The EU at the UN Climate Action Summit in New York today

The United Nations Climate Action Summit, convened by the UN Secretary General António Guterres, starts in New York today. First Vice-President Frans Timmermans and Commissioner Miguel Arias Cañete will join the President of the European Council Donald Tusk at its opening. The Summit comes at an important moment, both in terms of international climate action and the EU’s engagement in domestic action and commitments. The European Union has a strong story to tell at the Summit: it is the only major economy to have legislated on its Paris Agreement commitments and has presented a Strategic long-term vision for a prosperous, modern, competitive and climate neutral economy by 2050 – A Clean Planet for All. The EU is also the largest contributor of international climate finance. Climate change is too big for any government to tackle on its own. The European Union continues to promote and support multilateral solutions within the United Nations. It is time all parties play an active part in reversing global warming. For more information, please find a video message by Commissioner Arias Cañete pronounced at the occasion of the Climate Action Summit here. (For more information: Anna-Kaisa Itkonen – Tel.:+32 229 56186; Lynn Rietdorf – Tel.: +32 229 74959 )

 

EU and UN: a partnership that delivers

First Vice-President of the Commission Frans Timmermans and High Representative/Vice-President Federica Mogherini met with the United Nations Secretary-General António Guterres on Sunday afternoon in New York for their annual meeting in the context of the UN General Assembly. During the meeting, the European Union expressed its determination to further strengthen the strategic partnership with the UN in advancing and shaping the multilateral agenda and reiterated its strong determination to be a global trailblazer, increasing ambition for collective responses to global challenges. The UN Summits on Climate and Sustainable Development Goals underline the urgent need for a much stronger and urgent global response to climate change and sustainable development. The European Union stressed its commitment to strengthen its role as a global peace and security provider. The meeting was also an opportunity to exchange views on the latest developments in Africa, Syria, Libya, Middle East Peace Process, Venezuela as well as Gulf/Iran and JCPOA (Joint Comprehensive Plan of Action). See the full press release here. For more information on EU – UN relations, see the factsheets here and here. (For more information: Maja Kocijancic – Tel.: +32 229 86570; Xavier Cifre Quatresols – Tel.: +32 229 73582)

 

L’UE soutient les micro-entreprises italiennes avec 60 millions d’euros supplémentaires dans le cadre du programme européen pour l’emploi et l’innovation sociale

Aujourd’hui, le Fonds européen d’investissement et la banque italienne UniCredit ont signé un accord de soutien de 60 millions d’euros aux micro-entreprises italiennes. Cette aide, qui est un micro financement, est appuyée par le programme européen pour l’emploi et l’innovation sociale. Grâce à elle, environ 3000 micro-entreprises italiennes auront accès à des prêts d’un montant maximal de 25.000 euros. Les micro-entreprises seront soutenues dans le développement de leurs activités et auront accès à un réseau de partenaires industriels pertinents. Marianne Thyssen, commissaire chargée de l’emploi, des affaires sociales et des compétences et de la mobilité des travailleurs, a déclaré: « Je suis ravie que nous ayons conclu un accord de garantie de microfinance EaSI supplémentaire de 60 millions d’euros avec UniCredit, qui donnera un coup de pouce supplémentaire à 3000 micro-entrepreneurs en Italie. Cela montre que la première garantie signée l’année dernière a atteint son objectif et que nous continuons à aider les personnes qui ont des difficultés à obtenir du crédit. L’UE reste déterminée à garantir l’égalité des chances pour tous et à ne laisser personne pour compte. » Cette signature fait suite au premier accord signé en mars 2018 qui comprenait une enveloppe de 50 millions d’euros à repartir entre environ 2500 micro-entreprises italiennes. Plus d’informations sont disponibles dans ce communiqué de presse. (Pour plus d’informations: Christian Wigand – Tél. +32 229 62253; Sara Soumillion – Tél. +32 229 67094)

 

Publication des derniers chiffres du commerce agroalimentaire: l’UE reste forte en matière d’exportations agroalimentaires

Le dernier rapport mensuel sur le commerce agroalimentaire de l’Union européenne publié aujourd’hui montre que les exportations et les importations de l’UE dans ce secteur ont augmenté en juillet 2019 comparé au même mois de l’année précédente. En juillet 2019, les exportations de produits agroalimentaires de l’UE ont en effet atteint 13,07 milliards d’euros, soit 12,6% de plus qu’en juillet 2018. Avec des importations d’un montant de 9,92 milliards d’euros, le solde positif de la balance commerciale de l’UE s’élevait donc en juillet 2019 à 3,15 milliards d’euros. Les plus fortes hausses en terme de valeurs d’exportations mensuelles (en juillet 2019 comparé à juillet 2018) ont été enregistrées vers les États-Unis, la Chine et le Japon. Les catégories ayant le plus bénéficié de hausses d’exportations en valeur ce mois-ci sont la viande de porc, les spiritueux et les liqueurs, le lait en poudre et le vin. En parallèle, la valeur des importations a augmenté pour les fruits tropicaux, les céréales secondaires et les huiles végétales. Le rapport mensuel de juillet 2019 fournit un tableau présentant la balance commerciale, son détail par catégorie de produits et les principaux partenaires commerciaux d’août 2017 à juillet 2019. (Pour plus d’informations: Daniel Rosario – Tél.: +32 229 56185; Clémence Robin – Tél: +32 229 52509)

EU support to UN Peace Architecture: building and sustaining peace globally

In the framework of the 74^th session of the UN General Assembly, the European Union is today further strengthening support to the United Nations’ work in preventing conflict and sustaining peace, by making a first-ever direct contribution to the UN Peacebuilding Fund (PBF), and by contributing fresh funding to the Joint UN Development Programme (UNDP) – UN Department of Political and Peacebuilding Affairs (DPPA) Conflict Prevention Programme, and the UN Office on Genocide-Prevention and the Responsibility to Protect (€6 million). This strong commitment to the close partnership with the United Nations on security and peace will be demonstrated at the signing ceremony of relevant documents in New York on Monday. The EU-UN partnership is at the heart of global efforts to prevent conflict and build and sustain peace. EU support to the global UN peace and security architecture, including support to UN mediation efforts and to stability-related UN in-country projects, amounts to a total of over €300 million. (For more information: Maja Kocijancic – Tel.: +32 229 86570; Xavier Cifre Quatresols – Tel.: +32 229 73582)

