STATEMENT BY THE U.S. DEPARTMENT OF STATE:
The Internet has been revolutionary. It provides unprecedented opportunities for people around the world to connect and to express themselves, and continues to transform the global economy, enabling economic opportunities for billions of people. Yet it has also created serious policy challenges. Globally, we are witnessing a trend of rising digital authoritarianism where some states act to repress freedom of expression, censor independent news sites, interfere with elections, promote disinformation, and deny their citizens other human rights. At the same time, millions of people still face barriers to access and cybersecurity risks and threats undermine the trust and reliability of networks.
Democratic governments and other partners are rising to the challenge. Today, the United States with more than 60 partners from around the globe launched the Declaration for the Future of the Internet.
This Declaration represents a political commitment among Declaration partners to advance a positive vision for the Internet and digital technologies. It reclaims the promise of the Internet in the face of the global opportunities and challenges presented by the 21st century. It also reaffirms and recommits its partners to a single global Internet – one that is truly open and fosters competition, privacy, and respect for human rights. The Declaration’s principles include commitments to:

Protect human rights and fundamental freedoms of all people;
Promote a global Internet that advances the free flow of information;
Advance inclusive and affordable connectivity so that all people can benefit from the digital economy;
Promote trust in the global digital ecosystem, including through protection of privacy; and
Protect and strengthen the multi-stakeholder approach to governance that keeps the Internet running for the benefit of all.

In signing this Declaration, the United States and partners will work together to promote this vision and its principles globally, while respecting each other’s regulatory autonomy within our own jurisdictions and in accordance with our respective domestic laws and international legal obligations.
Over the last year, the United States has worked with partners from all over the world – including civil society, industry, academia, and other stakeholders to reaffirm the vision of an open, free, global, interoperable, reliable, and secure Internet and reverse negative trends in this regard. Under this vision, people everywhere will benefit from an Internet that is unified unfragmented; facilitates global communications and commerce; and supports freedom, innovation, education and trust.
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The Declaration for the Future of the Internet Partners
Albania | Andorra | Argentina | Australia | Austria | Belgium | Bulgaria | Cabo Verde | Canada | Colombia | Costa Rica | Croatia | Cyprus | Czech Republic | Denmark | Dominican Republic | Estonia | The European Commission | Finland | France | Georgia | Germany | Greece | Hungary | Iceland | Ireland | Israel | Italy | Jamaica | Japan | Kenya | Kosovo | Latvia | Lithuania | Luxembourg | Maldives | Malta | Marshall Islands | Micronesia | Moldova | Montenegro | Netherlands | New Zealand | Niger | North Macedonia | Palau | Peru | Poland | Portugal | Romania | Serbia | Slovakia | Slovenia | Spain | Sweden | Taiwan | Trinidad and Tobago | the United Kingdom | Ukraine | Uruguay
OPEN CALL FOR PARTICIPATION
The Declaration remains open to all governments or relevant authorities willing to commit and implement its vision and principles.  Contact the nearest U.S. embassy, mission, or representative to learn more.
Compliments of the U.S. Department of State.

