As many companies shift to an in-person workplace, you and your employees face the opportunities and challenges of the new new normal. Today is the first in a five-part Back to Business blog series to help ease the transition back to the office, including steps you can take to reduce the risk that COVID scammers, data thieves, and financial fraudsters will follow you there. One consideration for companies: assuring you’re in control of sensitive information. Here are some tips on maintaining appropriate data security standards as your employees return to the workplace.

Update your data inventory. Important business records need to be on your system and not on the personal laptops, tablets, or phones of staff members. Work with your employees to make sure need-to-keep documents are where they need to be and that confidential information that shouldn’t be in employees’ personal possession is securely removed.

Don’t forget paperwork and print-outs. Have your employees printed confidential business documents while they were working from home? Where is that paperwork now – disposed of securely or displayed on the fridge on the reverse of a shopping list or crayon drawing? Make sure your security discussions include sensitive documents that were created at home.

Conduct a security double-check on new platforms and software. To keep the business up and running during the COVID crisis, many companies had to move quickly to adopt new platforms and software, many of which have become indispensable productivity tools. If you continue to use them, now is a good time to make sure you’ve configured them to comply with your security standards.

Consider an in-house security refresher. Some people on your staff have spent more than a year without locking desk drawers or securing their computers at the end of the work day. Plan supplemental training to reinforce security basics. The FTC has resources for small businesses, so you don’t have to start from scratch.

Evaluate and adjust your practices in light of your company’s COVID experience. The past 15 months have given you a new perspective into your company’s information practices. While those lessons are fresh in your mind, reassess your security procedures and revise your policies. While you’re at it, take advantage of your company’s most valuable resource by asking employees at every level and in every department for their advice about what the past year has taught them about best security practices. Resilient companies understand the need to expect the unexpected and build contingencies for the next weather emergency, power outage, or other operational threat.

Author:

Lesley Fair

Compliments of the Federal Trade Commission.
The post FTC | Back to business #1: Where’s your data? first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

Main results
Charles Michel, President of the European Council, and Ursula von der Leyen, President of the European Commission, represented the EU at this year’s G7 summit hosted in Carbis Bay, Cornwall.
During the three-day meeting the G7 leaders discussed a wide range of pressing topics, including COVID-19, pandemic preparedness and economic recovery; geopolitical challenges and foreign affairs; trade and development; promoting open societies and democratic values; and fighting climate change and protecting the environment.
The summit took place under the UK presidency of the G7, the overarching theme of which is ‘Building Back Better’ from the pandemic. The UK invited leaders from Australia, India, South Korea and South Africa to attend part of the meeting as guest countries.
At the end of the summit, the G7 leaders adopted a leaders’ communiqué.

G7 leaders’ communiqué – Our shared agenda for global action to build back better
Remarks by President Charles Michel following the G7 summit in Carbis Bay, Cornwall, 11-13 June 2021

Infographic – COVID-19: the EU’s contribution to global vaccine solidarity
See full infographic

Health
The leaders set a collective goal of ending the pandemic in 2022. This will require vaccinating at least 60 per cent of the global population. Accelerating the rollout of safe, effective, accessible and affordable vaccines is therefore an international priority for the G7.
The G7 committed to providing one billion vaccine doses over the next year. These will primarily be channelled through COVAX, the vaccines pillar of the Access to COVID-19 Tools Accelerator (ACT-A), towards those in the greatest need. Taken together with the dose equivalent of the G7’s financial contribution of $8.6 billion, this gives a G7 total contribution of over two billion vaccine doses.
Emphasising the need for equitable access to COVID-19 vaccines, the G7 leaders committed to supporting the manufacture of COVID-19 tools in low-income countries and accelerating their manufacture on all continents. The leaders will engage constructively with discussions at the WTO on the role of intellectual property, including by working consistently within the TRIPS agreement.

The priority was to ensure we can meet the demand for vaccines and here the EU has taken leadership. Partners have now joined us to accelerate the production and delivery of vaccines worldwide.
European Council President Charles Michel

EU’s international solidarity during the COVID-19 pandemic (background information)
Infographic – COVID-19: the EU’s contribution to global vaccine solidarity

How to be better prepared for future pandemics and tackle long-standing global health threats was at the heart of discussions on global health. The G7 leaders acknowledged their particular role and responsibilities in strengthening the global health and health security architecture.
The G7 leaders welcomed the Rome Declaration adopted at the Global Health Summit on 21 May and are looking forward to working with the G20 and relevant international organisations in a quest for multilateral action on pandemic preparedness and response, including exploring the potential value of a treaty on pandemics.
The leaders also adopted the Carbis Bay Health Declaration, which sets out a G7 commitment to better prevent, detect, respond to, and recover from future pandemics through effective multilateral action and a strengthened global health system with the World Health Organization (WHO) at its centre.

G7 – Carbis Bay Health Declaration

The leaders joined the call for research into the origins of COVID-19.

We also call for a timely, transparent, expert-led, and science-based WHO-convened phase 2 COVID-19 Origins study including, as recommended by the experts’ report, in China.
G7 leaders’ communiqué

Economic recovery and jobs
To mitigate the impact of the pandemic, G7 countries have provided unprecedented support to citizens amounting to more than $12 trillion. The G7 will continue to support their economies for as long as is necessary, shifting from crisis response to promoting strong, resilient, sustainable, balanced and inclusive growth into the future.
To create a fairer global tax system, raise more tax revenue to support investment and crack down on tax avoidance, the leaders endorsed the creation of a global corporate minimum tax of at least 15 per cent on a country-by-country basis, through the G20/OECD inclusive framework. The goal is to reach an agreement at the July meeting of G20 finance ministers and central bank governors.
Free and fair trade
The G7 stand united in their commitment to free and fair trade as foundational principles and objectives of the rules-based multilateral system. The leaders agreed however on the need for a shared vision for a reform of the multilateral trading system, with a modernised rulebook and a reformed World Trade Organization (WTO) at its centre. In this context they highlighted the importance of a proper functioning of the WTO’s negotiating function and dispute settlement system.
The leaders committed to working collaboratively to address the risk of carbon leakage and to aligning their trading practices with their commitments under the Paris Agreement.
They also committed to continuing to work together to ensure that global supply chains are free from the use of forced labour.
Future frontiers
The G7 will promote stronger collaboration on research and development, and promote principles of research security and integrity and open science. To this end, the leaders endorsed the G7 Compact on Research Collaboration.