Concentrations : La Commission autorise l’acquisition de Powerlines par Engie

La Commission européenne a approuvé, en vertu du règlement européen sur les concentrations, l’acquisition de Powerlines Group GmbH (« Powerlines »), entreprise basée en Autriche, par Engie S.A., basée en France. Powerlines est active dans l’électrification ferroviaire et la fourniture de lignes aériennes de contact, ainsi que dans l’installation d’équipements de transport et de distribution d’électricité. Engie est un groupe industriel actif dans les secteurs du gaz, de l’électricité et des services énergétiques, en ce compris l’électrification ferroviaire. La Commission a conclu que la concentration envisagée ne soulèverait pas de problème de concurrence au regard des chevauchements limités entre les activités des entreprises, de leurs parts de marché modérées, ainsi que de l’existence d’une série de fournisseurs alternatifs sur les marchés pertinents, en particulier en Belgique. La transaction a été examinée dans le cadre de la procédure normale de contrôle des concentrations. De plus amples informations sont disponibles sur le site internet concurrence de la Commission, dans le registre public des affaires sous la référence M.9483. (Pour plus d’informations: Lucía Caudet – Tél. +32 229 56182; Maria Tsoni – Tél.: +32 229 90526)

ANNOUNCEMENTS

EU@UNGA74 TODAY

After a Sunday full of events on the eve of the 74^th UN General Assembly week, First Vice-President Frans Timmermans and Commissioner Miguel Arias Cañete will today attend the opening of the UN Climate Summit. First Vice-President Timmermans will then deliver a presentation on the EU’s commitment to forest protection at two events, one celebrating the anniversary of the New York Declaration on Forests (15:10 local time, 21:10 CET) and the second at the Tropical Forest Alliance meeting (16:45 local time, 22:45 CET). He will deliver a speech on the future of Europe at the Town Hall Meeting on Europe organised by the Columbia University (13:00 local time, 19:00 CET). High Representative/Vice-President Federica Mogherini will host a ministerial meeting of the International Contact Group on Venezuela to discuss the latest development in the country and its effects on the region (14:00 local time, 20:00 CET), followed by the consultation of ICG with the CARICOM group. She will then chair the traditional informal meeting of EU Foreign Ministers with the presence of the UN Special Representative’s Envoy to Libya Ghassan Salamé. Commissioner Vytenis Andriukaitis will deliver a speech on behalf of the EU at the high-level meeting on Universal Health Coverage (around 12:00 local time, 18:00 CET). In the afternoon, he will participate in an event on Nutrition in Universal Health Coverage hosted by the EU together with Ecuador and Uruguay. Commissioner Christos Stylianides will co-host the event “How are we going to stop the war on children?” together with Belgium and Save the Children (15:30 local time, 21:30 CET). Commissioner Karmenu Vella will deliver a speech at the high-level side event on Climate and Oceans (15:00 local time, 21:00 CET). Audio-visual coverage of all these engagements held by the EU representatives will be available on EbS. (For more information: Maja Kocijancic – Tel.: +32 229 86570; Xavier Cifre Quatresols – Tel.: +32 229 73582)

A week of events open to citizens will focus on future EU research and scientific excellence

Tomorrow and until 26 September, the first European Research and Innovation Days will open in Brussels. 4,000 participants are expected to take part, including Commissioners, government representatives, researchers, academics and businesses, who will take stock of the achievements of EU-funded research and European scientific excellenceand discuss future developments in the field. The eventincludes a policy conference, the ‘Science is Wonderful!‘ exhibition and prize ceremonies such as the European Capital of Innovation (iCapital) Award, the Horizon Prize for Social Innovation, the Horizon Impact Award as well as the Innovation Radar Prize.The week will end with the 14th edition of the popular European Researchers’ Night on 27 September, with events in more than 370 cities in 29 EU and neighbouring countries that will enable people to discover science in an engaging way.Carlos Moedas, Commissioner for Research, Science and Innovation, said: “Research and innovation are key to the success of the economic, ecological and societal transition that we are facing. The first Research and Innovation Days are, therefore, an opportunity to come together to discuss ways of addressing societal challenges, spurring innovation and triggering investment, all of which will help us shape the next research and innovation framework programme, Horizon Europe.” Commissioner for Education, Culture, Youth and Sport, Tibor Navracsics, said: “Science impacts our daily lives. Initiatives like the European Researchers’ Night and ‘Science is Wonderful!‘ offer fun ways to engage with research and innovation and can help inspire more young people to study science, technology, engineering and maths, and to potentially pursue related careers.” In addition to Commissioners Navracsics and Moedas, Vice-President Maroš Šefčovič and Commissioners Karmenu Vella, Phil Hogan, and Mariya Gabriel will participate in the event. Side events include the 3rd edition of the Falling Walls Lab-Marie Skłodowska-Curie Actions, a scientific competition reserved for Marie Skłodowska-Curie Actions fellows (25 September). The Commission supports all these events as part of the Marie Skłodowska-Curie Actions (more information in this factsheet and recent publication). Finally, on Friday 27 September, Commissioner Moedas will discuss the importance of European research and innovation for the economy and for tackling climate change in a Competitiveness Council meeting in Brussels. (For more information: Lucía Caudet – Tel. +32 229 56182; Nathalie Vandystadt – Tel. +32 229 67083; Marietta Grammenou – Tel. +32 229 83583)

 

