EACC

FTC | Back to Business #2: Slamming the office door on B2B COVID scams

You have to say this about scammers: They’re up on current events. As early as February 2020, con artists were already using the coronavirus as a hook for swindles and scams and the FTC was sounding an alert for consumers. It didn’t take long before scammers targeted businesses, too. Now that many companies are returning to an in-person workplace, some fraudsters will try to take advantage of the transition. As you get back to business, keep your guard up against these forms of B2B deception.
Spot the signs of an imposter scam. Since the beginning of the pandemic, the FTC has received reports of con artists using telemarketing, email, and even bogus apps to impersonate government employees or public health officials. Now we’re hearing about “vaccine certificate” scams. What’s the modus operandi? They contact businesses and consumers out of the blue with official-sounding – but false – information about so-called national vaccine certificates, “passports,” or “verification apps.” Their real purpose is to grab money or personal information. The FTC has tips on spotting this form of fraud and advice on strengthening your defenses against imposter scams.
Stick with suppliers you know or who come recommended by people you trust. This time last year companies were scrambling for masks, disinfectants, and other essentials. When businesses ordered from unfamiliar websites that promised fast shipping of scarce products, they often found themselves with emply hands and empty wallets. As manufacturers gear up and offices reopen, some industries are reporting shortages of raw materials – conditions that are conducive for supply chain scams. The wiser course is to stick with suppliers who have proven to be reliable in the past or who come recommended by trustworthy colleagues.
Alert your staff to unemployment benefits fraud. Throughout the pandemic, the FTC has asked public-spirited businesses and consumers to contact us at ReportFraud.ftc.gov about suspicious practices you’ve spotted. Those reports cast a spotlight on phony unemployment benefits applications that crooks had filed using the names, dates of birth, and Social Security numbers of people who had not lost their jobs. It’s affected tens of thousands of people and has cost states hundreds of millions of dollars. What can you do? If an employee suspects their personal information has been compromised in this way, report it online to the appropriate state unemployment insurance office(link is external) and suggest they visit identitytheft.gov for step-by-step guidance.
Compliments of the U.S. Federal Trade Commission.
The post FTC | Back to Business #2: Slamming the office door on B2B COVID scams first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