G7 – 2021 Research Compact

Climate and the environment
The G7 will continue to increase their efforts to keep the limit of a 1.5°C rise in temperature within reach. The leaders reaffirmed their commitment to the Paris Agreement and collectively committed to achieving net zero greenhouse gas emissions as soon as possible and by 2050 at the latest.
The green transition is expected to cut emissions, increase adaptation action worldwide, halt and reverse biodiversity loss, create new high-quality jobs, and increase prosperity and wellbeing. It will be technology-driven and supported by tangible actions in all sectors of the G7 economies and societies.
Specific commitments include further accelerating the transition away from unabated coal capacity while supporting affected workers, and ending new direct government support for unabated international thermal coal power generation by the end of 2021.
The transition to net zero economies poses particular financing challenges for developing countries. The G7 leaders stand by their bilateral and multilateral commitments to support these partners’ decarbonisation efforts through climate finance.
They reaffirmed the collective developed country goal to jointly mobilise $100 billion per year from public and private sources, through to 2025 in the context of meaningful mitigation actions and transparency on implementation.
The leaders also underlined the importance of high-integrity carbon markets and the optimal use of policy levers in order to move towards fair and efficient carbon-pricing.

Climate change: what the EU is doing (background information)

The G7 leaders committed to halting and reversing biodiversity loss by 2030, and supported an ambitious post-2020 global biodiversity framework to be adopted by parties at the COP15 on biodiversity. They adopted the G7 2030 nature compact, which sets out action on biodiversity across four core pillars: transition, investment, conservation, and accountability.
Under the compact, the G7 commit to conserving or protecting at least 30 per cent of global land and at least 30 per cent of the global ocean by 2030. They will contribute by conserving or protecting at least 30 per cent of their own land and coastal and marine areas by 2030 according to national circumstances and approaches.

G7 – 2030 Nature Compact

Gender equality
The G7 leaders recognised the devastating and disproportionate impact of COVID-19 on women and girls, which risks reversing hard-won gains especially with regards to gender-based violence, sexual and reproductive health and rights, and education and jobs.
The advancement of gender equity and equality is a central pillar of the G7’s plans and policies to build back better from the pandemic and is informed by three key priorities: educating girls, empowering women, and ending violence against women and girls.
The leaders committed to two new global SDG4 milestone girls’ education targets:

40 million more girls in education by 2026 in low and lower-middle income countries
20 million more girls reading by age 10 or the end of primary school by 2026, in low and lower-middle income countries

To ensure that these targets are underpinned by sustainable financing, the G7 leaders announced a combined pledge of $2.75 billion in funding over the next five years for the Global Partnership for Education ahead of its replenishment in July.
Global responsibility and action
The world’s major democracies are committed to working together to promote their shared values in the international system. This commitment is reflected in the Statement on Open Societies, which was adopted at the summit by the leaders of the G7 and those of Australia, India, the Republic of Korea, and South Africa.
In this statement, the leaders reaffirmed and promoted the values and principles of human rights, democracy, social inclusion, gender equality, freedom of expression, the rule of law, an effective multilateral system, and diverse, independent and pluralistic civil societies.

G7 – 2021 Open Societies Statement

The leaders recognised the particular responsibility of the largest countries and economies in upholding the rules-based international system and international law. They committed to working with all partners and as members of the G20, UN and the wider international community to this end, and encouraged others to do the same.
The leaders also discussed the most pressing geopolitical and foreign policy issues, including China, Russia, Ukraine, Belarus, Tigray, the Sahel, Libya, Afghanistan, the Democratic People’s Republic of Korea, Myanmar, the Indo-Pacific, Iran, and Iraq.
With regard to China, and competition in the global economy, the G7 will continue to consult on collective approaches to challenging non-market policies and practices which undermine the fair and transparent operation of the global economy.
In the context of their respective responsibilities in the multilateral system, the G7 will cooperate where it is in their mutual interest on shared global challenges, in particular on addressing climate change and biodiversity loss in the context of COP26 and other multilateral discussions.

At the same time and in so doing, we will promote our values, including by calling on China to respect human rights and fundamental freedoms, especially in relation to Xinjiang and those rights, freedoms and high degree of autonomy for Hong Kong enshrined in the Sino-British Joint Declaration and the Basic Law.
G7 leaders’ communiqué

The leaders reiterated their interest in stable and predictable relations with Russia. They called on Russia to stop its destabilising behaviour and malign activities and to fulfil its international human rights obligations and commitments.
On Ukraine, they called on Russia to alleviate tensions, act in accordance with its international obligations, and to withdraw its military troops and material at the eastern border of Ukraine and on the Crimean peninsula.

We remain firmly of the view that Russia is a party to the conflict in eastern Ukraine, not a mediator.
G7 leaders’ communiqué

With respect to the continuing attacks on human rights, fundamental freedoms and international law by the authorities in Belarus, the G7 will work together to hold those responsible to account, including through imposing sanctions, and continue to support civil society, independent media and human rights in the country.
The leaders expressed their deep concern about the ongoing conflict in Ethiopia’s Tigray region. They called for an immediate cessation of hostilities, unimpeded humanitarian access to all areas, the immediate withdrawal of Eritrean forces, and for all parties to pursue a credible political process.

Seven months of conflict, atrocities, ethnic-based violence, and human rights and IHL violations are leading thousands of innocent people to one of the worst man-made famines ever. We call on the entire international community to act.
European Council President Charles Michel

Development
The G7 leaders acknowledged that COVID-19 has a far-reaching impact on the poorest countries who already were grappling with the effects of conflict, climate change, socio-economic shocks and a chronic lack of resources and infrastructure. To help the most fragile countries, the G7 support a set of complementary measures including debt relief, development finance and support through the International Monetary Fund (IMF).
The G7 leaders recognised the significant infrastructure needs across low and middle-income countries, which have been exacerbated by the Covid-19 pandemic. They committed to a step change in their approach to global infrastructure financing, with a specific focus on Africa. DFIs and multilateral partners intend to invest at least $80 billion into the private sector in Africa over the next five years to support sustainable economic recovery and growth.