STATEMENT BY THE EUROPEAN COMMISSION:
On April 28th, the European Union, the United States, and several international partners have proposed a Declaration for the Future of the Internet, setting out the vision and principles of a trusted Internet. Partners support a future for the Internet that is open, free, global, interoperable, reliable and secure and affirm their commitment to protecting and respecting human rights online and across the digital world. So far, 60 partners have endorsed the Declaration, including all EU Member States, and more countries are expected to follow suit in the coming weeks. The list of signatories is available here.
The Declaration for the Future of the Internet is in line with the rights and principles strongly anchored in the EU and builds on the Declaration on Digital Rights and Principles that the Commission has proposed to co-sign together with the European Parliament and the Council of the European Union.
Ursula von der Leyen, President of the European Commission, said: “The Internet has brought humanity together, like never before in history. Today, for the first time, like-minded countries from all over the world are setting out a shared vision for the future of the Internet, to make sure that the values we hold true offline are also protected online, to make the Internet a safe place and trusted space for everyone, and to ensure that the Internet serves our individual freedom. Because the future of the Internet is also the future of democracy, of humankind.”
The Declaration for the Future of the Internet has been launched today at a hybrid event in Washington, D.C., organised by the White House’s National Security Council. Margrethe Vestager, Executive Vice-President for a Europe fit for the Digital Age and Thierry Breton, Commissioner for Internal Market, participated via video conference.
The partners in the Declaration affirm that the Internet must reinforce core democratic principles, fundamental freedoms and human rights as reflected in the Universal Declaration of Human Rights. They share the belief that the Internet should operate as a single, decentralised network of networks, where digital technologies are used in a trustworthy way, avoiding unfair discrimination between individuals and allowing for contestability of online platforms, and for fair competition among businesses.
In launching this Declaration, the partners also express their strong concerns about the repression of Internet freedoms by some authoritarian governments, the use of digital tools to violate human rights, the growing impact of cyberattacks, the spread of illegal content and disinformation and the excessive concentration of economic power. They commit to cooperating to address these developments and risks. They also share the vision that digital technologies have the potential to promote connectivity, democracy, peace, the rule of law and sustainable development.
The current situation in Ukraine dramatically demonstrates the risk of severe disruption of the Internet, notably in the form of total or partial shutdowns. There is also a risk of fragmentation of the Internet, as the Russian government has been threatening to disconnect partially or totally from the global Internet, as well as of being misused, as there is currently a surge in cyberattacks, online censorship and disinformation. This shows once again the importance of stepping up our actions to defend the global open Internet, which is a driving force for the economies and societies worldwide.
Partners will work together to continue to deliver on the promise of connecting humankind and will translate the principles of the Declaration into concrete policies and actions, while respecting their regulatory autonomy. Other stakeholders will be invited, including from civil society and industry, to support the Declaration and facilitate its implementation. Partners will promote these principles globally, within the multilateral system.
Members of the College said:
Margrethe Vestager, Executive Vice-President for a Europe fit for the Digital Age, said: “The Internet is a part of our daily lives. Faced with corporate power and state power Europe’s approach to the Internet, is based on a clear guideline: people’s power. So our vision is a global, open Internet where people can freely express themselves and companies have a chance to compete and innovate. Many countries around the world are reflecting on how best to maximise opportunities of the Internet and minimise the risks for their populations.”
Josep Borrell, High Representative of the Union for Foreign Affairs and Security Policy, said: “The Declaration for the Future of the Internet is a clear message in a time of geopolitical and digital upheaval: the EU is committed to maintaining the Internet free, open, global, interoperable, reliable, and secure. We stand against efforts to divide the Internet and will continue to work together with our partners around the world to protect human rights online and across the digital ecosystem. The DFI enlarges the law-governed digital space, brings together coalitions of like-minded partners that share a vision of a human-centric digital transformation. It is a demonstration of the EU’s Digital Diplomacy being an effective part of our foreign policy toolbox.”
Thierry Breton, Commissioner for Internal Market, said: “Online, as well as offline, people should be free, safe and empowered to pursue their aspirations. This is in Europe’s DNA and we are committed to work with our international partners to promote an open, neutral, interoperable and secure Internet where rights are protected and illegality is removed, where innovation thrives and everyone has access to content and services of their choice. This Declaration will ensure that the Internet and the use of digital technologies reinforce, not weaken, democracy and respect for human rights.”
Next Steps
The Declaration is an inclusive initiative, and the partners will continue to reach other governments to involve them in the Declaration. All partners will reach out to the private sector, international organisations, the technical community, academia, and civil society, and other relevant stakeholders worldwide to work in partnership to achieve the vision of an open, free, global, interoperable, reliable and secure Internet.
These efforts will culminate in an event in the summer of 2022, where partners will discuss with the multi-stakeholder community how the Declaration and its principles can elevate and support the future of the global Internet. Workshops on this subject will also take place in the next months.
While the Declaration and its guiding principles are not legally binding, it should be used as a reference point for public policy makers, as well as citizens, businesses, and civil society organisations.
Background
The European Union worked together with the United States and a group of international partners to devise a positive agenda and shared vision for the future of the global Internet. The Declaration for the Future of the Internet is fully consistent with EU values as enshrined in the Charter of Fundamental Rights and the EU Digital Rights Principles as part of Europe’s Digital Decade, as well as a broad range of digital policy initiatives led by the EU.
It follows the announcement made in the Digital Compass Communication to build on a renewed transatlantic relationship that leads the way to a wider coalition of like-minded partners; one that is open to and developed together with all those who share the EU’s vision of the digital transformation.
The Declaration is of political nature. Adhering to the principles contained in the Declaration does not create legally binding effects for the European Union and its Member States and does not pre-empt or prejudge our position in other fora.
Declaration for the Future of the Internet
Compliments of the European Commission.
The post EU & U.S. Statements on “A Declaration for the Future of the Internet” first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

The announcement by Gazprom that it is unilaterally stopping delivery of gas to customers in Europe is yet another attempt by Russia to use gas as an instrument of blackmail.
This is unjustified and unacceptable.
And it shows once again the unreliability of Russia as a gas supplier.
We are prepared for this scenario. We are in close contact with all Member States.
We have been working to ensure alternative deliveries and the best possible storage levels across the EU.
Member States have put in place contingency plans for just such a scenario and we worked with them in coordination and solidarity.
A meeting of the gas coordination group is taking place right now.
We are mapping out our coordinated EU response.
We will also continue working with international partners to secure alternative flows.
And I will continue working with European and world leaders to ensure the security of energy supply in Europe.
Europeans can trust that we stand united and in full solidarity with the Member States impacted in the face of this new challenge. Europeans can count on our full support.
Compliments of the European Commission.
The post Statement by Commission President von der Leyen following the announcement by Gazprom on the disruption of gas deliveries to certain EU Member States first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