2019 European Week of Sport kicks off in Espoo, Finland

Today, Jyrki Katainen, Vice-President for Jobs, Growth, Investment and Competitiveness, and Tibor Navracsics, Commissioner for Education, Culture, Youth and Sport, are in Espoo, Finland, to launch the 2019 edition of the European Week of Sport, the Commission’s #Beactive initiative to promote sport and physical activity across Europe. Commissioner Navracsics will also open the conference organised by the Finnish Presidency on Safeguarding Children in Sport on 24 September. The 5th edition of the European Week of Sport will be the biggest ever with 47 partner associations in 42 countries. The aim of the Week is to invite everyone to be active during the Week but also throughout the year, regardless of age, background or fitness level. Following last year’s success, a #BeActive Night will take place on Saturday, 28 September, with several activities and events organised across Europe. Commissioner Navracsics said: “I am pleased to open the 2019 European Week of Sport in Finland, the European country with the highest rate of people exercising or playing sport regularly. Sport and physical activity are not only essential for our personal health and well-being, but for society as a whole. Sport is a major tool for inclusion and helps us overcome division and conflict and build strong communities. That is why promoting physical activity has been a priority for me during my mandate.” For five years, the European Week of Sport has helped tackle inactivity by encouraging Europeans to embrace a healthy and active lifestyle,growing from 5 million participants and 7,000 events in 2015to almost 14 million participants across 50,000 events in 2018. For more information on what the EU is doing for sport, see Sport in the EU. (For more information: Nathalie Vandystadt – Tel.: +32 229 67083; Joseph Waldstein – Tel.: +32 229 56184)

Commissioner Jourová participates in high-level conference on LGBTI equality

This afternoon, Commissioner for Justice, Consumers and Gender Equality, Vera Jourová, will participate in the high-level conference ‘Advancing LGBTI equality in the EU: from 2020 and beyond’, taking place in Brussels. The conference is organised jointly by the European Commission and the Finnish Presidency of the EU and aims to take stock of the achievements made since the Commission’s presentation of a ‘List of Actions to advance LGBTI equality’ in December 2015. Participants at the Conference, which include representatives from Member States, the European Parliament, the European Commission and civil society, will also discuss how to advance LGBTI equality in the years to come. The Conference will also be an occasion for the European Commission to present the 2019 LGBTI-specific data from the Eurobarometer on discrimination. Even though figures show a significant improvement in how LGBTI people are perceived across the EU, discrimination remains widespread and varies widely across Member States. More than half (53%) of Europeans say that in their country discrimination based on sexual orientation is widespread. Commissioner Jourová said: “Four years ago, I presented a List of Actions to advance LGBTI equality. Since then, we supported civil society organisations in almost all Member States in drawing up a Code of Conduct together with major IT companies to combat hate speech online, we created awareness-raising campaigns and we supported Member States in improving the situation for LGBTI people in their country. The Eurobarometer survey on discrimination published today shows that 76% of Europeans agree that gay, lesbian or bisexual people should have the same rights as heterosexuals. This is an improvement compared to our previous survey in 2015, but there’s still work to do. Discrimination, harassment, hate speech and violence continue to be a daily reality for many LGBTI people in the EU. I thank the Finnish Presidency for co-hosting this high-level conference that shows our willingness and determination to continue to fight all forms of discrimination.” The results of the Special Eurobarometer on discrimination are available here. You can find an overview of the main results in a factsheet online. More information on the Commission’s efforts in the field of LGBTI equality is available here. (For more information: Christian Wigand – Tel. +32 229 62253; Sara Soumillion – Tel. +32 229 67094; Athina Reuter – Tel. +32 229 82390)

Upcoming events of the European Commission (ex-Top News)

SPEECH

Introductory Statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament

Brussels, 23 September 2019

Introduction

Madam Chair,

Honourable members of the Economic and Monetary Affairs Committee,

Ladies and gentlemen,

I would like to start by congratulating all of you on your election, and you, Madam Chair, on your recent appointment as Chair of this Committee.

It is a pleasure to appear before this Committee in this new legislative term and before my term as ECB President comes to an end.

The legitimacy of the ECB’s independence, as enshrined in the EU Treaties, crucially relies on our accountability. And the Treaties have conferred this Parliament with a central role in holding the ECB accountable.

Hearings before this Committee play an essential role here. In my time as President, I have found them to be extremely beneficial.

When I appeared before the ECON Committee for the first time, in December 2011, the euro area was rife with financial instability; it was falling into a second recession, which eventually led to sustained disinflation and, at times, heightened risks of outright deflation.^[1] The euro area has come a long way since the crisis, in part thanks to the support provided by the ECB’s monetary policy. The unemployment rate in the euro area was 7.5% in July this year, the lowest level since July 2008.

Over the past years, the ECB has repeatedly and clearly shown its readiness and determination to fulfil the primary objective of achieving price stability, as laid down in the Treaties. This readiness and determination has been critical in addressing the economic crisis and the downside risks to our objective.

It was with this same determination that, two weeks ago, the ECB’s Governing Council decided to act in response to the continued shortfall of inflation with respect to its aim.

I am happy to be able to discuss these decisions with you today. I will first review the main developments in the euro area economy since my last appearance before this Committee. I will then present the monetary policy decisions that were taken by the Governing Council in the light of the economic outlook. As requested by this Committee, I will conclude by drawing some lessons from the past eight years that could be relevant when discussing the policy responses to the challenges that lie ahead of us.

The euro area economic outlook

Since my last hearing before this Committee earlier in the year, euro area growth momentum has slowed markedly, more than we had previously anticipated. Real GDP growth is now projected to be 1.1% in 2019, down by 0.6 percentage points from the December 2018 staff projections, and 1.2% in 2020, down by 0.5 percentage points from the December projections.

This slowdown is mainly due to the weakness of international trade in an environment of persistent uncertainties related to protectionist policies and geopolitical factors. These factors are increasingly weighing on economic sentiment and, in particular, on the manufacturing sector, which is more trade-oriented and exposed to foreign influences.

Of course, countries which have a relatively large manufacturing sector are more vulnerable to any turn in the global economic cycle. Germany, for example, accounts for 28% of euro area GDP, but for as much as 39% of euro area manufacturing value added. Accordingly, Germany is today one of the euro area members most affected by the slowdown.

While the euro area services sector continues to be resilient, we should not be complacent about its capacity to remain robust to negative spillovers. The longer the weakness in manufacturing persists, the greater the risks that other sectors of the economy will be affected by the slowdown.

Looking ahead, recent data and forward-looking indicators – such as new export orders in manufacturing – do not show convincing signs of a rebound in growth in the near future and the balance of risks to the growth outlook remains tilted to the downside.

