Intellectual property is a key element of the EU's industrial policy strategy. Over the years, we have built a strong IP framework in Europe.

The levels of IPR infringements are, however, still increasing. This is why in November 2017 we adopted the IP Package. We are stepping up the fight against counterfeiting and piracy.

I have always been a strong defender of the 'follow the money' approach and working actively and closely with industry representatives.

MoUs are a key pillar in the work on the enforcement of IPRs.

And we see that our approach works.

There are clear positive results of the MoU on the sale of counterfeit products. This is why, today, we fully support the companies and associations that agreed on the MoU on Online Advertising and IPR.

The aim of this initiative is to cut IPR infringers off from one of their major revenue sources.

We want to minimise the placement of ads on sites that infringe IPR.

This is in line with the 'follow the money approach' I have supported since I started in the Commission.

The Commission is committed, together with the EUIPO, to make this MoU a success. Your efforts are greatly recognised and appreciated.

My congratulations - thank you.