Today, the EU finance ministers kick off a debate at the informal Economic and Financial Affairs Council (Ecofin) in Ghent to define the strategic objectives of the European Investment Bank (EIB) for the coming years. A note from the Belgian presidency has outlined nine priorities for this purpose: consolidating the EIB as a “climate bank”; accelerating digital transformation; expanding the European Tech Champions Initiative; increasing investment in security and defense; developing innovative financing for agriculture; boosting investment in social infrastructure; and pioneering the Capital Markets Union.
Also included in the document are assistance to Ukraine, EU neighborhood policy and the provision of strategic investments through the Global Gateway Initiative. However, insiders suspect that the new EIB chief, Nadia Calviño, will present her own perspective and a streamlined list to the ministers in Ghent. For example, the agricultural sector might be removed and financing outside the EU, including Ukraine, could be consolidated into a single strategic objective. On the other hand, cohesion policy might be added anew. This reflects the conviction of the Spaniard to focus the EIB’s direction on projects within the EU.
The streamlining of the list may also have another background. Without a clear vision of its own, insiders fear that member states could inundate the bank with demands for a much stronger commitment to European security and defense policy. Currently, the EIB is only allowed to provide loans for dual-use projects within a very narrow framework. With a revised credit policy, the EIB could undoubtedly do much more in this area – a compelling debate for the EIB. The Belgian presidency aims to conclude the debate initiated in Ghent by June. Then, the EIB Board of Governors will finalize the specific strategic priorities for the EU bank.
Last year, Enrico Letta was commissioned by the Belgian government to draft a report on the future of the European single market. In recent months, companies have increasingly pointed out that the single market is losing competitiveness on the international stage and remains highly fragmented internally. On Thursday, he presented his recommendations to the Internal Market Committee of the European Parliament. The report is scheduled to be discussed by European heads of state and government in April of this year.
Letta stated that he based his report on the geopolitical situation. This is the major difference between today and the 1980s when the single market was conceived under Jacques Delors. To adapt the single market to this new geopolitical landscape, decisive integration steps are needed in four areas: defense, telecoms, energy and financial markets.
These are sectors where national interests have so far prevented significant market integration. “My report will propose considering these four sectors as European strategic assets, where the European dimension prevails over the national dimension,” Letta explained to the attending members of parliament. According to Letta, if the EU moves in this direction, it would lead to scale effects and speed, which are crucial in today’s international environment.
Letta also advocated for stronger enforcement of single market rules. Compared to its predecessors, the European Commission under Ursula von der Leyen has initiated significantly fewer proceedings against member states that inadequately implement EU directives. The resulting fragmentation is one of the major criticisms of the industry, which would prefer a harmonized single market.
Letta did not elaborate on how he intends to achieve harmonization in the single market. André Sapir, Senior Fellow at the economic think tank Bruegel and Professor at ULB in Brussels, argues for relying less on EU directives and more on EU regulations. At the beginning of the single market, there was a strong focus on directives, which only work through the national transposition process to avoid undermining national autonomy too much. “But now we see that many countries implement them as they wish,” says Sapir to Table Media.
There was a move towards directly applicable EU regulations after the financial crisis. But perhaps it is now appropriate for the rest of the single market as well, says Sapir. This could also counteract the so-called “gold plating“. With “gold plating,” national states correctly implement directives but add additional provisions that create national differences.
“Gold plating” is a particular concern for the industry, which currently dominates the debate with many initiatives. On Tuesday, the chemical and heavy industries launched an appeal for an “Industrial Deal” for Europe. On Thursday, the European Roundtable for Industry (ERT) held a discussion on the future of the single market, where corporate representatives advocated for stronger market integration.
ERT Chairman Jean-François van Boxmeer, who also heads the Vodafone Group, advocated for integration of the telecom market. Ilham Kadri, CEO of Syensqo (formerly Solvay), lamented the energy insecurity that jeopardizes Europe’s competitiveness. Both are likely to welcome the proposed integration steps in the telecom and energy sectors in Letta’s report.