In the context of this more protracted weakness of the euro area economy, both realised and projected inflation have been persistently below levels that are in line with the ECB Governing Council’s medium-term aim.

Headline inflation remains well below 2%, while inflation excluding the more volatile food and energy components has been hovering around 1% for an extended period of time. Underlying inflation remains muted, as the weaker economic outlook may imply a delay in the pass-through of wages to prices. In particular, firms are absorbing increases in labour costs in their profit margins rather than passing them on to customers. Meanwhile, indicators of inflation expectations stand at low levels. Although the likelihood of deflation remains limited, market expectations of inflation over the medium term are settling around values that are not consistent with our inflation aim.

Since my last hearing here, we have revised down the inflation outlook over the entire projection horizon, first in the March 2019 staff projections and then again in September, reflecting weaker economic activity and lower energy prices. Inflation is currently expected to average 1.2% in 2019, 1.0% in 2020 and 1.5% in 2021, which is well below the Governing Council’s medium-term aim of below, but close to, 2%.

The ECB’s response to the current outlook

So when the Governing Council met two weeks ago, it was confronted with a more rapid and extended slowdown than previously anticipated, persistent and prominent downside risks to the growth outlook, and a further delay in the convergence of inflation towards our aim. A strong monetary policy response was therefore essential.

In pursuit of our mandate, we decided on a comprehensive package of measures to ensure that inflation moves towards our aim in a sustained manner.

We lowered the interest rate on the deposit facility from -0.40% to -0.50%. This rate provides an anchor for short-term market interest rates, which serve as the reference for many types of loans and financial instruments. Lowering the deposit facility rate helps to further improve the borrowing conditions of households and businesses. Negative rates also encourage banks to lend to the real economy instead of holding onto liquidity, thus supporting the portfolio rebalancing channel of the asset purchase programme (APP).

The impact of the cut in the deposit facility rate is reinforced by our strengthened forward guidance on the likely direction of our monetary policy in the future. Specifically, we clarified that we expect our policy rates to stay “at their present or lower levels until we have seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2% within our projection horizon, and such convergence has been consistently reflected in underlying inflation dynamics”. This enhanced guidance provides a clear signpost for rate expectations by linking our policy to more stringent conditions for the inflation outlook.

The Governing Council’s statement that we want to see inflation rising to a level that is sufficiently close to, but below, 2% reasserts what we said after the July monetary policy meeting: that the values of realised and projected inflation seen in recent times are too low and inconsistent with the Governing Council’s medium-term inflation aim. While the new formulation of forward guidance reflects the characteristic forward-looking orientation of the ECB’s monetary policy framework, we have added two safeguards to ensure that policy rate normalisation only begins once inflation is sustainably on course to reach our medium-term aim. The phrase “robustly converge” means that the Governing Council wants to be sure that the process of convergence is sufficiently mature and realistic before starting to lift policy rates. The reference to the inflation outlook being “consistently reflected in underlying inflation dynamics” means that the path of realised inflation should underpin our inflation outlook.

Our enhanced guidance helps to reduce uncertainty about the expected path of interest rates in the short to medium term and will ensure that financial conditions adjust in line with inflation dynamics. Moreover, by maintaining the easing bias on rates, we indicate that we still have space to cut rates further, if needed.

We also decided to restart net asset purchases at a monthly pace of €20 billion from November onwards. These purchases are expected to run for as long as necessary to reinforce the accommodative impact of our policy rates, and to end shortly before we start raising the key ECB interest rates. In addition, we reiterated our intention to continue reinvesting, in full, the principal payments from maturing securities purchased under the APP for an extended period of time past the date when we start increasing interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation.

The net purchases and longer reinvestment horizon reinforce the accommodative impact of our other measures, thereby further easing the funding costs for businesses and households in the euro area. In addition, these measures help keep down longer-term interest rates by mitigating the undue tightening that would otherwise mechanically arise from the reduction in the average maturity of our portfolio. Finally, net purchases also signal our commitment to use all instruments in pursuit of our price stability objective, which can have a powerful effect on the formation of inflation expectations.

As a complement to the policy measures I just outlined, we also decided to change the modalities of the new series of targeted longer-term refinancing operations (TLTRO III) that we announced in June. Banks can now obtain this long-term funding at lower rates with a longer maturity. This will also help to ensure that our accommodative policies pass through entirely to the funding costs of households and firms.

Finally, we also announced a two-tier system for reserve remuneration, in which part of banks’ excess reserves will be exempt from our negative rates. The two-tier system is designed to strike a balance between two outcomes: it seeks to preserve the incentives for banks to pass through the stimulus generated by the negative interest rate on their reserves, while mitigating the adverse effects that these negative rates might have on banks’ lending behaviour by affecting their profitability. The euro area needs financial intermediaries to remain engaged and active in monetary transmission, and the new two-tier system will make sure that the ability of banks to extend loans to their customers at favourable terms remains unimpaired.

The different elements of this comprehensive package will be mutually reinforcing in supporting favourable financing conditions for businesses and households, which will sustain investment and consumption. Greater business and household expenditure, in turn, will support inflation dynamics and make sure that they durably converge to our aim.

Overall, in view of the outlook and uncertainties we are facing, monetary policy needs to remain highly accommodative for a prolonged period of time. The measures we took at our last meeting underscore our determination and readiness to provide the necessary monetary stimulus in pursuit of our price stability objective. We continue to stand ready to adjust all of our instruments if warranted by the inflation outlook.

Looking back, looking forwards: achievements and future direction of Economic and Monetary Union

The conventional and unconventional measures the ECB has taken over the past decade have been successful in addressing the deflationary risks, restoring the functioning of the monetary policy transmission mechanism and providing vital support to the euro area economy.

But the ECB does not operate in a vacuum and other economic policies matter too. Allow me to recall my first appearance before this Committee in 2011. At that time, half of my introductory remarks were about the functioning of Economic and Monetary Union (EMU) and the need for other European policymakers to act.

So I will conclude my final statement to you by highlighting some lessons that have emerged from these eight years, which I hope can help in addressing the challenges ahead.

When comparing the crisis response of the euro area with that of other advanced economies, it is evident that the latter were able to achieve a better macroeconomic policy mix at the time, thanks to more decisive actions in both the fiscal and financial domains.