The European Commission has proposed today to suspend for one year import duties on all Ukrainian exports to the European Union. The proposal, which is an unprecedented gesture of support for a country at war, would also see the suspension for one year of all EU anti-dumping and safeguard measures in place on Ukrainian steel exports.
This far-reaching step is designed to help boost Ukraine’s exports to the EU. It will help alleviate the difficult situation of Ukrainian producers and exporters in the face of Russia’s military invasion.
European Commission President Ursula von der Leyen, said: “Russia’s unprovoked and unjustified aggression is severely affecting the Ukrainian economy.  I have been in discussions with President Zelensky on ways of supporting the economy, beyond the macro-financial assistance and grants we are providing. We both agree on the critical importance of a quick and broad import duty suspension to boost Ukraine’s economy. The step we are taking today responds to this call. It will greatly facilitate the export of Ukrainian industrial and agricultural goods to the EU. We continue to stand by Ukraine in these dire times.”
European Commission Executive Vice-President and Commissioner for Trade Valdis Dombrovskis, said: “The EU has never before delivered such trade liberalisation measures, which are unprecedented in their scale: granting Ukraine zero tariff, zero quota access to the EU market. Since the start of Russia’s aggression, the EU has prioritised the importance of keeping Ukraine’s economy going – which is crucial both to help it win this war and to get back on its feet post-war. These measures will directly help Ukrainian producers and exporters. They will inject confidence into the Ukrainian economy and send a strong signal that the EU will to do whatever it takes to help Ukraine in its hour of need.”
As well as leading to tragic loss of life and mass displacement of innocent civilians of Ukraine, the Russian military aggression is having a devastating impact on Ukraine’s economy and its ability to trade with the rest of the world due to the severe impact on its production capacity and vital export routes. In this difficult context, the EU wants to do as much as possible to help Ukraine to maintain its trade position with the rest of the world and further deepen its trade relations with the EU.
The EU is also already taking measures on the ground to facilitate overland goods transport to help to get Ukrainian products out into the world. For example, the Commission has already started liberalising the conditions for Ukrainian truck drivers transporting goods between Ukraine and the EU, as well as facilitating transit and the use of EU infrastructure to channel Ukrainian exports towards third countries. These measures will add much-needed flexibility and certainty for Ukrainian producers.
Background
In 2021, with an ambitious agenda of implementation of the Deep and Comprehensive Free Trade Area (DCFTA), bilateral EU-Ukraine trade had reached its highest level since the entry into force of the DCFTA (more than €52 billion, double the value prior to entry into force of the DCFTA in 2016). With the Russian invasion, the Ukrainian economy and its trade with the world have suffered immensely. Alongside the raft of measures in various fields the EU has taken to support Ukraine, from imposing sanctions on Russia to providing funding for military aid, these trade measures will strengthen the EU’s economic assistance to Ukraine and keep its access to the world open as it faces Russia’s aggression. The last EU-Ukraine Summit (12 October 2021) reflected a number of positive ongoing processes, such as the launch of the Article 29 review on further trade liberalisation.
Next steps
The proposal now needs to be considered and agreed by the European Parliament and the Council of the European Union.
Compliments of the European Commission.
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Interview with El Correo (Grupo Vocento) | Interview with Luis de Guindos, Vice-President of the ECB, conducted by Adolfo Lorente and Manu Álvarez on 26 April |
Will interest rates already rise in July?
It will depend on the data and the new macroeconomic projections in June. In April the ECB’s Governing Council decided that asset purchases will end in the third quarter. In my opinion, there’s no reason why this shouldn’t happen in July. Rates will rise after that. Exactly how long after has not been decided. It could be months, weeks or days. July is possible, but that’s not to say it’s likely.
We haven’t even had the first rate hike yet, but the market is already pricing in two rate hikes this year, and there’s even talk of a third. Are you under even more pressure to act?
We are driven by data, not by markets. Markets can sometimes be wrong. Within the Governing Council we haven’t discussed any predetermined path for rate rises.
Some economists are criticising you for acting excessively slowly.
These comments stem from the comparison with the United States, but the situation in Europe is different. There are two main factors that will determine interest rates. On the one hand, you have the evolution of second-round effects – in other words, wage increases that are incompatible with price stability. And on the other hand, you have inflation expectations, which we should monitor to make sure they don’t rise above our target of 2% over the medium term. So far, we haven’t seen wage increases that would put this target at risk, but we have to be very attentive because this is a delayed indicator.
Do you see any risk of a recession, even if just out of the corner of your eye?
The invasion of Ukraine will increase inflationary pressures and reduce economic growth. The fact that the prices of raw materials and energy have increased in the way they have implies, in practice, a tax on workers and companies, because these imported production factors are becoming more expensive. And, ultimately, this implies a decline in living standards. On the risk of recession – in June we will have new projections. What we are already seeing is a significant weakening of growth. Even so, in 2022 growth will be positive. And if we stick to the technical definition of a recession – two consecutive quarters of negative growth – we currently don’t see it.
And one quarter?
Certainly not two.
But in the scenario in which Germany, under pressure from its partners, decides to cut off its supply of Russian gas, the impact on its economy could act as a very significant drag on the entire euro area.
One can always imagine worse scenarios. In the March projections with three scenarios: one baseline, one adverse and one that we call severe, we did not see a recession, not even in the severe scenario. Let´s wait for the June projections.
With the withdrawal of stimulus, are there countries that may experience problems related to funding or their budget deficit?
Nominal rates for public debt have increased all over the world, but risk premia are still relatively stable. The risk of fragmentation has not materialised, but it’s something we are monitoring. We currently don’t see any tensions in this respect, and the situation is in no way comparable to 2011 and 2012.
Is Spain – the fourth largest economy in the euro area – ready to cope with a rate increase?
The Spanish economy has two strengths. First, the financial system is healthy, following the restructuring of the banking sector. This allowed banks to continue lending to firms and households under favourable conditions, even during the pandemic. And second, the Spanish economy is competitive, as the balance of payments of its current account remains in surplus. This has been the case since 2013, even though it was previously inconceivable.