However, there are also critical voices, such as those from consumer protection perspectives. Monique Goyens, Director-General of the European Consumer Organization BEUC, warned Letta during his appearance in the Internal Market Committee not to give too much weight to corporate interests.
The argument of lacking competitiveness is primarily raised by large companies in sectors such as telecommunications, which are actually aiming for consolidation. “This is a bit paradoxical. The single market is about competition, but suddenly less competition is being demanded here,” she warned. And this leads to less choice and higher prices for consumers.
Furthermore, Goyens criticized the complaints from companies about the increased regulatory burden. European regulations and standards are an important part of the single market for her. They ensure that the single market ultimately benefits citizens. It is foreseeable that the dispute oversimplification and deregulation will strongly shape the single market debate in the coming months.
SPD Member of the European Parliament René Repasi warned that progressive and market liberal forces should not block each other in this dispute. “Currently, we see that our two visions are clashing and we can only agree on the smallest common denominator,” said Repasi, advocating for a deal between the two forces.
Progressive forces must accept that certain regulations and market barriers must be removed to dynamize the single market. And market liberal forces must accept that this is only possible if a high level of social protection is guaranteed throughout Europe, says Repasi. Only then can action be taken quickly based on Enrico Letta’s report.
Russia’s strength lies in Europe’s inaction – this summarizes the situation in Ukraine two years after the full invasion of the Russian army. After the government of Vladimir Putin realized shortly after Feb. 24, 2022, that a quick victory was not to be expected, the country was hastily put on a war footing. Since then, Russia has consistently stayed a few steps ahead of Ukraine and its supporters.
At least in the short term, Russia therefore has the upper hand: At the front, the Russian army recently reported slight territorial gains, especially in eastern Ukraine near Avdiivka. Here, however, the specific, manageable success is less important; two other factors are crucial: Firstly, Russia paid for the capture of this former 31,000-inhabitant city with very high losses. According to a pro-Russian military blogger who clashed with the Ministry of Defense, at least 16,000 Russian soldiers died in the offensive on Avdiivka. Secondly, the fighting there ties up many of Ukraine’s forces, which it cannot deploy in the south of the country.
Military blogger Andrei Morozov, “Murs”, who reported on the high losses, allegedly committed suicide this week. Prior to that, as a soldier on site, he publicly complained about the high losses and the untrue reporting on the front line to the leadership.
Russia compensates for the high losses with a steady supply of fresh forces. According to official information, more than 53,600 new soldiers alone arrived at the front in the first months of this year. The number cannot be verified. According to information from three experts who spoke to Table.Media and advise conscripted men in Russia on how to escape military service, the authorities continue to recruit persistently – especially in penal colonies and also in orphanages.
Before the presidential elections in mid-March, the experts do not expect an official mobilization. However, all conscripted men are now receiving a notice that, in the event of notification, they must report to appropriate units within a few hours, said one expert. “Then an official mobilization doesn’t even have to be announced.”
Reports of the supply of artillery ammunition and rockets from North Korea and Iran to Russia also indicate that Russia continues to pursue its goal of annexing at least parts of Ukraine. About 400 Iranian missiles with a range of up to 700 kilometers are said to have arrived in Russia. However, this news also contradicts Russian claims that they have significantly increased rocket production.
In principle, the Russian defense industry lacks manpower. According to official figures, the last reported unemployment rate was 2.9 percent – which practically means that there are no available workers left. The defense industry is looking for workers for simple to highly specialized tasks, competing with the Ministry of Defense in the process. According to an analysis by the independent Russian media Cholod, more and more civilian sector companies are having to produce for the army because “the demand cannot be met solely by the defense industry”.
The second major problem for Russia: Western sanctions. Although Moscow manages to import enough electronic components, especially for rocket and drone construction, through detours, it is faring much worse with heavy weapons and armored vehicles. In this respect, the tide is turning in favor of Ukraine in the medium term because production for artillery is being ramped up in the EU and in Ukraine. However, both the Russian occupiers and the Ukrainian defenders are currently trying to maintain the status quo.
