Archive for the ‘European Union’ Category

Council of the European Union moves forward on two crypto proposals – The Block Crypto

The Council of the European Union adopted two proposals for digital assets on Wednesday, aiming to create regulatory frameworks for crypto assets focused on consumer protection and mitigating cyber threats.

Both the Regulation on Markets in Crypto Assets (MiCA) and the Digital Operational Resilience Act (DORA) are part of the Council's digital finance package. That package also contains the Council's overall strategy related to crypto asset regulation and a proposal on distributed ledger technology. The intention is to create unified rules of the road for crypto in the EU to foster innovation with investor protection throughout member states, rather than allowing a fragmented approach to form in which standards differ from nation to nation.

"A dedicated and harmonised framework is therefore necessary at Union level to provide specific rules for crypto-assets and related activities and services and to clarify the applicable legal framework," read a proposal in the package. "Such harmonised framework should also cover services related to cryptoassets where these services are not yet covered by Union legislation on financial services."

The MiCA creates a framework for the issuance and services related to transferrable crypto assets, mainly calling on firms to be transparent in their operations through white papers submitted with any prospectuses and mandating that marketing be "fair" and "clearly identifiable" as ads. Any central bank digital currencies or tokens issued by other public authorities are exempt from the framework, as are tokens that function like loyalty points, non-fungible tokens (NFTs) or tokens representing physical assets or services. The proposal is also clear that the regulations will apply to natural or legal persons, not the tech itself.

The DORA creates information and communication technology risk management mandates. In addition to mandating testing of these systems to stave off cyber risks, it creates a uniform reporting framework for any incidents. It also empowers European regulators to take a closer look at a firm's use of third-party service providers used for information or communication technology.

The Council will enter into negotiations with the Parliament on the proposals, and once they reach a provisional agreement, both institutions will formally adopt the regulations.

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Council of the European Union moves forward on two crypto proposals - The Block Crypto

Will the France-Italy deal shift the European Union’s balance of power? – TRT World

After years of tense relations between Rome and Paris, the agreement is expected to boost cooperation. But is it enough to change the power centre within the EU?

Tense relations between Italy and France almost two years ago were described by France as ''the worst of its kind since World War Two'' - when former Italian prime minister Benito Mussolini declared war on France in 1940.

The most recent tumult between the two countries included the then Italian deputy prime ministers Matteo Salvini of the right-wing Northern League and Luigi Di Maio of the populist, anti-establishment Five Star Movement verbal attacks on French President Emmanuel Macron and Di Maio's meeting with the Gilet Jaune (Yellow Vests) protest leaders. Paris recalled its ambassador in retaliation.

The countries have obviously not always seen eye to eye but in recent times tensions have focused largely on European Union migration.

The Quirinale Treaty is expected to be signed between the countries on November 25, signalling a new chapter in relations with President Macron and current Italian Prime Minister Mario Draghi.

According to Teresa Coratella and Arturo Varvelli, researchers of the European Council on Foreign Relations (ECFR), the Franco-Italian pact is a mutual need to overcome divergences and improve internal cooperation.

''The objective is to contribute together to a stronger EU as a geopolitical and sovereign actor able to promote its priorities and defend its interests challenges by the Great Powers Competition,'' Coratella and Varvelli told TRT World.

The agreement comes as countries are taking stock of economic dynamics within the EU as well as the developments of the Green Deal which could have an impact on both countries.

Main agendaThe 60-page Treaty is aimed at advancing industrial and strategic cooperation between the two countries. In this sense, it resembles the Franco-German Elysee Treaty ratified in 1963.

''It covers many strategic dossiers, however, the agenda is still very secret and kept quite secret, which are part of the Italian and French domestic and foreign agenda,'' said Coratella and Varvelli. They also indicated that topics may include traditional issues such as migration, Europe, defence, foreign affairs and other areas like pandemic-related geopolitical developments.

The NextGenerationEU recovery plan for sustainability, ecological transition and economic development may also be a part of the treaty.

Bodo Weber, a Senior Associate of the Democratization Policy Council (DPC), said that the treaty comes at a turning point for the EU, considering the intermediate period in Germany with the end of the Angela Merkel-era and ahead of France's EU presidency next year.

''The treaty aims to formalise bilateral cooperation and relationship between Italy and France and putting an end to the previous Italian government 5-Star's continuous tensions with France,'' Weber added.

