Communiqeu

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KEITH ZAHRA

ENERGY

EU leaders address energy price spike

The European Council invited the Commission to study the functioning of the gas and electricity markets, as well as the EU ETS market with the help of the European Securities Markets Authority (ESMA).

Subsequently, the Commission will assess whether certain trading behaviours require further regulatory action. EU leaders also invited the member states and the Commission to urgently make the best use of the toolbox to provide short-term relief to the most vulnerable consumers and companies, taking into account the diversity and specificity of the situations of the member states.

Member States agreed that other measures will be considered with the aim to contribute to energy at a price that is affordable for households and companies and increase the resilience of the EU’s energy system and the internal energy market, while providing security of supply and support the transition to climate neutrality, taking into account the diversity and specificity of the situations of the member states.

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KEITH ZAHRA

ACCOUNTANCY

Supervisory authorities submit report on Sustainable Finance Disclosure Regulation

The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have delivered to the European Commission (EC) their Final Report with draft Regulatory Technical Standards regarding disclosures under the Sustainable Finance Disclosure Regulation (SFDR) as amended by the Regulation on the establishment of a framework to facilitate sustainable investment (Taxonomy Regulation).

The disclosures relate to financial products that make sustainable investments contributing to environmental objectives. The draft RTS aim to provide disclosures to end investors regarding the investments of financial products in environmentally sustainable economic activities, providing them with comparable information to make informed investment choices; and establish a single rulebook for sustainability disclosures under the SFDR and the Taxonomy Regulation.

The EC will scrutinise the draft RTS and decide whether to endorse them within 3 months of their publication. The Commission has informed the European Parliament and Council that it intends to incorporate all the SFDR RTS, meaning both the original ones submitted to the Commission in February 2021 as well as the ones covered in this Final report, in one instrument.

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KEITH ZAHRA

INTERNATIONAL RELATIONS

Commission approves €1bn package for Afghanistan

President of the European Commission, Ursula von der Leyen has announced a support package worth around €1 billion for the Afghan people and neighbouring countries, addressing the urgent needs in the country and the region.

The announcement follows the discussion of the EU Ministers for development to have a calibrated approach to give direct support to the Afghan population in order to prevent a humanitarian catastrophe without legitimising the Taliban interim government. The Afghan support package combines EU humanitarian aid with the delivery of targeted support on basic needs in direct benefit of the Afghan people and neighbouring countries. The package includes the €300 million for humanitarian purposes which had already been agreed to.

This humanitarian support is accompanied by additional, specialized support for vaccinations, sheltering, as well as the protection of civilians and human rights. This funding will be in direct support of the local population and will be channelled to international organisations on the ground, while respecting the principles of engagement established by the Council Conclusions agreed by EU Foreign Ministers on 21 September.

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KEITH ZAHRA

EU POLICY

Conference on the Future of Europe’s Second Plenary reaches conclusion

On Saturday, 23 October, the second Conference Plenary meeting of the Conference on the Future of Europe took place in the European Parliament in Strasbourg to discuss contributions brought forward by citizens.

The 80 representatives of the European Citizens’ Panels took their seats as Members of the Plenary and discussions focused on citizens’ contributions from the European Citizens’ Panels, the national panels and events, the European Youth Event, and the second interim report from the Multilingual Digital Platform.

Vice-President Dubravka Šuica stated: “This is a historic moment where, for the first time, citizens deliberate on a par with their elected representatives at all levels. Bringing citizens to the core of European policymaking will reinforce our representative democracies, as we set sail towards our common future.” The next Conference Plenary will take place on 17-18 December.

In the meantime, the European Citizens’ Panels will meet online in November, and the first two will finalise their recommendations and present them in Plenary in December. The next Conference Plenary will take place on 17-18 December.