And what are its weaknesses?
Again, there are two. The first is the fiscal situation. The debt-to-GDP ratio is close to 120% and the structural deficit is nearing 5%. In addition, both headline and underlying inflation in Spain are back above the European average. And as Banco de España has warned, corporate margins are starting to be significantly affected, as the profitability of Spanish firms is falling because of the rising costs of energy and commodities. This factor has to be carefully considered.
Would you advise the Spanish Government to start taking seriously the need for increased budgetary stability?
My recommendation – and this is not only for Spain, but for all countries with a weaker fiscal profile – would be to present credible budget plans to Brussels. Plans that set out a prudent and sensible process of fiscal consolidation. With these levels of inflation, interest rates are not going to be as low as they have been in recent years, and governments need to prepare for this. The key, also from the markets’ perspective, is to have credible proposals.
There has been a lot of talk about the Spanish economy’s extreme dependence on the ECB. Beyond the literature, what is the true impact, in figures, of all the measures adopted?
There is one figure that is particularly indicative. During the pandemic, in 2020 and 2021, the ECB bought €120 billion of Spanish debt in the secondary market each year. This is equivalent to Spain’s total net issuance. European support, including via the Next Generation EU fund adopted by the European Council, has been crucial, especially for an economy like Spain’s. It was the Spanish economy that suffered the largest decline in 2020 and, despite strong growth of 5.1% in 2021, it was below the European average. And unlike the rest of Europe, income levels have not recovered to pre-pandemic levels.
Is it sustainable for a government to link pension increases to inflation by law?
Pension indexation is a social policy decision and it is not my place to question it. It’s a respectable decision, but it is also clear that it will have consequences for the sustainability of the system. So, such a decision needs to be accompanied by measures that ensure the system remains sustainable over the medium term.
And what about public sector wages?
I must stress that as Vice-President of the ECB, I cannot enter into the discussion of what a government or party says or does. In general, it’s necessary to be prudent when taking decisions. Sometimes the credibility conveyed by the measures is as important as the measures themselves.
As Banco de España defends, is this the time for wage restraint and for employers and unions to reach wage agreements?
The European and Spanish economies will face a complex situation, with high inflation, a downward trend in growth and smaller company margins. This will have an impact on investment and employment. In such a situation, where difficult decisions will have to be taken, it will be important to have the greatest possible social and political support for economic policy.
And do you think Spain is prepared politically to reach such agreements?
I have made a general remark. I can’t assess the situation of any specific country.
Another issue on the table – not only in Spain – is taxes. Is there any scope for reducing taxes in this crisis environment?
Not all countries are in the same situation. The public sector can play a role in cushioning the impact of the war on businesses and households. But this can also increase the budget deficit.
Some sectors criticise this theory because reducing taxes would further fuel inflationary pressures.
We are talking about temporary and selective measures that should be targeted at the most vulnerable sectors. If the measures are well designed, fiscal policy can help to lessen the impact of an external supply shock like the current one preventing those negative effects for inflation over the medium term. The pandemic affected lots of companies that are now being hit by a second shock. As I said, Spanish companies are seeing significant cuts to their margins.
At a time of uncertainty, the health of the financial sector is key. Do you think there are countries that still need to make an effort to recapitalise their banks?
Broadly speaking and judging by the capital and liquidity levels of European banks, we are in a much better situation than in the past. The pandemic crisis caused a great deal of concern about the potential impact on the financial system, but it has proven to be resilient.
So, you are completely calm when it comes to this matter…
There are still risks. Nominal interest rates are rising in the markets, which enables the banking sector to achieve higher profit margins. But it may also have an impact on non-performing loans. If they increase, bank profitability drops. And for the banks, customer creditworthiness is key.
Looking back, has progress in the Spanish banking sector been good enough? Would you have signed off on the current state of play when you were Minister for the Economy?
In 2011 and 2012 bank risk was a heavy burden that was dragging Spain into a very deep recession. There was a need to request the bank bailout, reform the old savings banks and create [the asset management company] Sareb, as there were more than €110 billion of irrecoverable loans to the real estate sector. In 2017 Banco Popular went into a liquidity crisis, which ended in the bank’s resolution. At that time, despite the size of the entity, there was no longer a contagion effect in the financial sector. So, after years of reforms, the situation in the banking sector was already very different. And today it is one of the strengths of the Spanish economy.
In the case of Banco Popular, would it have been possible to resolve it in just a few hours in 2011?
It would have been completely impossible.
Are the calls for mergers between financial institutions still on the table?
Yes. The European banking sector has a structural problem of low profitability, which it needs to address. Profitability has improved in recent months, but mainly due to the reduction of provisions. Now that we’re in an environment of lower economic growth, there will be a need to analyse whether that trend is sustainable over time or whether other measures are needed.
Do the ECB’s recommendations target domestic or cross-border mergers?
With 19 countries sharing a currency, in a single market and with a single banking supervisor, cross-border mergers would be ideal. Cross-border mergers are not straightforward because there are different regulatory systems and each country has its own unique features. But in a single European system, we should strive to have truly European banks. That being said, domestic mergers also serve their purpose as they can help to reduce excess capacity in some countries, keep costs down and increase bank profitability.
Kutxabank is continuing with its independence strategy.
I can’t comment on individual banks. As is widely known, Kutxabank is an entity with high levels of capital and liquidity which can play an important role in the banking sector in Spain and Europe.
This interview was published in El Correo, El Diario Vasco, El Diario Montañés, La Verdad, Ideal, Hoy, Sur, La Rioja, El Norte de Castilla, El Comercio, Las Provincias and La Voz de Cádiz (Spain).
Compliments of the European Central Bank.
The post ECB Speech | No predetermined path for rate rises first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