For some years already, with some leaders in Europe we have been convinced that this engagement with Africa needs to be at the heart of our future international relations. Increasingly, we’ve been able to unify the positions of European countries on this issue and now we have convinced our partners to further mobilise funds to secure a win-win strategy for Africa and Europe.
European Council President Charles Michel

Background brief – G7 summit, Cornwall, 11-13/06/2021

About the UK G7 presidency
The UK holds the G7 presidency from 1 January until 31 December 2021. Its main priority for this period is for leading democracies to help the world fight, and then build back better from COVID-19 and create a greener, more prosperous future by:

leading the global recovery from coronavirus while strengthening our resilience against future pandemics
promoting our future prosperity by championing free and fair trade
tackling climate change and preserving the planet’s biodiversity
championing our shared values

For more information about the UK’s presidency priorities and the Cornwall summit, visit the UK G7 presidency website:

Website of the UK presidency of the G7
Cornwall summit web page (UK presidency G7 website)

In preparation for the Cornwall summit, the UK hosted a video conference of G7 leaders on 19 February 2021. At the meeting, President Michel called for a global treaty on pandemics and for equitable and affordable access to vaccines for all.
At the end of the video conference, the leaders adopted a joint statement.

G7 Leaders’ statement, 19 February 2021

Compliments of the European Council. 
The post G7 summit, Cornwall, UK, 11-13 June 202 first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

Today, the Commission launched 11 new European Partnerships together with industry, to boost investments in research and innovation and to overcome major climate and sustainability challenges, towards making Europe the first climate neutral economy and delivering on the European Green Deal. In line with the goals of the ‘twin’ green and digital transition, the Partnerships will also deliver on the EU’s digital ambitions for the next decade, Europe’s Digital Decade. They will receive over €8 billion from Horizon Europe, the new EU research and innovation programme for 2021-2027. The total commitments, including those from private partners and from Member States, amount to around €22 billion.
This critical mass of funding allows the Partnerships to pursue innovative solutions on a large scale, for example to tackle emissions from energy-intensive industries and hard-to-decarbonise sectors, such as shipping and steel-making, as well as to develop and deploy high-performance batteries, sustainable fuels, artificial intelligence tools, data technologies, robotics, and more. Pooling in efforts, resources and investments jointly and on a large scale under the Partnerships will also generate long-term positive impacts, boost European competitiveness and technological sovereignty and create jobs and growth.
The eleven European Partnerships are:

European Partnership for the European Open Science Cloud. It aims to deploy and consolidate by 2030 an open, trusted virtual environment to enable the estimated 2 million European researchers to store, share and reuse research data across borders and disciplines.

European Partnership for Artificial Intelligence, Data and Robotics. To deliver the greatest benefit to Europe from Artificial Intelligence (AI), data and robotics, this Partnership will drive innovation, acceptance and uptake of these technologies, for the benefit of citizens and businesses.

European Partnership for Photonics (light-based technologies). It aims to speed up photonic innovations, securing Europe’s technological sovereignty, raising the competitiveness of Europe’s economy and promoting long-term job creation and prosperity.

European Partnership for Clean Steel – Low Carbon Steelmaking. It supports EU leadership in transforming the steel industry into a carbon-neutral one, serving as a catalyser for other strategic sectors.

European Partnership Made in Europe. It will be the driving force for European leadership in sustainable manufacturing in Europe, by applying the principles of the circular economy (zero-waste and others), digital transformation and climate neutral manufacturing.

European Partnership Processes4Planet. Its vision is that European process industries are globally leading on the 2050 climate neutrality goal with a strong focus on low-carbon technologies, circularities, such as circularity hubs and competitiveness.

European Partnership for People-centric Sustainable Built Environment (Built4People). Its vision is high-quality, low-carbon, energy and resource-efficient built environments, like buildings, infrastructure, and more, which drive the transition towards sustainability.

European Partnership towards Zero-emission Road Transport (2Zero). It aims to accelerate the development of zero-emission transport with a systems approach, supporting a climate neutral and clean road transport system.

European Partnership for Connected, Cooperative and Automated Mobility. Its goal is to accelerate the implementation of innovative, connected, cooperative and automated mobility technologies and services.

European Partnership for Batteries: Towards a competitive European industrial battery value chain. It aims to support the development of a world-class European research and innovation ecosystem on batteries, and to foster European industrial leadership in the design and production of batteries for the next generation of both stationary and mobile applications.

European Partnership for Zero Emission Waterborne Transport. It aims for the EU to lead and accelerate the transformation of maritime and inland waterborne transport to eliminate all harmful environmental emissions, including greenhouse gas, air and water pollutants, through innovative technologies and operation.

The Commission adopted today Memoranda of Understanding to launch the Partnerships, which will start their operations immediately. A signature ceremony for the Memoranda of Understanding will take place at the European Research and Innovation Days on 23 June.
Members of the College said:
Margrethe Vestager, Executive Vice-President for a Europe Fit for the Digital Age, said: “Cooperation is key when it comes to overcoming the challenges in Europe’s green and digital transition. And digital technologies are driving this transition towards a climate-neutral, circular and more resilient economy. The eleven partnerships, that the Commission and the industry has proposed together today, will mobilise significant resources, around €22 billion, so that we can jointly identify trustworthy artificial intelligence, data, robotics and many more technological tools to reach our environmental and climate goals, for a cleaner and healthier future.”
Mariya Gabriel, Commissioner for Innovation, Research, Culture, Education and Youth, said: “These Partnerships are all about pooling research and innovation resources and ensuring that research results are turned into useful innovations for the citizens. With Horizon Europe we are committed to emerge from the climate crisis, provide sustainable solutions to major environmental challenges and accelerate a sustainable recovery. This will benefit all Europeans.”
Thierry Breton, Commissioner for Internal Market, said: “With the new Partnerships Europe is coming at the forefront of global technological developments, building key industrial capacities and accelerating its twin green and digital transitions. This will help put Europe on a path towards climate-neutrality by 2050 and a circular economy. Through their work, the Partnerships will also put an emphasis on developing the digital technologies needed for supporting Europe’s industrial leadership.”
Background
The eleven Partnerships for which Memoranda of Understanding have been adopted today are so-called ‘co-programmed’ European Partnerships – partnerships between the Commission and mostly private, but sometimes also public, partners. They will run from 2021 to 2030, allowing them to provide input into the last calls of Horizon Europe and wrap up their final activities afterwards.
The Memorandum of Understanding is the basis for the cooperation in a Partnership, as it specifies its objectives, the commitments from both sides and the governance structure. The Partnerships also provide the Commission with input on relevant topics to be included in the Horizon Europe Work Programmes. Implementation runs first and foremost through the Horizon Europe Work Programmes and their calls for proposals. Private partners develop additional activities, which are not funded through Horizon Europe, but which are included in the Partnership’s Strategic Research and Innovation Agendas and focus on issues such as market deployment, skills development or regulatory aspects.
These ‘co-programmed’ European Partnerships are different, but also complementary to the more complex so-called ‘institutionalised’ European Partnerships, which are based on a legislative proposal from the Commission and have a ‘Dedicated Implementing Structure’. Earlier this year, in February the Commission proposed to set up 10 new ‘institutionalised’ European Partnerships between the European Union, Member States and/or the industry. With an investment of nearly €10 billion, which the partners will match with at least an equivalent amount, they aim to speed up the transition towards a green, climate neutral and digital Europe, and to make European industry more resilient and competitive.
Compliments of the European Commission.
The post EU Commission and industry invest €22 billion in new European Partnerships to deliver solutions to major societal challenges first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