Draghi and Macron have known each other for quite some time since the Italian premier was appointed as the president of the European Central Bank in 2011.

Their relations have developed in recent months as the Italian premier has a pro-EU bent compared to the previous anti-EU government and is interested in finding a stronger role for Italy within the EU.

They have common perspectives on policy issues relating to Libya, China and Russia, and are also aligned on EU monetary policies.

German involvement

In this regard, some claim that the treaty may shift the power balance within the EU particularly with the departure of German Chancellor Merkel after over 16 years in power.

But according to Coratella and Varvelli, this agreement symbolises a new juncture between France and Italy with German involvement.

''Once the new German government will be settled, it will be involved in the Franco-Italian cooperation,'' they said while adding that this is a natural process and is a common Italian attitude towards Berlin based on balance and tradition.

For Weber, this seems to be an initiative to create a bridge between southern and northern Europe the so-called frugal states considering their different political positions on EU funding and future fiscal policies.

''If France-Italy cooperates closer then, it would mean close cooperation with other South-Western member states like Spain and Portugal.''

''I think the officials from both sides try to make clear that this is not an initiative that is trying to weaken the position of Germany,'' he said while adding France has a certain interest in filling the defence gap of the EU leadership during this period of governmental change in Germany.

Although there is speculation about whether Germany can continue the domination spearheaded by Angela Merkel, Weber argues that with its new coalition government it can still compete.

''I don't think the French-Italian relations will remain without tensions in future within the EU and I'm pretty sure that even under the new government, and with the new German Chancellor, we'll see the continuation of strong German role,'' he said, highlighting the most traditionally pro-EU party, the Greens' prominent role in defining the future of the coalition government.

Nevertheless, it is certain that the Rome-Paris cooperation will have a particular influence on the EU.

''We have now a renewed consolidated political axis between Rome and Paris which of course will have implications on EU dynamics which however should be seen in a positive way,'' said Coratella and Varvelli, asserting that strong Italian-French-German relations would mean a stronger Europe.

Source: TRT World

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Will the France-Italy deal shift the European Union's balance of power? - TRT World

Declaration by the High Representative on behalf of the EU on the alignment of certain countries concerning restrictive measures in view of the…

On 11 November 2021, the Council adopted Decision (CFSP) 2021/19651.

The Council has decided that the restrictive measures should be renewed for a further period of 12 months, until 14 November 2022. The Council also decided to amend the statement of reasons of twenty-six persons listed in Annex I to Decision (CFSP) 2017/2074.

The Candidate Countries The Republic of North Macedonia, Montenegro, Serbia and Albania2 and the EFTA countries Iceland and Liechtenstein, members of the European Economic Area, as well Georgia align themselves with this Council Decision.

They will ensure that their national policies conform to this Council Decision.

The European Union takes note of this commitment and welcomes it.

1Published on 12.11.2021 in the Official Journal of the European Union L 400/148.

2The Republic of North Macedonia, Montenegro, Serbia and Albania continue to be part of the Stabilisation and Association Process.

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Declaration by the High Representative on behalf of the EU on the alignment of certain countries concerning restrictive measures in view of the...

The Government approved standpoints on European Union climate proposals – marketscreener.com

"Achieving the climate goals requires difficult decisions, but we must take these steps to save the planet and the environment," said Prime Minister Kaja Kallas. "In the long run, investing in the green transition is also an opportunity to stabilise energy prices, reduce energy dependency, make the economy and administration more sustainable and the environment cleaner. Most importantly, in implementing the climate goals we must ensure that our people are taken care of and are not suffering from these changes. It must be a green transition of the people," said Kallas.

According to the Minister of the Environment, Erki Savisaar, the positions were composed by the ministry in close collaboration with other ministries, since the proposals also have a strong impact on industry, transportation, agricultural and forestry sectors. "In the negotiations we want to ensure that there are secured measures for stabilising price fluctuations of greenhouse gas emission allowance units," assured Savisaar. "We support the Commission's proposal to raise the goal for greenhouse gas emissions reduction, however, these changes must be as smooth as possible to ensure investment security for the enterprises."

It is important for Estonia that complying with the climate goals is based on the principle that each Member State can autonomously find efficient ways in which to achieve the goals and that the profit gained from the sale of their emission allowance units is directed into greenhouse gas emissions reduction related activities. To prevent carbon leakage, it is important that in complying with the climate goals the free allocation of emission allowance is continued in those sectors to which carbon border measures are not applied, such as shale oil production. It is equally important that the negative effects of the changes are as small as possible and to ensure that new opportunities are being investigated to alleviate said effects on the less ensured, as well as to come up with support measures.