Annual growth rate of broad monetary aggregate M3 stood at 6.3% in March 2022, after 6.4% in February 2022 (revised from 6.3%)
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, decreased to 8.8% in March from 9.1% in February
Annual growth rate of adjusted loans to households stood at 4.5% in March, compared with 4.4% in February
Annual growth rate of adjusted loans to non-financial corporations decreased to 4.2% in March from 4.5% in February

Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 stood at 6.3% in March 2022, after 6.4% in February, averaging 6.4% in the three months up to March. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, decreased to 8.8% in March from 9.1% in February. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) stood at -0.3% in March, unchanged from the previous month. The annual growth rate of marketable instruments (M3-M2) increased to 1.6% in March from -0.4% in February.

Chart 1
Monetary aggregates
(annual growth rates)

Data for monetary aggregates
Looking at the components’ contributions to the annual growth rate of M3, the narrower aggregate M1 contributed 6.3 percentage points (down from 6.5 percentage points in February), short-term deposits other than overnight deposits (M2-M1) contributed -0.1 percentage point (as in the previous month) and marketable instruments (M3-M2) contributed 0.1 percentage point (up from 0.0 percentage point).
From the perspective of the holding sectors of deposits in M3, the annual growth rate of deposits placed by households decreased to 4.6% in March from 5.1% in February, while the annual growth rate of deposits placed by non-financial corporations decreased to 6.8% in March from 7.9% in February. Finally, the annual growth rate of deposits placed by non-monetary financial corporations (excluding insurance corporations and pension funds) decreased to 13.5% in March from 14.6% in February.
Counterparts of the broad monetary aggregate M3
As a reflection of changes in the items on the monetary financial institution (MFI) consolidated balance sheet other than M3 (counterparts of M3), the annual growth rate of M3 in March 2022 can be broken down as follows: credit to general government contributed 4.1 percentage points (down from 4.4 percentage points in February), credit to the private sector contributed 4.1 percentage points (down from 4.2 percentage points), longer-term financial liabilities contributed 0.3 percentage point (up from 0.2 percentage point), net external assets contributed -1.2 percentage points (down from -1.1 percentage points), and the remaining counterparts of M3 contributed -0.9 percentage point (up from -1.3 percentage points).

Chart 2
Contribution of the M3 counterparts to the annual growth rate of M3
(percentage points)

Data for contribution of the M3 counterparts to the annual growth rate of M3
Credit to euro area residents
As regards the dynamics of credit, the annual growth rate of total credit to euro area residents decreased to 5.9% in March 2022 from 6.2% in the previous month. The annual growth rate of credit to general government decreased to 9.9% in March from 10.7% in February, while the annual growth rate of credit to the private sector stood at 4.2% in March, compared with 4.3% in February.
The annual growth rate of adjusted loans to the private sector (i.e. adjusted for loan sales, securitisation and notional cash pooling) stood at 4.7% in March, compared with 4.8% in February. Among the borrowing sectors, the annual growth rate of adjusted loans to households stood at 4.5% in March, compared with 4.4% in February, while the annual growth rate of adjusted loans to non-financial corporations decreased to 4.2% in March from 4.5% in February.