Patent waiver will enhance global access to affordable COVID-19 vaccines
Voluntary licensing, transfer of know-how and technology key to ramping up global production in long term
Call on US and UK to abolish export ban on vaccines and raw materials
More support for global vaccine distribution mechanism COVAX

To accelerate global vaccine rollout, MEPs demand the temporary lifting of intellectual property rights protection for COVID-19 vaccines.

In a resolution adopted with 355 votes in favour, 263 against and 71 abstentions, Parliament proposes negotiations start for a temporary waiver of the WTO TRIPS Agreement on patents to improve global access to affordable COVID-19-related medical products and to address global production constraints and supply shortages. MEPs also point to the threat that an indefinite TRIPS Agreement waiver would pose to research finance, in particular for researchers, investors, developers and clinical trials.
Voluntary licencing (when the developer of the vaccine decides to whom and under what conditions the patent can be licensed to enable manufacturing),know-how and technology transfer to countries with vaccine-producing industries are the most important way to scale and speed up global production in the long term, said MEPs.
To address production bottlenecks, MEPs call on the EU “to rapidly eliminate export barriers and to replace its own export authorisation mechanism with export transparency requirements”. The US and the UK, for their part, should “immediately abolish their export ban on vaccines and raw materials”, they say.  11 billion doses are needed to immunise 70 percent of the world’s population and only a fraction of that amount has been produced.
Vaccine production in Africa
As the vast majority of the 1.6 billion vaccine doses administered to date have gone to vaccine-producing industrialised countries and only 0.3 percent to the 29 poorest countries, the EU needs to support manufacturing in Africa, Parliament emphasizes.  Another important vehicle to provide vaccines to low income economies is the global vaccine distribution mechanism COVAX to which Parliament encourages contributions.
Transparency for next generation vaccines
Finally, MEPs demand the full disclosure of future advance purchase agreements, particularly for next generation vaccines, and that those contracts include transparency requirements for suppliers.
Background
Any decision on waiving intellectual property rights would be taken by the WTO TRIPS Council, in session on 8-9 June with the Commission presenting the European proposal that does not include a waiver. At a debate preceding the adoption of the resolution, several political groups argued in favour of lifting the intellectual property rights protections on COVID-19 related vaccines.

Compliments of the European Parliament.

The post EU Parliament calls for temporary COVID-19 vaccine patent waiver first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

EU Digital COVID Certificate will make travel in the EU easier from 1 July 2021.

All EU member states will accept the certificates proving vaccination, negative test result or recovery from a COVID infection.
It should facilitate free movement and contribute to restrictions being lifted gradually in a coordinated manner.
It should apply from 1 July 2021 and be in place for 12 months.
Affordable and accessible testing is encouraged: €100 million in EU funds to purchase tests.

MEPs completed today the legislative work on the EU digital COVID Certificate package to facilitate travel within the EU and contribute to the economic recovery.

Plenary passed the new EU digital COVID Certificate Regulations with 546 votes to 93 and 51 abstentions (EU citizens) and with 553 to 91 and 46 abstentions (third country nationals).
The certificate will be issued free of charge by national authorities and be available in either digital or paper format containing a QR code. The document will certify that a person has been vaccinated against COVID-19, has a recent negative test result or has recovered from the infection. In practice, these will be three distinct certificates. A common EU framework will make certificates interoperable and verifiable across the European Union, as well as prevent fraud and forgery.
The system will apply from 1 July 2021 and be in place for 12 months. The certificate will not be a precondition for free movement and will not be considered a travel document.
Additional travel restrictions only if duly justified
During the inter-institutional negotiations, MEPs secured an agreement that EU states will not be able to impose additional travel restrictions on certificate holders -such as quarantine, self-isolation or testing- “unless they are necessary and proportionate to safeguard public health”. Scientific evidence, “including epidemiological data published by the European Centre for Disease Prevention and Control (ECDC)” will have to be taken into account. The measures should be notified if possible 48 hours in advance to other member states and the Commission, and the public should be given 24 hours’ notice.
Affordable and accessible testing
EU states are encouraged to ensure that testing is affordable and widely available. At the request of the Parliament, the Commission promised to mobilise €100 million under the Emergency Support Instrument so that member states can purchase tests to issue EU digital COVID test certificates.
Vaccines
All EU countries must accept vaccination certificates issued in other member states for vaccines authorised by the European Medicines Agency (EMA). It will be up to the member states to decide whether they also accept certificates for vaccines authorised following national authorisation procedures or for vaccines listed by the World Health Organisation (WHO) for emergency use.
Data protection safeguards
All personal data has to be processed in line with the General Data Protection Regulation. Certificates will be verified offline and no personal data will be retained.
Quote
Chair of the Civil Liberties Committee and rapporteur Juan Fernando López Aguilar (S&D, ES) said: “Today Parliament has set the pace to restore free movement and a fully functional Schengen while we continue to fight this pandemic. The EU Digital COVID Certificate will function from 1st July, and will ensure safe and coordinated travel this summer. EU states are encouraged to refrain from imposing further restrictions, unless strictly necessary and proportionate, and it is reassuring that some are already issuing the certificate.“
Next steps
The text will now have to be formally adopted by the Council and published in the Official Journal, for immediate entry into force and application from 1 July 2021.