EACC

UN Security Council: Speech by the HR/VP Josep Borrell

Check against delivery!
Ambassadors, ladies and gentlemen,
1.  The 2021 geopolitical landscape
I am pleased to speak to you today about the role of the EU on the maintenance of international peace and security.
We live in a world where the demand for multilateral solutions is greater than the supply. We see more divisions, more free-riding and more distrust than the world can afford.
Rules-based multilateralism is a term that’s perhaps well understood at the UN and in Brussels. Maybe it is not a simple, nor an appealing phrase; but our job is to bring it alive.
We need global cooperation based on agreed rules. The alternative is the law of the jungle, where problems don’t get solved. Every day we see the cost of the absence of multilateral action: reduced access to vaccines, insufficient climate action, peace and security crises that fester.
The root cause is the rise in power politics and ideological contests, leading to the erosion of trust. We have to address this deficit of multilateralism and push back against selective and self-serving approaches to multilateralism.
The EU remains committed to the UN and rules-based multilateralism. The core of our strategy is to protect, reform and build multilateralism that is fit for purpose.
The world’s biggest changes stem from new technologies. They can be both disruptive and empowering. Think of Artificial Intelligence, big data and cloud computing or genetic engineering, autonomous weapons and surveillance.
One of the biggest questions we face is how to ensure that the rules we so need for these emerging technologies reflect the values of the universal declaration of human rights. If not, technology will be used against individuals and communities in a nightmarish scenario.
We all know that conflict prevention and peace building are key. We must work with countries at risk before conflict erupts; and build sustainable peace after the signing ceremony. Sustainable peace compels us to be inclusive, with a particular focus on women and youth.
2.  The second year of the pandemic
We are in the second year of the pandemic. It has underscored the fragility of a hyper-globalised and interdependent world.
We need to learn wider lessons about how human health and security and planetary health and security are linked.
Where politics gave us stalemates and divisions, science and cooperation gave us the exit strategy: vaccines. The EU is a staunch promoter of vaccine multilateralism, with COVAX at the centre.
‘Team Europe’ has contributed more than €2,8 billion. We have exported more than 240 million doses of vaccines to 90 countries, more than any other region.
We are planning to donate at least 100 million doses to low and middle-income countries before the end of the year. But even this is not enough. So we call on all players to lift export restrictions on vaccines and their components.
Africa imports 99% of its vaccines. This has to change. The EU is partnering with Africa and industry, backed by an initial €1 billion in funding, to boost manufacturing capacity in Africa for vaccines, medicines and health technologies.
Beyond the pandemic, we know that climate change and biodiversity loss have reached existential levels. Two major UN Summits later this year, in Kunming and Glasgow, must deliver decisive action.
This is a real test of the multilateral system. We need these Summits to produce real outcomes, in line with the scale and urgency of the problem.
The Security Council has an important role to play on climate, health and their links to peace and security. To give impetus to the success of the two Summits, I hope you will pass a resolution on the link between climate change and security, which is increasingly evident.
3.  The responsibility of the Security Council 
Last year I said: “At a time of global crisis, we need a Security Council able to take the necessary decisions and not one that is paralysed by vetoes and political infighting.”
Unhappily, the situation has not improved. In the past year, we have seen new conflicts erupt (in Tigray); older ones re-start (Myanmar, Nagorno-Karabach, Israel-Palestine); and chronic violence continue (in DRC, Yemen).
In all these cases, we need this Council to provide the necessary decisions. This is about real people’s lives. The price of inaction is paid in conflicts not solved, humanitarian aid not delivered and in lives lost.
Sitting on the Security Council is a serious responsibility, politically, even morally. The UN Charter gave this Council the supreme say on matters of peace and security. For the EU there is no acceptable alternative. No other organisation we can turn to.
So the Security Council must provide the support and protection that people in conflict zones depend upon.
We look to the UN Security Council to match its belated but unanimous support for the UN Secretary-General’s call for a global cease-fire with a full commitment to its implementation.
4.  The EU’s contribution to peace and security
The EU has been and remains a staunch supporter of the UN, in all three pillars. We have said it many times before and we mean it.
Our support is not just in what we say, although that matters, but in financial terms, human terms and political terms.
We work with UN missions in many theatres. We have 17 operations and missions, contributing to UN goals with UN mandates; 13 of them operating alongside UN missions. We are currently defining our next set of joint EU-UN priorities on peace operations and crisis management, to strengthen our cooperation and maximise impact.
We are fully committed to the Sustainable Development Goals. And we base ourselves on the conviction that real security depends on people enjoying their rights and freedoms.
The EU will always be on the side of those calling for their universal rights to be respected, sometimes at grave personal risks: in Hong Kong, Venezuela, Myanmar and elsewhere.
In many cases, given the refusal by those in power to respect people’s fundamental rights, we have imposed sanctions. They are never an end in themselves but a tool to push for the respect of universal rights. Our sanctions are targeted and do not hinder the delivery of humanitarian aid.
5.  Concrete cases
Now I want to highlight a few concrete areas where the EU is deeply engaged and where we need urgent results.
Israel-Palestine: Last month we saw a dramatic escalation with enormous human costs. We now need to build on the ceasefire to resume negotiations towards a two-state solution.
Let us remember that security is not the same as peace. And an untenable status quo may turn yet again into another cycle of violence. Therefore, a negotiated settlement is urgent and indeed the only way to give rights and security to both Israelis and Palestinians. To accompany the parties, we must revive the Quartet.
Syria: This year we mark the 10th anniversary of the war in Syria. The Syrian regime and its backers, have left the country in ruins. Given the dramatic humanitarian situation, it is essential that the cross-border mechanism remains open and I appeal to the Security Council members to renew it in July.
Libya: There has been important progress with the national unity government. But the ceasefire is still fragile and needs to be supported by a robust monitoring mechanism, so that elections are able to take place in optimal conditions in December.
The EU has offered support. We welcome the unanimous renewal of the arms embargo and the authorisation of inspections and the seizure of illegal cargo on the high seas. Operation Irini will continue its work on the implementation of the embargo. We need greater focus on the issue of withdrawal of foreign fighters and mercenaries from Libya, to avoid the destabilisation of the whole region.
The Sahel and the Horn of Africa: Both regions hold the key to African security.  The revised EU strategy is built around the need for more results and greater governmental accountability. We must continue our engagement but also to take firm action against those who stand in the way of a peaceful and inclusive transition process.
Iran: We are working non-stop to revive the JCPoA in all its aspects, i.e. the nuclear activities and the sanctions lifting. I am actively engaged with all the main players, as is my team leading the negotiations in Vienna. We are making progress but the negotiations are intense on a number of issues including on the precise sequencing of steps.
Let me end with some cases closer to the EU:
Belarus: For months, we have seen massive repression of peaceful protestors that took to the streets demanding to elect their President. Recently, the regime resorted to the scandalous forced landing of a civilian plane, travelling between two EU capitals, to arrest a leading journalist and his companion.
This is a major attack on air safety and the EU response has been firm and principled. We have closed our airspace to planes from Belarus airlines and are in the process of adopting a new package of sanctions. We have also devised a €3 billion economic support package that would be available to a democratic Belarus.
Ukraine: I regret that the situation in the country tends to be instrumentalised for political purposes here at the Security Council.
To be clear: six years after all member of this Security Council unanimously supported the Minsk Agreements, little has been done to implement them. Russia is a party to the conflict and we count on it to take a constructive stance. I welcome President Zelinsky’s initiative to convene the Crimea Platform Summit; I intend to take part with President Michel and I hope there will be the widest possible participation from UN members.
Western Balkans: the EU will not rest until all the countries of the region are inside the EU. To this end, we are fully mobilised to support reconciliation and reforms as the best antidote to nationalist rhetoric. We will host the next edition of the Belgrade-Pristina Dialogue in the coming days.
More broadly in Europe we do not want geostrategic competition. We want a peaceful, prosperous and stable neighbourhood, free from so-called protracted conflicts and zones of influence.
Ladies and gentleman,
There are many other challenges I could mention. But I will stop here, also for reasons of time.
I look forward to your comments and to our debate
Link to the video: https://audiovisual.ec.europa.eu/en/video/I-206935
Compliments of the European External Action Service.
The post UN Security Council: Speech by the HR/VP Josep Borrell first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

