The European Commission today welcomed the agreement reached by the European Parliament and the Council on important amendments to EU rules on financial benchmarks.  The Commission proposed these amendments on 24 July 2020 to ensure that the EU’s financial stability is not harmed when a widely used benchmark is phased out, as will soon be the case with the London Interbank Offered Rate (LIBOR). Benchmarks are an intrinsic part of financial markets: they are indices used, in particular, to price financial instruments and contracts (including household mortgages) or to measure the performance of an investment fund.

Today’s agreement on the proposed changes is very timely, as the UK’s Financial Conduct Authority – the supervisor of LIBOR – has announced in 2017 that it will stop supporting this benchmark at the end of 2021 and expects its cessation shortly thereafter. The agreed amendments to the Benchmark Regulation empower the Commission to designate a replacement benchmark that covers all references to a widely used reference rate that is phased out, such as LIBOR, when this is necessary to avoid disruption of the financial markets in the EU. Mairead McGuinness, Commissioner for Financial Services, Financial Stability and the Capital Markets Union said, “I welcome today’s swift agreement on financial benchmarks, which means that we will now not be faced with a legal vacuum when LIBOR disappears. This will ensure continuity in our financial system and protect our financial stability. Market participants should nonetheless continue preparations for the end of LIBOR.” Regarding other “-IBOR” rates, it is still in market participants’ best interests to actively prepare for the transition to alternative reference rates, as this offers them the greatest degree of control over the fate of contracts if a reference rate ceases to be published. The European Parliament and the Council also agreed today to postpone the entry into application of the rules on third country benchmarks until 31 December 2023, with the possibility of an extension by the Commission afterwards. This means that EU benchmark users will continue to have access to these benchmarks. The agreed amendments will apply immediately after publication in the Official Journal of the European Union.

Iranian nuclear scientist shot 'by remote control'

PNN/ Jerusalem/

The European Union provided today an additional contribution of €9.27 million to support the Palestinian Authority with medical referrals to East Jerusalem Hospitals. This contribution is particularly timely amid the huge challenges facing the Palestinian health sector due to the Covid-19 pandemic.

The East Jerusalem hospitals are fundamental elements in the Palestinian health system, as thousands of Palestinians benefit from their specialized services that are not available elsewhere in the West Bank or Gaza. The contribution by the EU will enable these hospitals to maintain their crucial services while responding to the COVID 19 pandemic.

Together with European Union Member States, the EU has been supporting the Palestinian Authority with regular contributions to cover the costs of referrals to East Jerusalem Hospitals since 2012. Since then, the total support amounts to €140 million.

“We are witnessing an alarming increase in the number of Covid-19 cases in Palestine. The health care system is overloaded and faces unprecedented challenges. Under these difficult circumstances, it is crucial that East Jerusalem hospitals can continue to provide quality specialised health care to Palestinians from all parts of the Palestinian territory. Through our Team Europe approach, we have managed to mobilize resources from the EU and its Members States to help the Palestinian Authority in facing the impact of Covid-19 pandemic. Our support to the Palestinian hospitals in East Jerusalem demonstrates once again our strong commitment towards the Palestinian people as well as the Palestinian institutions in the city”, said the EU Representative Sven Kühn von Burgsdorff.

The East Jerusalem Hospitals serve as the main centres for specialized care within the Palestinian health system. Patients needing medical services that are not available in the West Bank and Gaza – such as specialist oncology, renal care and cardiac surgeries – are referred for treatment in the East Jerusalem Hospitals by the Palestinian Ministry of Health. There are six health institutions in East Jerusalem: Augusta Victoria Hospital, Makassed Hospital, St Joseph Hospital, St John’s Eye Hospital, Palestinian Red Crescent Maternity Hospital and Princess Basma Rehabilitation Centre.

Rabat – Moroccan Minister of Foreign Affairs Nasser Bourita is preparing to welcome two European Commissioners for discussions of the partnership between Morocco and the EU.

The European Commissioners for Home Affairs, Ylva Johansson, and Neighborhood and Enlargement Policy, Oliver Varhelyi, are set to arrive in Rabat on Tuesday morning. 

Their talks with high-ranking Moroccan officials “will reaffirm the strong partnership” between Morocco and the EU, the EC stated.

The European commissioners intend to discuss areas of common interest and explore new opportunities for cooperation with Morocco, a strategic partner of the EU. 

<p>The statement referenced “the new momentum that has been given to the partnership between the European Union and Morocco, since the Association Council in June 2019.”

On June 27, 2019, representatives of the EU and Morocco convened for the Association Council. They signed a joint declaration expressing mutual interest in giving a new impetus to their strategic relationship by developing a true “Euro-Moroccan partnership for shared prosperity.”

The partnership aims to further deepen Morocco-EU relations, strengthen regional and Euro-African cooperation, and support effective multilateralism with a focus on four structural areas.

The structural areas include the convergence of values, economic convergence and social cohesion, shared knowledge, and political and security consultation. The partnership also pursues cooperation in the field of environmental sustainability and climate action, and in the field of mobility and migration.

Johansson’s visit to Rabat notably represents an opportunity for her to visit projects the EU funds in Morocco related to migration and migrant integration.

Like other foreign officials who recently traveled to Morocco, the internal affairs commissioner will also visit the renowned Mohammed VI Institute for the Training of Imams, Morchidines, and Morchidates. The institute is part of Morocco’s efforts to curb the proliferation of extremist ideology by training imams from various countries, particularly from the Sahel region. 

A technical visit concerning Moroccan border management activities in Tangier is also on Johansson’s agenda. 

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