The Governing Council has reiterated that we are determined to ensure that inflation moves towards our aim in a sustained manner, and that we continue to stand ready to adjust all of our instruments. At the same time, a better policy mix, including fiscal policy, structural reforms and prudential measures, can help achieve this objective faster and with fewer side effects.

We will continue to carefully monitor – as we always have done – the possible side effects of accommodative monetary conditions. It is crucial to remain vigilant and to use the available micro- and macroprudential policy tools as necessary. I will say more on this during the hearing in my capacity as Chair of the European Systemic Risk Board.

The low yield environment needs to be understood in the context of the protracted decline in real yields we have witnessed since the 1980s. And this trend is not unique to the euro area. It largely reflects more structural factors such as a slowdown in productivity growth, which can be reversed through an ambitious structural reforms agenda.

In other words, we need a coherent economic strategy in the euro area that complements and enhances the effectiveness of monetary policy.

This is why there was unanimous consensus in the Governing Council that fiscal policy must make a more decisive contribution. In view of the weakening economic outlook and the continued prominence of downside risks, governments with fiscal space that are facing a slowdown should act in an effective and timely manner. Where fiscal sustainability is ensured, the potential effectiveness of countercyclical fiscal policy is reinforced in the current environment, given that fiscal multipliers are higher in a low interest rate environment. At the same time, governments in countries with high public debt should pursue prudent policies and deliver on structural balance targets.

Another key difference compared with other advanced monetary unions like the United States is the lack of a central fiscal instrument to act countercyclically at the federal level.

I fully acknowledge the political difficulties in building such an instrument in the euro area. Similar difficulties also exist when discussing the completion of the banking union and the establishment of a genuine capital markets union.

At the same time, we should remain fully committed to the goal of achieving a genuine Economic and Monetary Union. Ignoring the need to fix the remaining institutional weaknesses of EMU would seriously damage what has already been achieved through the commitment and hard work of everyone involved. As I argued in this Committee eight years ago, we need to show “a clear trajectory for the future evolution” of EMU and thus frame the “expectations of both citizens and financial markets”.

Allow me to take a longer-term perspective to draw the last lesson. While the euro area did not have a fiscal policy response comparable with that of other advanced economies, the ECB’s response was fully comparable with that of the other major central banks.

Thanks to its independence, the ECB has been able to adapt its policy response and reaction function. Preserving this key asset will allow the ECB to adapt to future circumstances and ensure the effectiveness of its measures. This is all the more important considering that the desirability and relevance of central bank independence are increasingly being challenged around the world.

As I argued in my introduction, the best way to preserve the ECB’s independence is to ensure a commensurate degree of central bank accountability. During the past eight years, our accountability practices have evolved and intensified in response to the quest for scrutiny that emerged from the crisis.^[2] I have always appreciated the ability of this Parliament to react to citizens’ demands, support, concerns and channel them in a constructive manner during our discussions here. And I would like to personally thank you for this.

I am confident that this Parliament – and this Committee in particular – will continue the good work it has done during my term as ECB President. This, in turn, will further strengthen the effectiveness of the ECB’s actions and citizens’ trust in the EU project.

Thank you for your attention. I am now at your disposal for questions.

Michel Barnier met Steve Barclay in Brussels today where they had a discussion on the state of play of the ongoing Brexit talks, both in relation to the backstop to avoid a hard border on the island of Ireland and the Political Declaration on the Future Relationship.

Michel Barnier and Steve Barclay agreed that technical talks will continue. These talks deal with a first set of concepts, principles and ideas that the United Kingdom has put forward in talks with TF50.

It is essential that there is a fully workable and legally operational solution included in the Withdrawal Agreement. We remain willing and open to examine any such proposals that meet all the objectives of the backstop.

Michel Barnier and his team will keep the European Parliament and the Council informed.

(Susceptible de modifications en cours de semaine)

Déplacements et visites

Lundi 23 septembre 2019

Informal meeting of agriculture ministers, in Helsinki (22-24/09).

Mr Frans Timmermans in New York, USA: leads the European Commission delegation to the United Nations General Assembly 74; meets Mr George Soros; gives a speech at Columbia University; gives a speech at the Tropical Forest Alliance; gives a speech at the WWF Leaders Event for Nature and People.

Ms Federica Mogherini in New York City, the United States for the 74^th United Nations General Assembly: chairs the informal meeting of EU Ministers for Foreign Affairs; participates in the meeting of the International Contact Group on Venezuela; participates in the Global Board meeting of the ‘Generation Unlimited’ initiative; participates in the event on the UN Convention of the Rights of the Child; participates in the meeting of the Global Tech Panel; participates in the meeting of the Caribbean Community (CARICOM) with Representatives of the International Contact Group on Venezuela.

Mr Maroš Šefčovič receives Ms Jadwiga Emilewicz, Minister for Entrepreneurship and Technology of Poland.

Mr Jyrki Katainen in Finland: delivers a keynote speech at the Finnish Presidency event HEL We Can! on Boosting Skills and Continuous Learning (in Helsinki); meets Mr Jan Vapaavuori, Mayor of Helsinki, to discuss circular economy and investments (in Helsinki); attends the Opening Ceremony of the European Week of Sport with Commissioner Navracsics (in Espoo).

Mr Miguel Arias Cañete in New York, United States: meets Mr Xie Zhenhua, Climate Change Minister of the People’s Republic of China; participates in the United Nations Climate Action Summit.

Mr Karmenu Vella in New York, participates in the United Nations General Assembly: delivers a speech on climate and oceans risks and opportunities at the High-level Side Event on Climate and Oceans organised by Belgium.

Mr Vytenis Andriukaitis in New York, United States: participates in the United Nations Summit on Universal Health Coverage and in the session on “Nutrition in Universal Health Coverage. Towards healthier populations by investing in nutrition and Universal Health Coverage” hosted by the World Health Organization; participates in the meeting on “Re-framing health: a critical driver of economic productivity, wellbeing and societal progress” hosted by the European Observatory on Health Systems and Policies.

