα όργανα λήψης αποφάσεων του EFSF και του ESM. Στις 6 Δεκεμβρίου, η Ελλάδα ενημέρωσε το Eurogroup ότι εξέταζε την πρόωρη αποπληρωμή του υπολοίπου του δανείου της από το ΔΝΤ, καθώς και μια μερική προπληρωμή των δανείων της στο πλαίσιο του GLF. Η μερική προπληρωμή του GLF θα αντιστοιχεί στις κύριες πληρωμές που οφείλονται μέχρι το τέλος του 2023 βάσει του GLF. Σήμερα το Eurogroup υπενθύμισε τις θετικές εξελίξεις της ελληνικής οικονομίας, συμπεριλαμβανομένης της ισχυρής ανάκαμψης από την πανδημία και τις μεταρρυθμίσεις πολιτικής που έχουν εφαρμοστεί ακόμη και σε δύσκολες συνθήκες, που επιτρέπουν στην Ελλάδα να οραματιστεί αυτές τις αποπληρωμές. Υπογραμμίζουμε τη σημασία της συνεχούς εφαρμογής των μεταρρυθμίσεων και στο πλαίσιο του Ελληνικού Σχεδίου Ανάκαμψης και Ανθεκτικότητας. Το Eurogroup τονίζει τη θετική επίδραση που θα έχουν οι πρόωρες αποπληρωμές στα δημόσια οικονομικά της Ελλάδας και το σήμα εμπιστοσύνης στις χρηματοπιστωτικές αγορές. Το Eurogroup χαιρετίζει επίσης τη συμμετοχή του ΙMF στις δραστηριότητες παρακολούθησης των ευρωπαίων πιστωτών για το υπόλοιπο της περιόδου ενισχυμένης εποπτείας.

Press material Friday 25 February 2022   ● Council of the EU   25/02/2022 16:18 | Statements and remarks | Ukraine: press statement from the EU Ministers for Finance, European Commission and the European Central Bank   Yesterday night at the European Council, EU Leaders showed our absolute unity in responding to the unprovoked and unlawful Russian military actions. We expressed full solidarity with the people of Ukraine. The EU has demonstrated its support with emergency financial assistance and we will continue to provide additional support in the coming days. At the European Council last night, Leaders agreed on restrictive measures that will impose massive and severe consequences on Russia. We, Ministers for Finance, will implement these financial and economic sanctions immediately. Those sanctions will last as long as needed and will be complemented by additional decisions. We asked the European Commission and the ECB to assess the consequences of cutting further the access of Russian institutions to the financial system. All options are on the table. This unity of the European countries and the strength of our European economy will allow us to mitigate the impacts of the crisis. We will take appropriate actions to limit the consequences on our citizens and businesses. Today, we discussed the economic consequences of this geopolitical crisis, in particular on the energy sector. We are committed to accelerate the agenda initiated in recent months to strengthen our economic independence and enhance sustainable and resilient growth. Press material Friday 25 February 2022   ● Eurogroup   25/02/2022 16:41 | Statements and remarks | Eurogroup statement on the digital euro project   New technologies in banking and payments are giving rise to new services and business models by established financial institutions and new market entrants. A properly-designed digital euro that is safe, easy to use and widely accessible to the public has the potential to foster innovation in the financial system and deliver major benefits for citizens, businesses, Member States. It can strengthen our financial and monetary sovereignty and contribute to the overall functioning of our economic and monetary union, building on mutual trust and engagement among all stakeholders involved, and it is relevant for the international role of the euro. Informed by preliminary work of the ECB and the European Commission, the Eurosummit in March 2021 invited the exploratory work on the possible introduction of a digital euro to be taken forward. On 14 July 2021, the ECB Governing Council decided to launch an investigation into the possible issuance of a digital euro to complement cash. The investigation phase will last 24 months and aims to address key issues regarding design and distribution. This will not prejudge any future decision on the possible issuance of a digital euro, which will come only later. In order to be successful, the possible issuance of a digital euro needs to be a common European project, supported by the European public and with a solid democratic basis. The creation of a digital euro would require an intervention of the Union legislature; and the Commission intends to make a proposal on the basis of Article 133 TFEU. In this context, we welcome the intention of the Commission to launch a targeted public consultation on a digital euro as part of the pre-legislative process. The Eurogroup supports the work carried out by the Eurosystem and the Commission on a digital euro. This investigative work needs to build on careful and thorough analysis and will benefit from Eurogroup members’ views during the process. The digital euro is a complex and important project with potentially far-reaching impacts for citizens, businesses, and the EMU as a whole. The Eurogroup therefore agreed to regularly revisit this topic and discuss its various dimensions, notably with a focus on their political relevance. This will allow us to provide clear views on the general objectives and political dimensions of a digital euro and the trade-offs in full respect of the institutional roles and mandates of all actors involved. The Eurogroup identified a number of topics on which it will make contributions, working closely with the ECB and the Commission. A plan for regular Eurogroup discussions on the implications of a digital euro, based on input from the ECB and the Commission, was agreed in July 2021* based on four thematic areas with a view to a thorough technical preparation of our discussions on this topic. We began in November 2021 by discussing the policy objectives and uses of a digital euro in the global competitive context, taking into account broader initiatives at the international level. Ministers saw an important role for a digital euro in strengthening our open strategic autonomy, promoting the digital transition and the development of pan-European payment solutions, the continued availability and usability of central bank money and financial inclusion. Today, the Eurogroup took stock of developments so far, based on an update from the ECB and the Commission on their respective work. Ministers support a high level of innovation and ambition during the investigation phase, close monitoring of emerging trends, and the ability to react and adapt to changing demands, whilst recognizing the trade-off between designing an ambitious product and making fast progress. Our next thematic discussion, in April 2022, will be on privacy considerations and how they square with other policy objectives, such as countering money laundering, illicit financing and tax evasion. We will then turn to potential impacts of the digital euro on the financial system and the use of cash, in June 2022. Then, in the latter half of the year, we will discuss the broader ecosystem around the digital euro and the role and business models of the various public and private actors in this ecosystem, which in turn could have implications for efficiency, competition, innovation and the inclusiveness of the digital euro. We welcome the continued efforts of the ECB and the Commission in this process. The Eurogroup will continue to play an active role and to contribute with regular discussions on the digital euro** in line with the advancement of the Eurosystem investigation phase and the work by the ECB and the Commission. * Main content and course of discussions at the Eurogroup meeting held on 12 July 2021 in Brussels ** Eurogroup Work programme until July 2022 Digital finance (background information)