EACC

FTC | Back to business #1: Where’s your data?

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.

EACC

G7 summit, Cornwall, UK, 11-13 June 202

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.

EACC

EU Commission and industry invest €22 billion in new European Partnerships to deliver solutions to major societal challenges

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.

Read More
EACC

IMF | Four Factors Behind the Metals Price Rally

As economies reopen in various parts of the world, the price of some commodities has soared, including the prices of prominent industrial metals. The extent to which the metals price rally may lose steam depends on how multiple factors will play out.
As our latest chart of the week shows, metals prices have increased by 72 percent relative to their pre-pandemic levels—reaching a nine-year high in May (in inflation adjusted terms). The increase has been broad-based across industrial metals—copper is up 89 percent in May (year-over-year), iron ore is up 116 percent, and nickel is up 41 percent. The prices of most agricultural and energy commodities are also tracking upward, but at a slower rate. Energy commodities (oil, coal, and natural gas), in particular, sit only a few percentage points above pre-pandemic levels.
Why have metals prices increased much more than other commodities? There are four reasons:
1. A manufacturing-based recovery: Manufacturing activity did not slump as much at the start of the pandemic and recovered more quickly than services, especially in China, which is the major user of metals. At the same time, sectors in which energy commodities feature prominently, like the transportation sector, remain depressed. For example, global road fuels consumption is still at 93 percent of pre-pandemic levels, restraining a further rebound of petroleum prices.
2. Supply-side factors: Many mining operations were temporarily disrupted by COVID-19. What’s more, freight rates for the transportation of bulk materials reached a ten-year high due to congestion in key ports, quarantine restrictions, ongoing problems staffing shipping crews, and a rebound in fuel prices from the deep troughs in Spring 2020. This all added to the cost of metals.
3. Expectations for faster energy transition and infrastructure spending: Buoyant expectations about the pace of the transition to a greener economy and ambitious infrastructure programs gave metals prices an additional boost. Both would increase the “metal intensity” of the global economy. A fast energy transition, for example, could require a 40-fold increase in the consumption of lithium for electric cars and renewables, while the consumption of graphite, cobalt, and nickel for these purposes may rise around 20 to 25 times, according to the International Energy Agency. Ambitious infrastructure programs in the European Union and the United States would drive up the demand for copper, iron ore, and other industrial metals.
4. Storability of metals: Metals are easier to store than crude oil or some agricultural goods, which need special facilities. This makes their pricing more forward looking and, thus, more sensitive to changes in interest rates (lower interest rates reduce the “cost of carry,” which also includes cost of storage, insurance, and other expenses, and, thus, tend to support commodity prices) and market expectations, such as the ones about a faster energy transition and infrastructure spending.
Will metals’ prices keep increasing or retrench? This is a challenging question.
Market participants seem to expect a peak in metals prices relatively soon, as factors (1) and (2) are supposedly temporary in nature. Indeed, futures markets suggest an increase of industrial metal prices by 50 percent in 2021 (year-over-year), but a decrease by 4 percent in 2022.
Still, prices are expected to remain high and could rise further, especially if demand from an energy transition accelerates. On the flip side, prices may decrease more than expected if legislative approval and government actions required for the energy transition and infrastructure programs do not materialize as expected.
Compliments of the IMF.
The post IMF | Four Factors Behind the Metals Price Rally first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

EACC

EU Parliament calls for temporary COVID-19 vaccine patent waiver

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.