Mr Dimitris Avramopoulos in Valetta, Malta: visits the European Asylum Support Office and participates in a meeting with interior ministers organised by the Maltese authorities to discuss temporary arrangements following disembarkation for persons rescued at sea.

Mr Christos Stylianides in New York City, the United States for the 74^th United Nations General Assembly: meets Mr David Miliband, President of the International Red Cross; participates in the side event ‘Stop the War on Children’.

Ms Violeta Bulc receives Mr Benny Engelbrecht, Minister of Transport of Denmark.

Ms Elżbieta Bieńkowska in Oswiecim, Poland: meets with Mr. Janusz Chwierut, Mayor of Oswiecim; meets a group of local entrepreneurs.

Ms Vĕra Jourová speaks at the High-level Conference on Advancing LGTBI equality in the EU: from 2020 and beyond, in Brussels.

Mr Tibor Navracsics in Espoo, Finland: opens the fifth edition of the European Week of Sport with Commissioner Katainen; participates in and gives closing remarks at the Seminar “How to make young people more active?”, organised as part of the European Week of Sport 2019.

Mr Carlos Moedas receives Mr Mikheil Batiashvili, Minister of education, science, culture and sports of Georgia.

Mr Carlos Moedas hosts a dinner for the members of the European Innovation Council (EIC) Pilot Advisory Board, in Brussels.

Mr Julian King delivers the keynote speech at the Joint Parliamentary Scrutiny Group (JPSG) on Europol, in Brussels.

 

Mardi 24 septembre 2019

Informal meeting of agriculture ministers, in Helsinki (22-24/09).

Transport, Telecommunications and Energy Council (Energy), in Brussels.

Mr Frans Timmermans in New York, USA: leads the European Commission delegation to the United Nations General Assembly 74; meets Mr. Michael Bloomberg; gives a speech at the High-level Political Forum on Sustainable Development.

Ms Federica Mogherini in New York City, the United States for the 74^th United Nations General Assembly: meets Mr Antonio Vitorino, Director General of the International Organization for Migration; participates in the meeting on the Syrian crisis.

Mr Maroš Šefčovič participates in the European Research and Innovation Days 2019, in Brussels.

Mr Jyrki Katainen receives Ms Véronique Willems, Secretary General, and Mr Gerhard Huemer, Economic Policy Director at SMEunited.

Ms Cecilia Malmström in New York: meets with Mr Teodoro Ribera, Minister of Foreign Affairs of Chile.

Mr Neven Mimica in New York City, the United States for the 74^th United Nations General Assembly: meets Mr Gordon Brown, UN Special Envoy for Global Education; meets Dr Denis Mukwege, 2019 Nobel Peace Prize;meets Mr David Beasley, Executive Director of the World Food Programme; participates in the High-level Political Forum “Accelerating the implementation of the 2030 Agenda for Sustainable Development”.

Mr Miguel Arias Cañete in New York, United States:meets representatives of the United States Climate Alliance.

Mr Karmenu Vella in New York, participates in the United Nations General Assembly: delivers a speech on coastal ecosystems as the bridge between land and sea at the Ocean, Freshwater and Marine Ecosystem Hub co-hosted by The Nature Conservancy; participates in the World Economic Forum – Champions for Nature meeting; delivers a speech on oceans in a changing climate at the High-Level Side Event organised by Chile.

Mr Vytenis Andriukaitis in New York, United States: participates in the annual Champions 12.3 Strategy Meeting.

Mr Dimitris Avramopoulos in Athens, Greece: meets Mr Prokopis Pavlopoulos, President of the Hellenic Republic.

Ms Marianne Thyssen participates in a roundtable discussion on the European Labour Authority, organised by the Centre for European Policy Studies (CEPS), in Brussels.

Mr Christos Stylianides in New York City, the United States for the 74^th United Nations General Assembly: meets Dr Tedros Ghebreyesus Adhanom, Director-General of the World Health Organization; participates in the side event on Syria; participates in the event of the ‘Call to Action on Protection from gender-based violence in emergencies’.

Ms Elżbieta Bieńkowska in Madrid, Spain: delivers the opening speech of the VI forum Reindustrialization and Digitalisation; meets Ms Reyes Maroto, Minister of Industry of Spain.

Mr Tibor Navracsics in Hanaholmen, Finland: participates in and gives opening remarks at the EU Sport Conference – “Safeguarding Children in Sport”.

Ms Margrethe Vestager receives representatives of the European Affairs Committee of the Danish Parliament.

Ms Margrethe Vestager delivers a keynote speech in the Danish Church, in Brussels.

Mr Carlos Moedas delivers an opening speech at the Ministerial Meeting of the Western Balkans Research and Innovation Steering Platform, at Le Plaza Hotel, in Brussels.

Mr Carlos Moedas participates in the European Research & Innovation (R&I) days, at Kanal centre Pompidou in Brussels: delivers an opening speech, participates in the mission kick-off ceremony, delivers a speech on “Bridging, Widening, Sharing: let’s advance Europe together”, hands the Social Innovation Prize, delivers the welcome speech at MEP’s Network event, and launches the ERC Public Engagement Award.

Mr Julian King delivers the keynote speech at the European Policy Centre-Counter Extremism Project (EPC-CEP) Study Launch Event, in Brussels.

Mr Julian King delivers the keynote address at the High-level Summit on Digital Resilience, Lisbon Council Event, in Brussels.

Mr Julian King receives Mr Boris Pistorius, Minister for Internal Affairs of the German Federal State of Lower Saxony.

 

Mercredi 25 septembre 2019

Mr Frans Timmermans in New York, USA: leads the European Commission delegation to the United Nations General Assembly 74; meets Mrs Amina Mohammed, Deputy Secretary-General of the United Nations.

Ms Federica Mogherini in New York City, the United States for the 74^th United Nations General Assembly: participates in the meeting of the Lima Group with Representatives of the International Contact Group on Venezuela; participates in the High-level meeting on Mali and the Sahel; participates in the 11^th Conference on Facilitating the entry into force of the Comprehensive Nuclear-Test-Ban Treaty; participates in the signing ceremony of the EU – Pacific Alliance Declaration.

Mr Maroš Šefčovič concludes the EBA@250 industrial alliance and innovation platform (Innoenergy), in Brussels.