Compliments of the European Parliament.

The post EU Parliament gives its final green light to the EU Digital COVID Certificate first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

The Commission has today proposed an annual EU budget of €167.8 billion for 2022, to be complemented by an estimated €143.5 billion in grants under NextGenerationEU. Their combined firepower will mobilise significant investments to boost the economic recovery, safeguard sustainability, and create jobs. It will prioritise green and digital spending in order to make Europe more resilient and fit for the future.
Commissioner Johannes Hahn, responsible for the EU Budget, said: “Today, we are putting forward unprecedented levels of financial support to reinforce Europe´s recovery from the health and economic crises. We will help the people, companies and regions that have been most affected by the pandemic. We will invest in Europe’s resilience and its modernisation via the green and digital transition. Getting Europe back on track, speeding up its recovery and making it fit for the future are our main priorities!”
The draft budget 2022, boosted by NextGenerationEU, directs funds to where they can make the greatest difference, in line with the most crucial recovery needs of the EU Member States and our partners around the world.
The funding will help rebuild and modernise our Union, by fostering the green and digital transitions, creating jobs and strengthening Europe’s role in the world.
The budget reflects the EU’s political priorities, which are relevant to ensure a sustainable recovery. To that end, the Commission is proposing to allocate (in commitments):

€118.4 billion in grants from NextGenerationEU under the Recovery and Resilience Facility (RRF) to mitigate the economic and social impact of the coronavirus pandemic, and to make EU economies and societies more sustainable, resilient and better prepared for the challenges and opportunities of the green and digital transitions.
€53.0 billion for the Common Agricultural Policy and €972 million for the European Maritime, Fisheries and Aquaculture Fund, for Europe’s farmers and fishers, but also to strengthen the resilience of the agri-food and fisheries sectors and to provide the necessary scope for crisis management. The European Agricultural Fund for Rural Development (EAFRD) could receive an extra €5.7 billion from NextGenerationEU.
€36.5 billion for regional development and cohesion, reinforced by €10.8 billion from NextGenerationEU under REACT-EU to support crisis response and crisis repair.
€14.8 billion to support our partners and interests in the world, of which €12.5 billion under the Neighbourhood, Development and International Cooperation Instrument — Global Europe (NDICI — Global Europe), and €1.6 billion for Humanitarian Aid (HUMA).
€13.1 billion for research and innovation, of which €12.2 billion for Horizon Europe, the Union’s flagship research programme. It could receive an extra €1.8 billion from NextGenerationEU.
€5.5 billion for European strategic investments, of which €1.2 billion for InvestEU for key priorities (research and innovation, twin green and digital transition, the health sector, and strategic technologies), €2.8 billion for the Connecting Europe Facility to improve cross-border infrastructure, and €1.2 billion for the Digital Europe Programme to shape the Union’s digital future. InvestEU could receive an extra €1.8 billion from NextGenerationEU.
€17.9 billion for investing in people, social cohesion, and values, of which €13.3 billion for the European Social Fund Plus to support employment,  skills and social inclusion, €3.4 billion Erasmus+ to create education and mobility opportunities for people, €401 million to support artists and creators around Europe, and €253 million to promote justice, rights, and values*;
€2.1 billion for spending dedicated to space, mainly for the European Space Programme, which will bring together the Union’s action in this strategic field.
€1.9 billion for environment and climate action, of which €708 million for the LIFE programme to support climate change mitigation and adaptation, and €1.2 billion for the Just Transition Fund to make sure that the green transition works for all. The Just Transition Fund could receive an extra €4.3 billion from NextGenerationEU.
€1.9 billion for protecting our borders, of which €780 million for the Integrated Border Management Fund (IBMF), and €758 million for the European Border and Coast Guard Agency (Frontex).
€1.9 billion to support candidate and potential candidate countries in meeting the requirements of the Union’s accession process, chiefly through the Instrument for Pre-Accession Assistance (IPA III).
€1.3 billion for migration-related spending, of which €1.1 billion to support migrants and asylum-seekers in line with our values and priorities.
€1.2 billion to address defence and common security challenges, of which €950 million to support capability development and research under the European Defence Fund (EDF), as well as €232 million for to support Military Mobility.
€905 million to ensure the functioning of the Single Market, including €584 million for the Single Market Programme, and close to €200 million for work on anti-fraud, taxation, and customs.
€789 million for EU4Health to ensure a comprehensive health response to people’s needs, as well as €95 million to the Union Civil Protection Mechanism (rescEU) to be able deploy operational assistance quickly in case of a crisis. RescEU could receive an extra €680 million from NextGenerationEU.
€600 million for security, of which €227 million for the Internal Security Fund (ISF), which will combat terrorism, radicalisation, organised crime, and cybercrime.

