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Image header Agence Europe
Europe Daily Bulletin No. 13177
Contents Publication in full By article 22 / 26
NEWS BRIEFS / Economy

Financial rating of euro area’s interim rescue fund downgraded

08/05/2023 (Agence Europe) – The ‘European Financial Stability Facility’ (EFSF), the predecessor of the ‘European Stability Mechanism’ (ESM), took note on Saturday 6 May of the decision by Fitch Ratings to lower its financial rating by one notch, from AA to AA-, on long-term debt issues only. This decision is the consequence of the decision by the same agency at the end of April to downgrade France’s financial rating, also by one notch from AA to AA-. The EFSF was originally set up in June 2010 to support Greece (see EUROPE 10155/9). It continues to issue financial instruments to manage its portfolio of loans to Greece, Ireland and Portugal, but no longer makes new loans. (MB)

Contents

SECTORAL POLICIES
HOME AFFAIRS: European Parliament’s PEGA Committee of Inquiry calls on Member States to strictly define conditions of use of spyware
MIGRATION: asylum and migration management regulation, Swedish Presidency of EU Council continues to refine modalities of solidarity
CIRCULAR ECONOMY: ‘Ecodesign/Sustainable Products’ Regulation, Swedish Presidency of the EU Council’s final compromise guided by EU’s competitiveness imperative
AGRICULTURE: EU Council ready to negotiate a final agreement with European Parliament on agricultural geographical indications
TRANSPORT: EU prepares its contribution to revised strategy of International Maritime Organization
ENERGY: majority expected on methane emissions regulation in European Parliament plenary, despite attempts to exempt fossil fuel industry from obligations
ENERGY: several European economists and climate experts call for a European Energy Agency
RESEARCH: 66 research projects selected by ERC will benefit from nearly €10 million in European funding
CLIMATE: EU, Latin America and Caribbean countries recognise environmental impact of economic activity and move towards sustainable finance
CLIMATE: according to Copernicus, south-western Europe had its warmest April on record
INSTITUTIONAL
INTERVIEW BUDGET: for new own resources, “not having common projects will be very expensive for Europeans”, says José Manuel Fernandes
COURT OF JUSTICE: Council to consider granting new powers to EU General Court
Russian invasion of Ukraine
RUSSIA: EU wants to sanction those who help Russia circumvent sanctions
UKRAINE: Ursula von der Leyen in Kyiv for Europe Day
EXTERNAL ACTION
LATIN AMERICA: EU hopes to sign partnerships on raw materials with Chile and Argentina
MIDDLE EAST: EU condemns demolition of EU-funded school in Jubbet Adh Dhib
IRAN: EU strongly condemns execution of Habib Chaab
EU RESPONSE TO COVID-19
HEALTH: even if Covid-19 pandemic has passed, vigilance remains crucial, says Ursula von der Leyen
NEWS BRIEFS
STATE AID: Bulgaria authorised to implement a €32 million aid scheme to modernise rail transport
BELARUS: EU dismayed by death of political prisoner Mikalai Klimovich
CONSUMERS: new consumer rights for green transition, EU Council position published
ECONOMY: financial rating of euro area’s interim rescue fund downgraded
ISRAEL: EU cancels its reception on 9 May to avoid presence of Itamar Ben-Gvir
DIGITAL: European Cybersecurity Competence Centre opens in Bucharest
DIGITAL: European Disability Forum calls on MEPs to ensure accessibility of artificial intelligence
Op-Ed
OP-ED: The EU's green and digital transitions require a meaningful social dialogue, by Martin Linder