Mr Maroš Šefčovič receives Mr Woute Beke, Minister of Employment, Economy and Consumer Affairs of Belgium.

Mr Jyrki Katainen meets representatives of the Federation of Finnish Enterprises, in Brussels.

Ms Cecilia Malmström in New York: meets with Ms Jacinda Ardern, Prime Minister of New Zealand; participates in the Bloomberg Global Business Forum.

Mr Neven Mimica in New York City, the United States for the 74^th United Nations General Assembly: participates in the High-level meeting on Somalia; participates in the side event“Countdown to 2030: Transforming our food systems to achieve the SDGs”.

Mr Karmenu Vella delivers a speech on the Horizon Europe Mission on Oceans at the European Research and Innovation Days, in Brussels.

Mr Dimitris Avramopoulos in New York, United States: participates in the United Nations General Assembly; participates in the Tenth Global Counter-Terrorism Forum Ministerial Plenary meeting.

M. Pierre Moscovici à New-York, Etats-Unis: participe au Bloomberg Global Business Forum. 

Mr Christos Stylianides in New York City, the United States for the 74^th United Nations General Assembly: participates in the event ‘Education Cannot Wait – Leave No-one Behind: Accelerating the SDGs Through Quality Education – Two New Initiatives’; participates in the side event ‘Reimagining education: Preparing the next generation with skills for the future’; participates in the side event ‘UN counter-terrorism frameworks and sanctions regimes: safeguarding humanitarian space’.

Mr Phil Hogan delivers a speech on Soil, Health and Food at the European Research and Innovation Days, in Brussels.

Ms Violeta Bulc in Istanbul, Turkey: participates in the ceremony marking the start of the construction of the Istanbul (Halkali) – Kapikule High Speed Railway.

Mr Tibor Navracsics in Brussels: speaks at the Science is Wonderful! exhibition, organised as part of the Research & Innovation Days.

Mr Carlos Moedas participates in the European Research & Innovation (R&I) days, at Kanal centre Pompidou in Brussels: participates in the EU Contest for Young Scientists Award Ceremony, delivers a speech and hands the iCapital Award.

Mr Carlos Moedas hosts a lunch for the CEO’s of philanthropic foundations, at Crowne Plaza Hotel, in Brussels.

Ms Mariya Gabriel speaks at “Meet the authors” event organised by the European Authors’ Societies  in the European Parliament, in Brussels.

Jeudi 26 Septembre 2019

Competitiveness Council, in Brussels (26-27/09).

President Jean-Claude Juncker receives Mr Andrej Plenković, Prime Minister of Croatia.

Ms Federica Mogherini in New York City, the United States for the 74^th United Nations General Assembly: co-chairs the ministerial meeting of the Ad Hoc Liaison Committee (International Donor Group for Palestine); participates in the event on ‘Good Human Rights Stories’; participates in the high-level meeting on the Central African Republic; participates in the EU-UN Spotlight event ‘Progress and perspectives on eliminating violence against women and girls’.

Mr Maroš Šefčovič chairs the High-level Meeting of the European Battery Alliance; participates in the Competitiveness Council on the European Battery Alliance, in Brussels.

Mr Jyrki Katainen receives Ms Li Andersson, Minister of Education of Finland.

Mr Jyrki Katainen receives Mr Joerg Wuttke, President of The European Union Chamber of Commerce in China (EUCCC).

Ms Cecilia Malmström receives Mr Peter Altmaier, Minister for Economic Affairs and Energy of Germany.

Mr Neven Mimica in New York City, the United States for the 74^th United Nations General Assembly: meets Mr Faustin-Archange Touadéra, President of the Central African Republic; participates in the high-level Dialogue on Financing for Development; participates in the side event ‘Joint initiative on Integrated National Financing Frameworks’; participates in the EU-UN Spotlight event ‘Progress and perspectives on eliminating violence against women and girls’.

Mr Dimitris Avramopoulos in New York, United States: participates in the United Nations General Assembly; participates in a ministerial side event “Accountability for atrocity crimes committed by Da’esh”.

M. Pierre Moscovici à New-York, Etats-Unis: participe à un petit-déjeuner organisé par la Chambre de Commerce américaine.

Mr Christos Stylianides in New York City, the United States for the 74^th United Nations General Assembly: meets Ms Virginia Gamba, Special Representative of the Secretary-General for Children and Armed Conflict; meets Mr Filippo Grandi, United Nations High Commissioner for Refugees; meets Mr David Beasley, Executive Director of the World Food Programme; meets Mr Elhadj As Sy, Secretary-General of the International Federation of Red Cross and Red Crescent Societies.

Mr Phil Hogan delivers a speech at the 2019 Annual Conference of the European Broadband Competence Offices Network, in Brussels.

Ms Violeta Bulc participates in the Women in Transport Conference: Towards a more inclusive and diverse transport sector, in Brussels.

Ms Vĕra Jourová speaks at the Product Safety Award Ceremony and announces the 2019 winners, in Brussels.

Mr Tibor Navracsics hosts the second European Education Summit, giving an opening speech, and presenting the 2019 edition of the Education and Training Monitor, in Brussels.

Mr Tibor Navracsics meets with Mr Lorenzo Fioramonti, Minister of Education of Italy, in Brussels.

Mr Tibor Navracsics meets with Ms Níki Keraméos, Minister of Education and Religions of Greece, in Brussels.

Mr Tibor Navracsics participates in and speaks at the Europe for Festivals, Festivals for Europe Awards Ceremony, in Brussels.

Ms Margrethe Vestager in Copenhagen, Denmark: meets Mr Benny Engelbrecht, Minister of Transport of Denmark; meets Mr Lars Sandahl Sorensen, CEO of Confederation of the Danish Industries.

Mr Carlos Moedas participates in the European Research & Innovation (R&I) days, at Kanal centre Pompidou in Brussels: receives Professor Virginijus Šikšnys, Kavli Prize laureat in Nanoscience 2018; Virginijus Sinkevičius, Lithuanian Minister of the Economy and Innovation; Valdemaras Razumas,  Lithuanian Vice-Minister of Education, Science and Sport; Ambassador Simonas Šatūnas, Deputy PermRep to EU. Delivers a speech at the panel with Nobel and Kavli Prize laureates, delivers the closing speech, delivers a speech at the dinner on the occasion of the R&I days.