In the maritime sector it is necessary to cease efforts of forming global deals about the reduction of the sector's carbon emissions in the International Maritime Organisation. In agreeing on the European Union's new rules, it is important to ensure that the sector remains competitive in Estonia and other countries, as well as the equal treatment of ships as compared to third countries. In addition, Estonia supports the proposal of the European Commission to end the allocation of free emission units to air service providers by the year 2027. Estonia also supports the revision of established emission standards and the setting of stricter standards for new cars and small commercial vehicles. At the same time, it is important to keep in mind that gas powered public transport and heavy trucks must be able to be brought to the market even after 2035 to support the use of biomethane as an environmentally friendly fuel in transportation.

Compared to the year 1990, the EU has reduced its greenhouse gas emissions by 31%. To achieve climate neutrality by 2050 at a smooth and reasonable pace, it is necessary to reduce the overall EU gas emissions by 55% by the year 2030. The Riigikogu will followingly discuss the positions approved by the government. If the positions are approved by the Riigikogu, they will become Estonia's starting position for discussions in the EU Council.

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The Government approved standpoints on European Union climate proposals - marketscreener.com

Submission to EU! France fears becoming first victim of Germanys new coalition – Daily Express

In a Tweet, French MP Jerome Riveiere, the Chair of the French Delegation at the ID group stated France would soon have to submit to the EU. He said: In Germany, all political parties form a coalition with the common denominator of submission to the liberal and non-national EU. He added: Our country will be the first victim. Europe of nations, quickly!

The MPs rhetoric strongly condemned the supranational power of the EU, imploring that the European Union becomes separate sovereign state's to save themselves.

Germany has remained a relatively silent voice since the elections which saw Angela Merkel end her 16 years in power.

With Olaf Scholz about to head a three-party coalition with broad plans for Germany's transition to a green economy, Berlins voice is back on the stage.

The so-called traffic-light coalition is expected to highly favour the European Union model, in particular surrounding green policies, and is something that sends shivers down the spines of a nuclear ambitious France.

With the UK having left the EU, ripples of discontent at the bloc are starting to make waves across Europe, with certain French influencers floating the notion of Frexit.

Paris has enjoyed the caretaker role of EU leader since Ms Merkel stepped out of the limelight following the defeat of her part in the elections.

However, with the Germans emerging once again, a shift in the political nexus of the EU is expected.

Frances only saving grace in the matter is the upcoming Presidency of the bloc by France in the New Year.

READ MORE:German economy on brink as Merkel's successor confirmed

Germany will be looking to set the tone when it comes to green policies under the new coalition.

It will be the first three-way alliance on a national level in German history and the first to put tackling the climate emergency, which will be a priority in each of the ministries, at the top of its agenda.

As part of the goal for Germany to become climate neutral by 2045, the parties have agreed to commit to phasing out coal by 2030, outlaw combustion engines in principle, and end gas power generation by 2040.

Renewable energies are to be expanded considerably, to cover 80 percent of all energy needs by 2030.

But the governments most immediate challenge will be to control Germanys worst wave of Covid-19 since the pandemic began, especially increasing vaccinations.

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Mr Scholz said he would establish a crisis management team reporting to his chancellery, to be made up of virologists, epidemiologists, psychologists and sociologists, to advise on a way out of the emergency.

He said 1bn would be set aside to fund bonuses for health workers.

There is much speculation as to how the three parties will cooperate, owing to their considerable differences.

The Greens have pushed for a huge investment programme to fight the climate crisis, as well as to spruce up Germanys out-of-date infrastructure.

During the election campaign, they pledged to raise taxes and loosen debt rules to free up money to cover increased spending.

For France, upcoming elections will see a rise in far-right and populist parties, with two major right-wing candidates expected to pile the pressure on Mr Macron.

With both Marine Le Pen and Eric Zemmour in the running to face off with Mr Macron next year, France will look to Germany to ascertain how a coalition might work together.

French priorities now lie at home, with a renewed surge in the Covid-19 virus likely to preoccupy the minds of the powers that be in the Elysee Palace.

Additional reporting by Maria Ortega

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Submission to EU! France fears becoming first victim of Germanys new coalition - Daily Express