On the journalists’ side, one can safely say the interest is there. The press room of the European Parliament was packed when the communication team presented yesterday in Brussels its tool kit for what can be seen as the equivalent to the Olympic Games for journalists covering EU Affairs. This interest from the media is clearly a good thing for the European Parliament as it explicitly said it relies on them to reach as many of the 370 million citizens eligible to vote as possible.
Given the “danger” of disinformation, journalists and the media in general are “more important than ever”, Jaume Duch, Spokesman and Director General for Communication at European Parliament said at the press conference. The media is the “privileged channel” to “communicate” with the EU citizens, he added. Which is why the European Parliament is planning a series of “media milestones”:
The European Parliament will also emphasize working with multiplayers, such as organizations representing civil societies, influencers or celebrities who can act as intermediaries. A decentralized communication, a dedicated website compiling data and explainers on how the European elections work tied together with the narrative about the importance EU legislations have on the EU citizens’ daily lives add to the picture.
Jaume Duch referred to a survey published in December last year that shows 70 percent of EU citizens believe that EU actions have an impact on their daily life, “which shows that the EU is far from the notion of being distant”. “Yes, the decisions that are taken here have an impact on their lives”, he said.
As the end of the 9th legislature of the European Parliament is nearing, the topic of the so-called “unfinished business” emerges, a term that referred to the remaining legislations that are still opened, 144 of them so far, said Delphine Colard, head of Spokesperson’s unit at the European Parliament. In order for this procedure to be successful, a political agreement on the legislative text must be reached by the week of the session from March 11-14 at the latest. The Conference of Committee Chairs will meet on March 12 to take stock of the situation.
And finally, on June 9, the first national estimates will start pouring at 6:15 p.m., followed at 8:15 p.m. by a first projection of the full hemicycle that will be based on the national estimates and pre-elections polls. At 11 p.m., we should be able to have the complete picture of who will be holding power in the 10th legislature of the European Parliament.
“There are two major elections this year”, reminded Jaume Duch. “The US elections in November and the European elections. Depending on the outcome of the US elections the path of the EU will look different“.
Today, the EU finance ministers kick off a debate at the informal Economic and Financial Affairs Council (Ecofin) in Ghent to define the strategic objectives of the European Investment Bank (EIB) for the coming years. A note from the Belgian presidency has outlined nine priorities for this purpose: consolidating the EIB as a “climate bank”; accelerating digital transformation; expanding the European Tech Champions Initiative; increasing investment in security and defense; developing innovative financing for agriculture; boosting investment in social infrastructure; and pioneering the Capital Markets Union.
Also included in the document are assistance to Ukraine, EU neighborhood policy and the provision of strategic investments through the Global Gateway Initiative. However, insiders suspect that the new EIB chief, Nadia Calviño, will present her own perspective and a streamlined list to the ministers in Ghent. For example, the agricultural sector might be removed and financing outside the EU, including Ukraine, could be consolidated into a single strategic objective. On the other hand, cohesion policy might be added anew. This reflects the conviction of the Spaniard to focus the EIB’s direction on projects within the EU.
The streamlining of the list may also have another background. Without a clear vision of its own, insiders fear that member states could inundate the bank with demands for a much stronger commitment to European security and defense policy. Currently, the EIB is only allowed to provide loans for dual-use projects within a very narrow framework. With a revised credit policy, the EIB could undoubtedly do much more in this area – a compelling debate for the EIB. The Belgian presidency aims to conclude the debate initiated in Ghent by June. Then, the EIB Board of Governors will finalize the specific strategic priorities for the EU bank.
Last year, Enrico Letta was commissioned by the Belgian government to draft a report on the future of the European single market. In recent months, companies have increasingly pointed out that the single market is losing competitiveness on the international stage and remains highly fragmented internally. On Thursday, he presented his recommendations to the Internal Market Committee of the European Parliament. The report is scheduled to be discussed by European heads of state and government in April of this year.
Letta stated that he based his report on the geopolitical situation. This is the major difference between today and the 1980s when the single market was conceived under Jacques Delors. To adapt the single market to this new geopolitical landscape, decisive integration steps are needed in four areas: defense, telecoms, energy and financial markets.