Chart 3
Adjusted loans to the private sector
(annual growth rates)

Data for adjusted loans to the private sector
Notes:

New reporting requirements under Regulation (EU) 2021/379 of the European Central Bank of 22 January 2021 on the balance sheet items of credit institutions and of the monetary financial institutions sector (ECB/2021/2) came into force with effect from the January 2022 reference period. The implementation of the new Regulation, together with other changes to the statistical reporting framework and practices in euro area countries, may result in revisions to preliminary data in subsequent press releases.

Data in this press release are adjusted for seasonal and end-of-month calendar effects, unless stated otherwise.
“Private sector” refers to euro area non-MFIs excluding general government.
Hyperlinks in the main body of the press release and in annex tables lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.

Compliments of the European Central Bank.
The post ECB | Monetary developments in the euro area: March 2022 first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

The Commission is today proposing a set of actions to manage the current phase of the COVID-19 pandemic and prepare for the next one. By working together, the EU has so far saved hundreds of thousands of lives thanks to COVID-19 vaccines, kept its single market operational, minimised travel restrictions and mobilised manufacturing capacity of critical products when supply chains were disrupted. In the new phase of the pandemic, where preparedness and response need to be sustained, coordination will be, once more, essential. The Commission therefore calls on Member States to take actions before autumn to ensure vigilance and continued coordination of health preparedness and response.
Remaining vigilant while transitioning out of the acute COVID-19 phase
The current lower levels of COVID-19 infection offer the Member States the opportunity to strengthen their surveillance, healthcare systems, and overall pandemic preparedness. In particular, the Commission invites Member States to:

Step up vaccination and boosting, taking into account the simultaneous circulation of COVID-19 and seasonal influenza;
Set up integrated surveillance systems that are no longer based on the identification and reporting of all COVID-19 cases, but rather on obtaining reliable and representative estimates;
Continue targeted testing and sequencing of sufficient samples to accurately estimate variant circulation and detect new variants;
Invest in the recovery of healthcare systems and assess the wider health impacts of the pandemic, including on mental health and delays in treatments and care;
Apply EU coordinated rules to ensure free and safe travel, both within the EU and with international partners;
Support the development of the next generation of vaccines and therapeutics;
Intensify collaboration against mis- and disinformation on COVID-19 vaccines;
Continue to deploy global solidarity and improve global governance.

In addition, the Commission is announcing actions to ensure resilient supply chains throughout the pandemic, both for medical countermeasures and for critical products across all industrial ecosystems. It is also launching today a tender, under the EU FAB initiative, to reserve capacities for manufacturing mRNA, protein and vector-based vaccines. This will reserve newly created manufacturing capacity for use in future health emergencies. The tender is addressed to vaccine producers with facilities in the EU/EEA, who can send in their request to participate until 3 June 2022 16.00 CEST.
Medium and long term include the further enhancing of pandemic preparedness and strengthening response coordination between Member States, as well as at the global level, implementing the European Health Union proposals, tackling wider health impacts of the pandemic, including “long COVID” and the burden on mental health, and speeding up digitalisation in health.
Members of the College said:
The President of the European Commission, Ursula von der Leyen, said: “We are entering a new phase of the pandemic, as we move from emergency mode to a more sustainable management of COVID-19. Yet, we must remain vigilant. Infection numbers are still high in the EU and many people are still dying from COVID-19 worldwide. Moreover, new variants can emerge and spread fast. But we know the way forward. We need to further step-up vaccination and boosting, and targeted testing – and we need to continue to coordinate our responses closely in the EU.”
Vice-President for Promoting our European Way of Life, Margaritis Schinas, said: «The COVID-19 pandemic is not over and the virus is here to stay. While the health situation is improving, we must prepare for different scenarios, and do it in a coordinated way. New variants are not a question of if but rather a question of when. Improvisation and fragmentation are not an option. Vigilance and preparedness remain as essential as ever and we must continue our work without respite. For these reasons, we are taking actions at national and EU level building on the successful EU-wide coordination for health preparedness and response. We shift from firefighters to architects, of a Health Union that protects public health while keeping society and economy open and resilient.” 
Commissioner for Internal Market, Thierry Breton, said: “The COVID-19 pandemic has demonstrated the importance of readily available vaccine production capacity in times of crisis. Following an unprecedented ramp-up, the EU reached a production capacity equivalent to 3-4 billion vaccines per year. EU FAB will allow us to preserve some of this capacity and keep it operational for future health crises. This is a cornerstone of the industrial dimension of our health emergency preparedness.”
Commissioner for Health and Food Safety, Stella Kyriakides, said: “Vaccination, our strong coordinated EU approach and natural immunity provides a much welcome window of opportunity to move from emergency mode to a more sustainable management of COVID-19. Infection numbers are still high in the EU, but the pressure on the healthcare sector has been reduced and our societies and economies have reopened again. Our citizens can finally enjoy this period with much fewer restrictions on daily life, after two and half extraordinary and difficult years. It is however crucial that Member States maintain a high level of vigilance and preparedness for new outbreaks and variants– the pandemic is not yet over. We need to do more to vaccinate globally, now that vaccine supply is no longer a challenge. How COVID-19 continues to impact our lives in the coming years will be heavily dependent on the decisions we take today, in the EU and globally.”
Background
While fluctuating case numbers are observed across Europe, increases are not leading to severe disease or death as often as before thanks to widespread vaccination. The now dominant Omicron variant is less severe than previous variants. However, infections are still in the millions worldwide.   Many people are in lockdowns in some parts of the world. Many are still suffering or dying from COVID-19. Waning immunity against infection, and possible winter seasonality also increase the risk that new variants of SARS-CoV-2 – the virus that causes COVID-19 – will emerge and spread.
While Member States are implementing new approaches to manage the ongoing pandemic, fragmented preparedness and response strategies risk undermining the benefits that EU-wide coordination of health security measures has brought so far.
This Communication therefore puts forward an approach for the management of this new phase of the pandemic, building on the successful EU-wide coordination for health preparedness and response.
The “EU FAB” initiative was announced in February 2021 to set up ever warm vaccine production facilities and ensure that current EU/EEA manufacturing capacities for mRNA, protein and vector-based vaccine types are maintained for future public health emergencies. To establish EU FAB, a tender procedure will be published in Tender Electronic Daily, Supplement to the Official Journal.
Compliments of the European Commission.
The post COVID-19: EU Commission calls on Member States to step up preparedness for the next pandemic phase first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

