Economic and Financial Affairs

They agreed on a statement in which they expressed their support for strengthening the position of the euro on the global stage in order to enhance the EU’s strategic autonomy while preserving an open economy, contributing to the stability of the global financial system, and supporting European businesses and households. EU leaders stressed the need for a robust, inclusive and sustainable recovery. They highlighted the key role that the Recovery and Resilience Facility will play in supporting reforms and investments to finance the green and digital transitions and in increasing the EU’s growth potential. They also emphasised the importance of a sound financial architecture and well-functioning financial markets. Leaders called for a more innovative digital finance sector and more efficient payment systems, and for exploratory work to move forward on the possible launch of a digital euro. They also asked for expedited work to continue to further stimulate the growth of the EU’s green financial market and foster Europe’s leadership in the green transition. At the next Euro Summit meeting in June 2021, leaders will discuss the economic challenges for the euro area in the aftermath of the COVID-19 crisis and review progress on the Banking Union and Capital Markets Union.

This is the third disbursement in 2021. As part of the operations on 30 March, Czechia has received €1 billion, Belgium €2.2 billion, Spain €4.06 billion, Ireland €2.47 billion, Italy €1.87 billion and Poland €1.4 billion. This is the first time that Ireland has received funding under the instrument. These loans will assist Member States in addressing sudden increases in public expenditure to preserve employment. Specifically, they will help Member States cover the costs directly related to the financing of national short-time work schemes, and other similar measures that they have put in place as a response to the coronavirus pandemic, including for the self-employed. The disbursements follow the issuance of the sixth social bond under the EU SURE instrument, which attracted considerable interest among investors. So far, 17 EU Member States have received a total of €75.5 billion under the SURE instrument in back-to-back loans. An overview of the amounts disbursed to date and the different maturities of the bonds is available online here.

The proposals follow formal requests for additional financial assistance under SURE submitted by Belgium, Cyprus, Greece, Latvia, Lithuania and Malta on top of the support that the Council has already approved. After assessing the requests submitted by the six Member States, the Commission proposed that the Council approve the additional financial assistance thereby bringing the total financial assistance proposed by the Commission under SURE to €94.3 billion for 19 Member States. The additional assistance proposed is €394 million for Belgium, €125 million for Cyprus, €2.5 billion for Greece, €113 million for Latvia, €355 million for Lithuania, and €177 million for Malta. This additional support will assist the six Member States in tackling the continued severe socio-economic impact of the crisis in light of the resurgence of infections and the containment measures introduced in response to it.

First, the Investment Guidelines offer detailed information on the requirements that financing and investment operations must satisfy in order to receive support from the InvestEU Fund. Those guidelines are now subject to a two-month non-objection period by the European Parliament and the Council before they enter into force. Second, the Sustainability Proofing Guidance details how financing and investment operations under the InvestEU Fund are to meet the three dimensions of the EU's sustainability commitments: climate, environmental and social. This guidance will be complemented in the coming weeks with an additional climate and environmental tracking guidance. Third, the Implementing Decision establishing the InvestEU Portal lays down simplified rules for the functioning of the easily-accessible database of investment opportunities within the EU. Finally, the Commission has taken a series of decisions related to the governance of InvestEU.

The coin designed by Mr Joaquin Jimenez has been selected, having received over 22,000 votes. Euro area Member States are now invited to finalise the next steps in order to proceed to the minting and issuance scheduled for 1 July 2022. After more than 70 coin designs were submitted for this competition, a jury selected six coins to go forward for consideration in public vote which the Commission launched last month. Over 72,000 voted to select the design they believed best represented and celebrated the success of the Erasmus project. Erasmus+ is one of the EU's most emblematic initiatives and a European success story. Since its inception in 1987, 10 million people have benefitted from it.

It is where individuals provide specific services organised through a digital platform that connects them with clients. This can be a location-based app – allocating jobs such as food delivery, taxi or plumbing services – or web-based platforms that outsource work like translation or graphic design. The platforms are creating new job opportunities. However, there are challenges to ensure good working conditions and that the algorithms treat workers fairly. This new model of platform working has left governments unsure how to regulate it. Spain is the first EU country to pass a law classifying food delivery riders as employees with social protections. Some workers welcome the rights they will gain like unemployment benefits, vacation or sick leave, while others fear that they will lose freedom and flexibility. According to Uma Rani, Senior Economist at the United Nations International Labour Organisation, the problem is “when ‘self-employed’ becomes disguised self-employment where you are an employee, but you're asked to become self-employed and you do not get any of the benefits.” To address such issues and improve the protection of workers on digital platforms, the European Commission has launched a consultation, inviting trade unions and employers' organisations to find agreement. If they cannot, the Commission will draw up legislation by the end of 2021.

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