These are sectors where national interests have so far prevented significant market integration. “My report will propose considering these four sectors as European strategic assets, where the European dimension prevails over the national dimension,” Letta explained to the attending members of parliament. According to Letta, if the EU moves in this direction, it would lead to scale effects and speed, which are crucial in today’s international environment.
Letta also advocated for stronger enforcement of single market rules. Compared to its predecessors, the European Commission under Ursula von der Leyen has initiated significantly fewer proceedings against member states that inadequately implement EU directives. The resulting fragmentation is one of the major criticisms of the industry, which would prefer a harmonized single market.
Letta did not elaborate on how he intends to achieve harmonization in the single market. André Sapir, Senior Fellow at the economic think tank Bruegel and Professor at ULB in Brussels, argues for relying less on EU directives and more on EU regulations. At the beginning of the single market, there was a strong focus on directives, which only work through the national transposition process to avoid undermining national autonomy too much. “But now we see that many countries implement them as they wish,” says Sapir to Table Media.
There was a move towards directly applicable EU regulations after the financial crisis. But perhaps it is now appropriate for the rest of the single market as well, says Sapir. This could also counteract the so-called “gold plating“. With “gold plating,” national states correctly implement directives but add additional provisions that create national differences.
“Gold plating” is a particular concern for the industry, which currently dominates the debate with many initiatives. On Tuesday, the chemical and heavy industries launched an appeal for an “Industrial Deal” for Europe. On Thursday, the European Roundtable for Industry (ERT) held a discussion on the future of the single market, where corporate representatives advocated for stronger market integration.
ERT Chairman Jean-François van Boxmeer, who also heads the Vodafone Group, advocated for integration of the telecom market. Ilham Kadri, CEO of Syensqo (formerly Solvay), lamented the energy insecurity that jeopardizes Europe’s competitiveness. Both are likely to welcome the proposed integration steps in the telecom and energy sectors in Letta’s report.
However, there are also critical voices, such as those from consumer protection perspectives. Monique Goyens, Director-General of the European Consumer Organization BEUC, warned Letta during his appearance in the Internal Market Committee not to give too much weight to corporate interests.
The argument of lacking competitiveness is primarily raised by large companies in sectors such as telecommunications, which are actually aiming for consolidation. “This is a bit paradoxical. The single market is about competition, but suddenly less competition is being demanded here,” she warned. And this leads to less choice and higher prices for consumers.
Furthermore, Goyens criticized the complaints from companies about the increased regulatory burden. European regulations and standards are an important part of the single market for her. They ensure that the single market ultimately benefits citizens. It is foreseeable that the dispute oversimplification and deregulation will strongly shape the single market debate in the coming months.
SPD Member of the European Parliament René Repasi warned that progressive and market liberal forces should not block each other in this dispute. “Currently, we see that our two visions are clashing and we can only agree on the smallest common denominator,” said Repasi, advocating for a deal between the two forces.
Progressive forces must accept that certain regulations and market barriers must be removed to dynamize the single market. And market liberal forces must accept that this is only possible if a high level of social protection is guaranteed throughout Europe, says Repasi. Only then can action be taken quickly based on Enrico Letta’s report.
Russia’s strength lies in Europe’s inaction – this summarizes the situation in Ukraine two years after the full invasion of the Russian army. After the government of Vladimir Putin realized shortly after Feb. 24, 2022, that a quick victory was not to be expected, the country was hastily put on a war footing. Since then, Russia has consistently stayed a few steps ahead of Ukraine and its supporters.
At least in the short term, Russia therefore has the upper hand: At the front, the Russian army recently reported slight territorial gains, especially in eastern Ukraine near Avdiivka. Here, however, the specific, manageable success is less important; two other factors are crucial: Firstly, Russia paid for the capture of this former 31,000-inhabitant city with very high losses. According to a pro-Russian military blogger who clashed with the Ministry of Defense, at least 16,000 Russian soldiers died in the offensive on Avdiivka. Secondly, the fighting there ties up many of Ukraine’s forces, which it cannot deploy in the south of the country.