The draft budget for 2022 is part of the Union’s long-term budget as adopted at the end of 2020, and seeks to turn its priorities into concrete annual deliverables. A significant part of the funds will therefore be dedicated to combatting climate change, in line with the target to spend 30% of the long-term budget and the NextGenerationEU recovery instrument on this policy priority.
Background
The draft 2022 EU budget includes expenditure under NextGenerationEU, to be financed from borrowing at the capital markets, and the expenditure covered by the appropriations under the long-term budget ceilings, financed from own resources. For the latter, two amounts for each programme are proposed in the draft budget – commitments and payments. “Commitments” refer to the funding that can be agreed in contracts in a given year; and “payments” to the money actually paid out. The proposed 2022 EU budget amounts to €167.8 billion in commitments and €169.4 billion in payments. All amounts are in current prices.
The actual NextGenerationEU payments – and funding needs for which the European Commission will seek market financing – may be lower, and will be based on precise estimates evolving over time. The Commission will continue to publish six-monthly funding plans to provide information about its planned issuance volumes in the months to come.
With a budget of €807 billion in current prices, NextGenerationEU will help repair the immediate economic and social damage caused by the coronavirus pandemic and make the EU fit for the future. The instrument will help build a post-COVID-19 EU that is greener, more digital, more resilient and better fit for the current and forthcoming challenges. The centrepiece of NextGenerationEU is the Recovery and Resilience Facility – an instrument for providing grants and loans to support reforms and investments in the EU Member States. The contracts/commitments under NextGenerationEU can be concluded until the end of 2023, the payments linked to the borrowing will follow until the end of 2026.
Following the approval of the Own Resources Decision by all EU Member States, the Commission can now start raising resources to finance Europe’s recovery through NextGenerationEU.
Compliments of the European Commission.
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HM Treasury | 5 June 2021, London, United Kingdom
We, the Finance Ministers and Central Bank Governors of the G7, met virtually on 28 May 2021, and Finance Ministers met in London on 4-5 June 2021, joined by the Heads of the International Monetary Fund (IMF), World Bank Group, Organisation for Economic Cooperation and Development (OECD), Eurogroup, and (on 28 May) Financial Stability Board (FSB). We agreed concrete actions to address today’s historic challenges and as part of our renewed and urgent effort towards deeper multilateral economic cooperation.
Building a strong, sustainable, balanced and inclusive global economic recovery
1.We will continue to work together to ensure a strong, sustainable, balanced and inclusive global recovery that builds back better and greener from the Covid-19 pandemic, recognising the disproportionate impact of the pandemic on certain groups including women, youth and vulnerable populations. We commit to sustain policy support as long as necessary and invest to promote growth, create high-quality jobs and address climate change and inequalities. As our economies re-open, we will continue to take steps to limit the uneven impact of the crisis by targeting support to where it is needed most. Once the recovery is firmly established, we need to ensure the long-term sustainability of public finances to enable us to respond to future crises and address longer-term structural challenges, including for the benefit of future generations. Monetary policy will continue to support the economic recovery from the pandemic and ensure price stability, consistent with central bank mandates. We reaffirm our exchange rate commitments as elaborated in May 2017. We will work to build a safe, resilient and open global economic system.
2.The Covid-19 pandemic can only be overcome when it is brought under control everywhere. There is an overwhelming moral, scientific and economic case for ensuring equitable, safe, effective and affordable access to Covid-19 vaccines, therapeutics and diagnostics across the world. Accelerating the end of the pandemic would add trillions of dollars to global GDP. We have already provided significant support, including to all pillars of the ACT-Accelerator. We welcome increased financial commitments by some G7 members and look forward to further commitments to help close the funding gap. We welcome the World Bank’s efforts on global health and vaccines, and urge them to step up the use of their considerable convening and financial firepower to address financial and operational challenges to more timely vaccine access by developing countries, including through COVAX. We also ask the IMF to explore adapting existing facilities to support vaccine financing. We strongly encourage private sector actors, including the pharmaceutical industry, to step up their contributions to fighting the current pandemic.
Transformative effort to tackle climate change and biodiversity loss
3.We commit to a multi-year effort to deliver the significant structural change needed to meet our net zero commitments and environment objectives in a way that is positive for jobs, growth, competitiveness and fairness. We commit to properly embed climate change and biodiversity loss considerations into economic and financial decision-making, including addressing the macroeconomic impacts and the optimal use of the range of policy levers to price carbon.
4.We emphasise the need to green the global financial system so that financial decisions take climate considerations into account. This will help mobilise the trillions of dollars of private sector finance needed, and reinforce government policy to meet our net zero commitments. We support moving towards mandatory climate-related financial disclosures that provide consistent and decision-useful information for market participants and that are based on the Task Force on Climate-related Financial Disclosures (TCFD) framework, in line with domestic regulatory frameworks. Investors need high quality, comparable and reliable information on climate risks. We therefore agree on the need for a baseline global reporting standard for sustainability, which jurisdictions can further supplement. We welcome the International Financial Reporting Standards Foundation’s programme of work to develop this baseline standard under robust governance and public oversight, built from the TCFD framework and the work of sustainability standard-setters, involving them and a wider range of stakeholders closely to foster global best practice and accelerate convergence. We encourage further consultation on a final proposal leading to the establishment of an International Sustainability Standards Board ahead of COP26.
5.In addition, we recognise the growing demand for more information on the impact that firms have on the climate and the environment. We recognise that many jurisdictions and organisations are already developing impact reporting initiatives, including but not limited to reporting on net zero alignment and broader sustainability metrics. We will work closely together and with our international partners to determine the best approach to ensure global consistency.
6.We look forward to the establishment of the Taskforce on Nature-related Financial Disclosures and its recommendations. We welcome the Dasgupta Review on the Economics of Biodiversity and the related OECD Policy Guide on Biodiversity. More broadly, we welcome the continued commitments to tackle climate change by financial firms across the world, including through their active participation in the Glasgow Financial Alliance for Net Zero.
7.We recognise that climate change poses increasing physical and transition risks to regulated financial institutions and to financial stability, and that these risks have distinct characteristics we need to take into account. G7 authorities consider it important for financial firms to manage the financial risks of climate change using the same risk management standards as applied to other financial risks. G7 Central Banks will assess the financial stability risks posed by climate change, and will consider drawing on, as appropriate, scenarios published by the Network for Greening the Financial System. Central Banks will share learnings on taking climate-related risks into account in their own operations and balance sheets as appropriate, and look forward to discussing later in the year how they might make their own disclosures based on the recommendations of the TCFD. We fully support the FSB in developing an ambitious roadmap that identifies and addresses climate-related financial risks, including through steps to promote comparable disclosures, address data gaps, enhance vulnerabilities assessments and promote consistent regulatory and supervisory practices. We also support the Sustainable Finance Working Group in developing their G20 sustainable finance roadmap, with an initial climate focus.
8.International climate finance is critical for supporting developing countries’ climate change adaptation and mitigation efforts. We reaffirm the collective developed country goal to mobilise US$100 billion annually for developing countries from public and private sources, in the context of meaningful mitigation actions and transparency on implementation. We commit to increase and improve our climate finance contributions through to 2025, including increasing adaptation finance and finance for nature-based solutions. We welcome the commitments already made by some G7 countries to increase climate finance. We look forward to further commitments at the G7 Leaders’ Summit or ahead of COP26. We call on all the Multilateral Development Banks (MDBs) to set ambitious dates for Paris Alignment ahead of COP26, and welcome their work supporting client countries. We urge the MDBs to mobilise increased climate finance including from the private sector, and to increase their support for a clean energy transition, adaptation and resilience, and nature. We welcome the IMF’s increasingly critical role in supporting members’ management of climate risks and transitions to net zero, including through surveillance. We commit to including climate coverage within our countries’ IMF bilateral surveillance reports, and call on others to do the same.