Vendredi 27 septembre 2019

Competitiveness Council, in Brussels (26-27/09).

President Jean-Claude Juncker delivers the opening speech at the Europa Connectivity Forum.

President Jean-Claude Juncker receives Mr Shinzō Abe, Prime Minister of Japan, for a working lunch.

Mr Frans Timmermans visits the European Trade Union Confederation, in Brussels.

Mr Valdis Dombrovskis receives Mr Suma Chakrabarti, President of the European Bank for Reconstruction and Development (EBRD).

Mr Valdis Dombrovskis receives Mr Andrej Plenković, Prime Minister of the Republic of Croatia.

Mr Jyrki Katainen receives Mr Suma Chakrabarti President of the European Bank for Reconstruction and Development (EBRD).

Mr Johannes Hahn receives Mr Suma Chakrabarti, President of the European Bank for Reconstruction and Development.

Mr Johannes Hahn receives Mr Andrej Plenković, Prime Minister of the Republic of Croatia.

Ms Cecilia Malmström receives Mr Joerg Wuttke, President of the EU Chamber of Commerce in China.

Ms Marianne Thyssen gives a keynote speech at the Conference on the 2019 Employment and Social Developments Review, in Brussels.

Ms Elżbieta Bieńkowska in Sopot, Poland: delivers the closing speech of the IX European Forum of New Ideas.

Mr Tibor Navracsics in Budapest, Hungary: participates in and gives opening remarks at the European School Sport Day at the Budapesti Vasutas Sport Club.

 

Samedi 28 septembre 2019

Mr Neven Mimica in New York City, the United States for the 74^th United Nations General Assembly: participates in the negotiations of the Post-Cotonou Agreement.

 

Dimanche 29 Septembre 2019

 

 

Prévisions du mois de septembre 2019:

30/09 EU-Moldova Association Council

 

Prévisions du mois d’octobre 2019:

04/10 Environment Council

07-08/10 Justice and Home Affairs Council

09/10 Eurogroup

10/10 Economic and Financial Affairs Council

14/10 Foreign Affairs Council

14 – 15/10 Agriculture and Fisheries Council

15/10 Foreign Affairs Council

17-18/10 European Council

24/10 Employment, Social Policy, Health and Consumer Affairs Council (Employment and social policy)

 

Permanence SPP le WE du 21 et 22 septembre 2019:

Johannes BAHRKE – tél : +32 460 75 86 15

Service Audiovisuel, planning studio – tél. : +32 (0)2/295 21 23

Today, more than 100 public and private partners covering the whole plastics value chain will sign the declaration of the Circular Plastics Alliance, which promotes voluntary actions for a well-functioning EU market in recycled plastics.

The declaration lays out how the alliance will reach the target of 10 million tons of recycled plastic used to make new products every year in Europe, by 2025. This target was set by the European Commission in its 2018 Plastics Strategy, as part of its efforts to boost plastics recycling in Europe.

First Vice-President Frans Timmermans, responsible for sustainable development, said: “I welcome the industry’s commitments to rethink the way we produce and use plastics. By efficiently recycling plastics, we will clean up the planet and fight climate change, by substituting fossil fuels with plastic waste in the production cycle.”

Commissioner Elżbieta Bieńkowska, responsible for Internal Market, Industry, Entrepreneurship and SMEs, said: “We have the opportunity to make our industry a world leader in recycled plastics. We should fully seize it to protect the environment, to create new jobs in this sector and remain competitive.”

The declaration, signed by small and medium businesses, large corporations, business associations, standardisers, research organisations, and local and national authorities endorses the 10 million tons target and calls for a shift to zero plastic waste in nature and zero landfilling. It lays out concrete actions to reach the target, including:

•         improving the design of plastic products to make them more recyclable and integrate more recycled plastics;
•         identifying untapped potential for more plastic waste collection, sorting and recycling across the EU, as well as the investment gaps;
•         building a Research & Development agenda for circular plastics;
•         establishing a transparent and reliable monitoring system to track all flows of plastic waste in the EU.

Next steps

The declaration of the Alliance will remain open for signature on the Commission’s website for more signatories to join over time, in particular public authorities from all across Europe.

Business associations and companies are also encouraged to submit voluntary pledges to use or produce more recycled plastics, if they have not yet done so.  Interested parties may contact for further information: GROW-ENV-RPLASTICS-PLEDGE@ec.europa.eu

Background

In the EU, the potential for recycling plastic waste is still largely unexploited, particularly in comparison with other materials like paper, glass or metals. Out of over 27 million tons of plastic waste collected in Europe every year, less than one third goes to recycling plants. As a result, in 2016, less than 4 million tons of recycled plastics were sold in Europe, accounting for barely 8% of the EU market for plastics. By endorsing the EU target of 10 million tons of recycled plastics sold in the EU by 2025, the Circular Plastics Alliance commits to helping boost the EU market for recycled plastics by more than 150%. 

The European Commission announced the launch of the Circular Plastics Alliance on 11 December 2018.The launch of the Alliance followed the preliminary assessment of industry voluntary pledges for more recycled plastics. It showed that pledges from suppliers of recycled plastics were sufficient to reach and even exceed the EU target of 10 million tons of recycled plastics used in Europe by 2025. However, pledges received from users of recycled plastics (such as plastics converters and manufacturers) were not sufficient, and action was necessary to bridge the gap between the supply and demand.

The Circular Plastics Alliance held its first meeting on 5 February 2019 at the European Industry Days. The participants agreed to work together along the plastics value chains to reach the target that 10 million tons of recycled plastics are used in products in the EU by 2025. They agreed to work on five topics as a priority:

1.     collection and sorting of plastic waste;
2.     product design for recycling;
3.     recycled plastic content in products;
4.     R&D and investments, including chemical recycling; and
5.     monitoring of recycled plastics in the EU.

Working groups were set up immediately to work on concrete solutions and met during the spring of 2019 to draft the declaration signed today.

For More Information

EU Plastics Strategy: press release, factsheets and memo