Military blogger Andrei Morozov, “Murs”, who reported on the high losses, allegedly committed suicide this week. Prior to that, as a soldier on site, he publicly complained about the high losses and the untrue reporting on the front line to the leadership.
Russia compensates for the high losses with a steady supply of fresh forces. According to official information, more than 53,600 new soldiers alone arrived at the front in the first months of this year. The number cannot be verified. According to information from three experts who spoke to Table.Media and advise conscripted men in Russia on how to escape military service, the authorities continue to recruit persistently – especially in penal colonies and also in orphanages.
Before the presidential elections in mid-March, the experts do not expect an official mobilization. However, all conscripted men are now receiving a notice that, in the event of notification, they must report to appropriate units within a few hours, said one expert. “Then an official mobilization doesn’t even have to be announced.”
Reports of the supply of artillery ammunition and rockets from North Korea and Iran to Russia also indicate that Russia continues to pursue its goal of annexing at least parts of Ukraine. About 400 Iranian missiles with a range of up to 700 kilometers are said to have arrived in Russia. However, this news also contradicts Russian claims that they have significantly increased rocket production.
In principle, the Russian defense industry lacks manpower. According to official figures, the last reported unemployment rate was 2.9 percent – which practically means that there are no available workers left. The defense industry is looking for workers for simple to highly specialized tasks, competing with the Ministry of Defense in the process. According to an analysis by the independent Russian media Cholod, more and more civilian sector companies are having to produce for the army because “the demand cannot be met solely by the defense industry”.
The second major problem for Russia: Western sanctions. Although Moscow manages to import enough electronic components, especially for rocket and drone construction, through detours, it is faring much worse with heavy weapons and armored vehicles. In this respect, the tide is turning in favor of Ukraine in the medium term because production for artillery is being ramped up in the EU and in Ukraine. However, both the Russian occupiers and the Ukrainian defenders are currently trying to maintain the status quo.
On the journalists’ side, one can safely say the interest is there. The press room of the European Parliament was packed when the communication team presented yesterday in Brussels its tool kit for what can be seen as the equivalent to the Olympic Games for journalists covering EU Affairs. This interest from the media is clearly a good thing for the European Parliament as it explicitly said it relies on them to reach as many of the 370 million citizens eligible to vote as possible.
Given the “danger” of disinformation, journalists and the media in general are “more important than ever”, Jaume Duch, Spokesman and Director General for Communication at European Parliament said at the press conference. The media is the “privileged channel” to “communicate” with the EU citizens, he added. Which is why the European Parliament is planning a series of “media milestones”:
The European Parliament will also emphasize working with multiplayers, such as organizations representing civil societies, influencers or celebrities who can act as intermediaries. A decentralized communication, a dedicated website compiling data and explainers on how the European elections work tied together with the narrative about the importance EU legislations have on the EU citizens’ daily lives add to the picture.
Jaume Duch referred to a survey published in December last year that shows 70 percent of EU citizens believe that EU actions have an impact on their daily life, “which shows that the EU is far from the notion of being distant”. “Yes, the decisions that are taken here have an impact on their lives”, he said.
As the end of the 9th legislature of the European Parliament is nearing, the topic of the so-called “unfinished business” emerges, a term that referred to the remaining legislations that are still opened, 144 of them so far, said Delphine Colard, head of Spokesperson’s unit at the European Parliament. In order for this procedure to be successful, a political agreement on the legislative text must be reached by the week of the session from March 11-14 at the latest. The Conference of Committee Chairs will meet on March 12 to take stock of the situation.
And finally, on June 9, the first national estimates will start pouring at 6:15 p.m., followed at 8:15 p.m. by a first projection of the full hemicycle that will be based on the national estimates and pre-elections polls. At 11 p.m., we should be able to have the complete picture of who will be holding power in the 10th legislature of the European Parliament.
“There are two major elections this year”, reminded Jaume Duch. “The US elections in November and the European elections. Depending on the outcome of the US elections the path of the EU will look different“.