Read More
EACC

IMF | Getting Back to Growth

Producing and consuming more goods and services for the same amount of work sounds too good to be true. In fact, it’s entirely possible. Higher productivity is one of the key ingredients to higher economic growth and incomes. It’s all about how workers become more productive.
For many of us, the COVID-19 pandemic has changed the way we work and spend. The question is how these changes will affect our productivity, both now and into the future.

‘The pandemic accelerated the shift toward digitalization and automation.’

While it’s difficult to forecast long-run productivity, particularly in the current environment, there are two key channels through which the pandemic might influence productivity: accelerated digitalization and a reallocation of workers and capital (e.g. machines and digital technologies) between different firms and industries. Our recent note examines how all this works.
Productivity boost
The pandemic accelerated the shift toward digitalization and automation, including through e-commerce and remote-work—and these trends seem unlikely to reverse.
These changes are likely to impact productivity. Recent investments in digital tools—ranging from video conferencing and file sharing applications to drones and data-mining technologies—can make us more efficient at our work. As shown in the chart below, for a sample of 15 countries over 1995–2016, a ten percent rise in intangible capital investment (which is where assets like digital technologies are captured in the national statistics) is associated with about a 4½ percent rise in labor productivity—likely reflecting the role of intangible capital in improving efficiency and competencies.
In comparison, a boost in tangible capital (such as buildings and machinery) is associated with a slightly smaller rise in productivity. As COVID-19 recedes, the firms which invested in intangible assets, such as digital technologies and patents may see higher productivity as a result.
However, the benefits will likely not accrue evenly to everyone. Because investment in intangibles is sensitive to credit conditions, intangible investment may decelerate if financial conditions tighten or firms’ balance sheets worsen as a result of the crisis. Such developments, along with the fact that many large, dominant firms (especially in digital services sectors) performed better than peers during the crisis, could contribute to a rise in market power, which could stifle innovation over time.
Additionally, some jobs vulnerable to automation may never come back, which could mean job losses, prolonged unemployment, and workers having to search for work in different sectors where their existing skills may not be well-suited. This would be the other, darker side of the coin of productivity gains through further digitalization.
Reallocation during the pandemic
With sectors impacted very differently by the pandemic, some degree of ‘resource reallocation’ is likely occurring—for example, shifts in workers across firms as they are laid off or hired. This is occurring for at least two (possibly related) reasons: (i) the churn of businesses entering and exiting the market and (ii) changes in consumer demand.
First, the flow of labor and capital toward more productive firms normally lifts productivity and can help cushion the blow of a recession (for example, if laid-off workers are re-hired by more productive firms). As shown in the chart below, an analysis based on firm-level data from 19 countries over 20 years shows that sectors with greater resource reallocation tend to experience a significantly smaller decline in total factor productivity during recessions and recover faster.
Policy actions may influence how much reallocation there is between firms, and thus productivity growth, but the direction is uncertain. For instance, broad-based fiscal support during a crisis could support productivity if it helps firms with the most potential to survive. However, it may also keep resources locked in less productive firms, which could hold back overall productivity growth. The degree to which these forces offset one another is not yet known and depends on how much labor and capital flow to firms that are most productive.

Second, the shift in demand away from in-person services where output per worker tends to be relatively low (e.g. restaurants, tourism, brick-and-mortar retail) toward digital solutions and sectors where output per worker is higher (e.g. e-commerce, remote work) suggests that resource reallocation across sectors may have lifted overall productivity. Yet, the lasting effects of all the shifts that have taken place during the pandemic are highly uncertain, with some sectors likely to rebound (e.g. tourism) and others likely to see more permanent changes (e.g. retail).
Policies can help
Ensuring an efficient reallocation of resources while protecting vulnerable groups can support a strong recovery. This can be achieved in multiple ways, including by:

Ensuring that capital in failed firms is quickly put to more efficient use, through policies such as improved insolvency and restructuring procedures.
Promoting competition to enable the exit and entry of firms to help curb market power.
Supporting displaced workers, by gradually refocusing policy support from retention to reallocation, to facilitate adjustment to the new normal as the recovery gains speed. Efforts to reskill workers, including through on-the-job training, will also help support inclusiveness as well as boost human capital and strengthen potential growth.

Finally, to reap the benefits for productivity of investment in intangibles, ensuring adequate access to financing for viable firms is essential.
Despite the economic damage caused by the COVID-19 pandemic, investments in technology and know-how could help lift productivity. However, for this to materialize and be broadly shared, policies have a key role to play.
Compliments of the IMF.
The post IMF | Getting Back to Growth first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

EACC

EU Parliament gives its final green light to the EU Digital COVID Certificate

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.

EACC

EU budget 2022: Speeding up Europe’s recovery and progressing towards a green, digital and resilient future

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.
The post EU budget 2022: Speeding up Europe’s recovery and progressing towards a green, digital and resilient future first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.