The Commission is today proposing an ambitious and sustainable legal migration policy. As part of the comprehensive approach to migration set out in the Pact on Migration and Asylum, the Commission is proposing legal, operational and policy initiatives that will benefit the EU’s economy, strengthen cooperation with non-EU countries and improve overall migration management in the long term. The set of proposals also includes specific actions to facilitate integration of those fleeing Russia’s invasion of Ukraine into the EU’s labour market.
Vice-President for Promoting our European Way of Life, Margaritis Schinas, said: “Whilst our Member States are busy managing the arrival of over 5 million people from Ukraine, this does not preclude the need to lay the foundations of a sustainable and common approach to labour migration to address EU skills needs in the long term. With today’s initiatives we recognise that legal migration has a positive impact all round: it gives those who want to migrate an opportunity to improve their circumstances while providing more skilled workers for host countries, who in turn boost the economy for all.”
Commissioner for Home Affairs, Ylva Johansson, said: “Annually, 2 to 3 million nationals from non-EU countries come to the EU legally, in contrast to 125,000 to 200,000 irregular arrivals. Legal migration is essential to our economic recovery, the digital and green transition and to creating safe channels to Europe, while reducing irregular migration. With today’s package, we are simplifying the application process for living and working in the EU and improving rights for residents and their family members. I am confident we are putting in place a solid way forward to attract new talent into the EU for today and tomorrow.”
An enhanced legislative framework
To provide a more effective framework for legal pathways to the EU, the Commission is proposing to revise the Single Permit Directive and the Long-Term Residents Directive.

A streamlined procedure for the single permit for combined work and residence will make the process quicker and easier for applicants and employers. It will allow applicants to lodge applications from both non-EU countries and EU Member States and will also enhance safeguards for equal treatment and protection from labour exploitation.

The revision of the Long-term Residents Directive will make it easier to acquire the EU long-term residence status by simplifying the admission conditions, for instance by allowing the cumulation of residence periods in different Member States. In addition, the revision will enhance the rights of long-term residents and their family members, including improvements to family reunification and facilitated intra-EU mobility.

Better matching skills and labour market needs
The Commission is proposing to step-up operational cooperation at EU level between Member States as well as with partner countries. Work is already advanced with a number of key initiatives to match labour market and skills needs of Member States and partner countries. Following the launch of Talent Partnerships in June 2021, the Commission is now proposing a number of steps to operationalise them with the aim of agreeing on the first Talent Partnerships by the end of 2022.
The Commission is proposing to establish the first EU-wide platform and matching tool, an EU Talent Pool, to make the EU more attractive for non-EU nationals looking for opportunities and help employers find the talent they need. To address the urgent need to facilitate access to the labour market for new arrivals from Ukraine, the Commission is proposing a pilot initiative that should be up and running by summer 2022.
A forward-looking legal migration policy
Finally, the Commission is exploring further potential avenues for legal migration to the EU in the medium to longer term. The Commission sees the potential for focusing on forward-looking policies around three areas of action: care, youth and innovation. The aim will be to:

Attract skills and talent in sectors where there are labour shortages and needs, for example in the long-term care sector;
Create opportunities for young people to explore new countries, to benefit from work and travel; and
Promote innovation entrepreneurship within the EU and invest in our European tech sovereignty.