9.Environmental crimes have a serious impact on the planet’s biodiversity, generate billions of dollars in illicit finance and enable corruption and transnational organised crime. We agree that beneficial ownership registries are an effective tool to tackle illicit finance. We are implementing and strengthening registries of company beneficial ownership information to provide timely, direct and efficient access for law enforcement and competent authorities to adequate, accurate and up-to-date information, including through central registries. We further note the benefits of making beneficial ownership information publicly available where possible. We call on all countries to fully implement the Financial Action Task Force (FATF) Standards and strengthen them.
Continued Support to Low-Income and Vulnerable Countries
10.The IMF estimates that, between now and 2025, low income countries will need around US$200 billion to step up the response to the pandemic and build external buffers and an additional US$250 billion in investment spending to resume and accelerate their income convergence with advanced economies. We remain committed to supporting the poorest and most vulnerable countries as they address health and economic challenges associated with Covid-19. We strongly support the new general allocation of Special Drawing Rights (SDRs) of US$650 billion to help meet the long-term global need for reserve assets. We urge the implementation of this allocation by the end of August 2021, accompanied by transparency and accountability measures including updated IMF guidance on how countries can appropriately use an SDR allocation.
11.G7 countries are actively considering voluntarily channelling a proportion of their allocated SDRs to significantly magnify the impact of this general allocation. We encourage the IMF to work quickly with all relevant stakeholders to explore a menu of options for channelling SDRs to further support health needs, including vaccinations, and help enable greener, more robust economic recoveries in the most affected countries. We will work to scale up financing to the Poverty Reduction and Growth Trust and welcome the IMF’s review of concessional financing and policies to strengthen its capacity to support low income countries.
12.Tackling debt vulnerabilities and promoting debt transparency, including through regular debtor and creditor data reconciliation, is essential to unlocking sustainable and inclusive growth in developing countries. We reiterate our commitment to implement the G20 and Paris Club Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative and call on all official bilateral creditors to do the same. We welcome the establishment of the Creditor Committee for Chad, and look forward to swift and successful debt treatments for this and future cases. The private sector is expected to provide at least as favourable debt treatment in line with the Common Framework. We commit to publish our own creditor portfolios on a loan-by-loan basis for future direct lending by the end of 2021, and urge all other G20 members to do the same, and to undertake the self-assessment in line with the G20’s Operational Guidelines for Sustainable Financing.
13.We encourage the private sector to adhere to the Institute of International Finance’s Voluntary Principles for Debt Transparency and to submit information on their sovereign lending to the OECD transparency data portal once operationalised this year. We welcome the establishment of a G7 Private Sector Working Group to bring together the International Financial Institutions (IFIs), market and legal profession participants and country experts to explore possible enhancements to the contractual approach.
14.We welcome Sudan’s steady progress towards the Heavily Indebted Poor Countries (HIPC) decision point, putting it on a path to clear its historic debts and re-engage with IFIs. We have worked with international partners to agree on an ambitious financing package to clear the full amount of Sudan’s arrears to the IMF, with G7 members pledging our share of IMF internal resources as well as providing grant financing as needed and bridging loans for the African Development Bank, the World Bank and the IMF. The G7 commits to providing Sudan with comprehensive debt relief upon reaching the HIPC Completion Point and we encourage other creditors to do the same.
15.All avenues should be explored to enable MDBs to efficiently and effectively use their resources. We support the G20’s ongoing work on MDB balance sheet optimisation, and see considerable merit in further analysis to review MDBs’ capital adequacy frameworks to potentially unlock additional financing, while preserving credit ratings and respecting preferred creditor treatment, development mandates and governance. We welcome advancing IDA replenishment by one year and look forward to its ambitious conclusion by December 2021 to support recovery in low income countries. We call on IDA to further use its balance sheet to unlock additional resources for IDA countries in a sustainable manner.
Shaping a Safe and Prosperous Future for All
16.We strongly support the efforts underway through the G20/OECD Inclusive Framework to address the tax challenges arising from globalisation and the digitalisation of the economy and to adopt a global minimum tax. We commit to reaching an equitable solution on the allocation of taxing rights, with market countries awarded taxing rights on at least 20% of profit exceeding a 10% margin for the largest and most profitable multinational enterprises. We will provide for appropriate coordination between the application of the new international tax rules and the removal of all Digital Services Taxes, and other relevant similar measures, on all companies. We also commit to a global minimum tax of at least 15% on a country by country basis. We agree on the importance of progressing agreement in parallel on both Pillars and look forward to reaching an agreement at the July meeting of G20 Finance Ministers and Central Bank Governors.
17.Innovation in digital money and payments has the potential to bring significant benefits but also raise public policy and regulatory issues. G7 Central Banks have been exploring the opportunities, challenges as well as the monetary and financial stability implications of Central Bank Digital Currencies (CBDCs) and we commit to work together, as Finance Ministries and Central Banks, within our respective mandates, on their wider public policy implications. We note that any CBDCs, as a form of central bank money, could act as both a liquid, safe settlement asset and as an anchor for the payments system. Our objective is to ensure that CBDCs are grounded in long-standing public sector commitments to transparency, the rule of law and sound economic governance. CBDCs should be resilient and energy-efficient; support innovation, competition, inclusion, and could enhance cross-border payments; they should operate within appropriate privacy frameworks and minimise spillovers. We will work towards common principles and publish conclusions later in the year.
18.We reiterate that no global stablecoin project should begin operation until it adequately addresses relevant legal, regulatory, and oversight requirements through appropriate design and by adhering to applicable standards. We are committed to international cooperation to ensure common standards, including by supporting international standard setting bodies in reviewing existing regulatory standards, and emphasise the importance of addressing any identified gaps. We support the FSB’s ongoing work in reviewing regulatory, supervisory and oversight challenges to the implementation of its High Level Recommendations for global stablecoin arrangements. We continue to support the ambitious implementation of the G20 Roadmap to enhance cross–border payments and welcome the publication of the FSB consultation on Targets for Addressing the Four Challenges of Cross-border Payments.
19.Global implementation of the FATF Standards for combatting money laundering, terrorist financing and proliferation financing remains uneven. We recognise the role of the nine FATF-Style Regional Bodies (FSRBs) in assessing and supporting implementation of the FATF Standards around the world. We commit to provide additional expertise and funding to support the FSRB’s assessment programmes by at least US$17 million and 46 assessors over 2021-24. We call on the G20 and all FATF members, the IMF and the World Bank to increase their support.
20.It is vital to continue learning lessons from Covid-19 and ensure we are better prepared for future pandemics. We look forward to the Pandemic Preparedness Partnership’s Report to G7 Leaders and the G20 High Level Independent Panel’s findings, and will consider their recommendations, particularly on financing mechanisms. Recognising the urgent need to avoid a repeat of the Covid-19 crisis, we commit to work together, and with relevant international partners, to improve international coordination and accountability between global health and finance policy makers. We will work together with our health colleagues in the second half of this year, including with industry, to explore proposals for strengthening market incentives for antibiotic drug development to help tackle antimicrobial resistance – the “silent pandemic”. We must act now to secure the health and economic prosperity of our citizens and that of future generations.
Copyright by the Crown | Compliments of HM Treasury

