The Council of the EU authorised, on Thursday 16 July, the signing and provisional application of the agreement between the EU and Andorra and San Marino (see EUROPE 13406/7).
This comprehensive association agreement covers several policy areas, including the two countries’ participation in the internal market under equal conditions of competition and respect of the same rules as the rest of the EU. Its application in the field of financial services will be progressive and will depend on a successful audit of the robustness of the two countries’ regulatory and supervisory frameworks, with a role for European Supervisory Authorities in the evaluation and monitoring, the EU Council said in a press release.
At the same time, the association agreement will establish a framework to develop and promote dialogue and cooperation in areas of common interest, such as research and development, education, social policy, the environment, consumer protection, culture and regional cooperation.
The Member States are expected to pre-sign the agreement in September. The Commission will then sign the agreement on behalf of the EU, after which the EU Council will seek the approval of the European Parliament before formally concluding it. (Original version in French by Camille-Cerise Gessant)