Background
Whilst Member States alone decide on the volumes of legal migrants they wish to admit, the EU can support them with practical and operational tools. Over the past two decades, the EU has developed a legal framework largely harmonising Member States’ conditions of entry and residence for non-EU nationals. An evaluation of this legal framework in 2019 underlined that more could be done to increase the impact of the EU legal migration framework on the EU’s demographic and migration challenges. After a wide public consultation and following two resolutions from the European Parliament in 2021, the Commission was asked to present a set of proposals to facilitate legal migration to the EU with the objective of reducing bureaucracy, strengthening harmonisation, promoting fundamental rights and equal treatment, and preventing labour exploitation.
Compliments of the European Commission.
The post Legal migration: Attracting skills and talent to the EU first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

Today, the Commission is proposing the digitalisation of the Schengen visa process, replacing the visa sticker, and introducing the possibility to submit visa applications online through the European online visa platform. The New Pact on Migration and Asylum set the objective to fully digitalise visa procedures by 2025. It is an opportunity to effectively improve the visa application process by reducing the costs and the burden on Member States as well as the applicants, while also improving the security of the Schengen area.
Vice-President for Promoting our European Way of Life, Margaritis Schinas, said: “Today we are bringing the EU’s visa policy into the digital age. With some Member States already switching to digital, it is vital the Schengen area now moves forward as one. We are proposing a fully digitalised visa application to help both travellers and Member States ensure smother and more secure application process.”
Commissioner for Home Affairs, Ylva Johansson said: “A modern visa process is crucial to make travel to the EU easier for tourism and business. Half of those coming to the EU with a Schengen visa consider the visa application burdensome, one-third have to travel long distance to ask for a visa.  It is high time that the EU provides a quick, safe and web-based EU visa application platform for the citizens of the 102 third countries that require short term visa to travel to the EU.”
In today’s digital age, applying for a visa is still a lengthy and heavily paper-based process with applicants having to travel to submit and collect their passport with a visa afterwards, leading to accumulating costs both for travellers and Member States. Several Member States have taken steps to move visa applications online but there are differences in the extent to which they have done this. Only a few offer the possibility of paying online. These procedures also proved problematic during the COVID-19 pandemic where applicants were no longer able to freely go to consulates to apply for visas.
Harmonising and unifying visa application procedures within the Schengen area will help to avoid so called ‘visa shopping’ by applicants who may be tempted to lodge an application with a Schengen country that offers faster visa application processing than with a country that is actually their destination. The digitalisation of the visa process will also reduce security risks posed by the physical visa stickers, which could still be prone to falsification, fraud and theft. Today’s proposal is also in line with the general EU approach to encourage the modernisation and digitisation of public services.
Through digitalisation, applying for a Schengen visa will become easier and the visa itself will be more secure:

Visa applicants will be able to apply for a visa online, including paying the visa fee through a single EU platform, regardless of the Schengen country they want to visit;
The platform will automatically determine which Schengen country is responsible for examining an application, in particular when the applicant intends to visit several Schengen countries;
The platform will provide applicants with up-to-date information on Schengen short-stay visas, as well as all necessary information regarding the requirements and procedures (such as supporting documents, visa fee or the need for an appointment to collect biometric identifiers);
Appearing in person at the consulate would only be mandatory for first time applicants for the collection of biometric identifiers, for applicants whose biometric data are no longer valid or those with a new travel document;
The visa will include state-of-the-art security features, which will be more secure than the current visa sticker;
The new system will ensure that fundamental rights are always protected.

Background
The European Commission in 2018 proposed to amend the Visa Code by adopting visa policies to new challenges and equally stressed that digital visas are the way forward for the longer term. When revising the EU Visa Code in 2019, the European Parliament and the Council stated the aim of developing a common solution to allow Schengen visa applications to be lodged online, thereby making full use of the recent legal and technological developments. The COVID-19 pandemic, which led to the slowing down of Schengen visa operations worldwide, due to the difficulty of receiving visa applicants in consulates and visa application centres, prompted Member States to call upon the Commission to speed up work on digitalisation of visa procedures. The Pact on Migration and Asylum proposed by the Commission in September 2020 set the objective of making the visa procedure fully digitalised by 2025, with the introduction of a digital visa and the ability to submit visa applications online.
Next steps
The Commission proposal will now be discussed by the European Parliament and the Council. Member States will have then five years to switch to the common online visa platform. Based on the outcome of the negotiations between the co-legislators, the development of the platform could start in 2024 and become operational in 2026. Considering the five year transition period, all Member States could use the platform in 2031.
Compliments of the European Commission.
The post Visa Digitalisation: Visa travel to the EU becomes easier first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.