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The G7 on the 5 June 2021 agreed to back an historic international agreement on global tax reform which delivers on the Chancellor’s promise for big international companies to start paying their fair share.
G7 Finance Ministers during their meeting in London came together to tackle the tax challenges that arise from the global digital economy. Following years of discussions, finance ministers agreed to reforms which will see multinationals pay their fair share of tax in the countries they do business. They also agreed to the principle of a global minimum rate that ensures multinationals pay tax of at least 15% in each country they operate in.
Ensuring markets play their part in the transition to net zero, the group also followed the UK’s lead by giving a commitment to make it mandatory for firms to report the climate impact of their investment decisions – and concrete steps to crack down on environmental criminals.
The UK’s Chancellor of the Exchequer Rishi Sunak said: “These seismic tax reforms are something the UK has been pushing for and a huge prize for the British taxpayer – creating a fairer tax system fit for the 21st century. This is a truly historic agreement and I’m proud the G7 has shown collective leadership at this crucial time in our global economic recovery.”
Global Tax Reform:
During the meeting, Finance Ministers agreed the principles of an ambitious two Pillar global solution to tackle the tax challenges arising from an increasingly globalised and digital global economy.
Under Pillar One of this historic agreement, the largest and most profitable multinationals will be required to pay tax in the countries where they operate – and not just where they have their headquarters.
The rules would apply to global firms with at least a 10% profit margin – and would see 20% of any profit above the 10% margin reallocated and then subjected to tax in the countries they operate.
The fairer system will mean the UK will raise more tax revenue from large multinationals and help pay for public services here in the UK.
Under Pillar Two, the G7 also agreed to the principle of at least 15% global minimum corporation tax operated on a country by country basis, creating a more level playing field for UK firms and cracking down on tax avoidance.
Discussions on the two Pillars have been ongoing for many years – with the Chancellor making securing a global agreement a key priority of the UK’s G7 Presidency. The agreement will now be discussed in further detail at the G20 Financial Ministers & Central Bank Governors meeting in July.
Improving climate disclosures:
Finance Ministers also accelerated action on environmental issues, following in the UK’s footsteps by committing for the first time to properly embed climate change and biodiversity loss considerations into economic and financial decision-making.
Six years since the Task Force on Climate-Related Financial Disclosures (TCFD) was created, the UK was instrumental in getting G7 countries to move towards making climate disclosures mandatory across their respective economies. It comes just over six months after the UK led the way by being the first country in the world to commit to do so in November 2020.
This is a major step towards ensuring the global financial system plays its part transition to net zero, as investors better understand how firms are managing climate risks and can allocate finance accordingly.
A coordinated G7 approach is crucial to avoid inconsistent information across markets and extra red tape, so the Finance Ministers also backed work by the International Financial Reporting Standards Foundation to develop a baseline global standard for high-quality, granular sustainability reporting, built from the TCFD framework and work of sustainability standard-setters.
Supporting nature and tackling environmental crime:
In support of the UK’s work to foster a nature-positive economy, the Finance Ministers welcomed the imminent launch of a taskforce on nature-related financial disclosures – to mirror the TCFD – and agreed to crack down on the proceeds of environmental crimes by introducing and strengthening central company beneficial ownership registries. The UK was one of the first countries in the world to introduce a public beneficial ownership registry in 2016.
Making beneficial ownership public through these registries help law enforcement trace ill-gotten gains that are laundered through complex company structures, identify who ultimately owns or controls the company and bring the criminals to justice. And the increased transparency will also protect the UK and the rest of the G7 from other criminal threats – like corruption, fraud and terrorist financing.
Support for vulnerable countries:
The G7 also committed to continue supporting the poorest and most vulnerable countries as they address health and economic challenges associated with COVID. Building on their milestone backing of $650bn general allocation of Special Drawing Rights (SDRs) earlier this year, Finance Ministers and Central Bank Governors called for swift implementation by the end of August.
G7 countries also agreed to actively consider voluntarily channelling a proportion of their allocated SDRs to support further health needs, including vaccinations and help enable greener, more robust economic recoveries in the most affected countries.
Tackling debt vulnerabilities and promoting debt transparency is essential in unlocking sustainable and inclusive growth in developing countries. The G7 also committed to publishing the detail of new lending on a loan-by-loan basis and hope the G7 leading the way on debt transparency will pave the way for G20 nations and private sector creditors to do the same.
The G7 also welcomed the World Bank’s efforts on global health and vaccines, and urged them to use their financial firepower to help poor countries obtain vaccines, including through COVAX. The G7 also called on the IMF to ramp up its efforts to finance vaccines, and agreed that private sector, including the pharmaceutical industry, to play their parts more too.
In recognition of need to continue learning lessons from Covid-19, and being prepared for future pandemics, Finance Ministers also agreed to develop new proposals to unlock the market incentives for producing antibiotics to prevent anti-microbial resistance. Finance Ministers agreed that they must act now to secure the health and economic prosperity of citizens across the G7 and that of future generations.
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