A series of MEPs travelled to Istanbul and met with Patriarch Bartholomew I of Constantinople, where they discussed about real orthodoxy and war.
“We must work for peace in Europe in every possible way. The churches have a key role to play in these efforts”, stressed MEP György Hölvényi after meeting with the Universal Patriarch Bartholomew I of Constantinople in Istanbul on 30 June. The co-chairman of the EPP Group’s Interreligious Dialogue Working Group visited the Ecumenical Patriarchate of Constantinople with his colleagues at the invitation of Patriarch Bartholomew I, the most eminent personality of Eastern Orthodox Christianity.
“We must work for peace in Europe in every possible way. The churches have a key role to play in these efforts”, stressed MEP György Hölvényi after meeting with the Universal Patriarch Bartholomew I of Constantinople in Istanbul on 30 June. The co-chairman of the EPP Group’s Interreligious Dialogue Working Group visited the Ecumenical Patriarchate of Constantinople with his colleagues at the invitation of Patriarch Bartholomew I, the most eminent personality of Eastern Orthodox Christianity.
“The visit comes in the midst of Russian aggression in Ukraine”, MEP György Hölvényi stressed in the context of the meetings in Istanbul. Orthodoxy has always been an important part of European history and cultural heritage. European decision-makers need to keep these foundations in mind and engage much more closely with religious leaders now, during the war.
Patriarch Bartholomew I stressed at the meeting that “There is no holy war. The present one is also a vicious war, which can only end with the establishment of peace as soon as possible.” In these difficult times, the Archbishop said, cooperation between different churches and denominations is more important than ever.
Commenting on the increasingly extreme European secularisation, he said that in Europe, despite the continent’s many assets, anti-religious phenomena can have a high cost, as threats to freedom of expression imply restrictions on religious freedom.
During the visit, the MEPs, including former EP President Antonio Tajani, also met Metropolitan Emmanuel of Chalcedon, one of the EPP Group’s longest-standing partners on European issues on behalf of the Ecumenical Patriarchate.
MEP György Hölvényi recalled that the EPP has been working with the Orthodox Church since 1996, a unique cooperation among the political groups in the European Parliament. The politician also recalled the particularly close relations between Hungary and Patriarch Bartholomew I. For example, as Secretary of State for Church Relations, he was involved in the conclusion of the international agreement with the Ecumenical Patriarchate of Constantinople in March 2014.
Recognizing the past “collective failure” in the Conference’s final declaration, world leaders called for greater ambition to ensure that the dire state of the ocean is addressed, and admitted frankly to being “deeply alarmed by the global emergency facing the ocean”.
At the closing, the UN Under-Secretary-General for Legal Affairs, Miguel de Serpa Soares, commended co-hosts – Portugal and Kenya – for the conference’s enormous success.
“[The Conference] has given us the opportunity to unpack critical issues and generate new ideas. It also made clear the work that remains, and the need to scale up that work for the recovery of our ocean”, Mr. Serpa Soares said, adding that it is essential to now turn the tide.
More than 6,000 participants, including 24 Heads of State and Government, and over 2,000 representatives of civil society attended the Conference, advocating for urgent and concrete actions to tackle the ocean crisis.
Recognizing a “collective failure to achieve Ocean related targets” so far, leaders renewed their commitment to take urgent action and to cooperate at all levels, to fully achieve targets as soon as possible.
Among the challenges the Ocean faces are coastal erosion, rising sea levels, warmer and more acidic waters, marine pollution, overexploitation of fish stocks and decrease of marine biodiversity.
Acknowledging that climate change is “one of the greatest challenges of our time”, and the need to “act decisively and urgently to improve the health, productivity, sustainable use and resilience of the ocean and its ecosystems”, top politicians gathered in Lisbon stressed that science-based and innovative actions, along with international cooperation, are essential to provide the necessary solutions.
Calling for transformative change, leaders stressed the need to address the cumulative impacts of a warming planet, on the ocean, including ecosystem degradation and species extinctions.
Reaffirming commitments
Reaffirming that the ocean is fundamental to life on our planet and to our future, the signatories emphasized the particular importance of implementing the Paris Agreement of 2015, and last November’s Glasgow Climate Pact to help ensure the health, productivity, sustainable use, and resilience of the ocean.
“We are committed to halting and reversing the decline in the health of the ocean’s ecosystems and biodiversity, and to protecting and restoring its resilience and ecological integrity.
Voluntary commitments include:
The Protecting Our Planet Challenge will invest at least USD $1 billion to support the creation, expansion, and management of marine protected areas by 2030.
The European Investment Bank will extend an additional EUR 150 million across the Caribbean Region as part of the Clean Oceans Initiative to improve climate resilience, water management and solid waste management.
Portugal committed to ensure that 100 per cent of the marine area under Portuguese sovereignty or jurisdiction is assessed as being in Good Environmental State and classify 30% of the national marine areas by 2030.
Kenya is currently developing a national blue economy strategic plan, inclusive and multistakeholder-oriented. Kenya also committed to developing a national action plan on sea-based marine plastic litter.
India committed to a Coastal Clean Seas Campaign and will work toward a ban on single use plastics.
“We call for an ambitious, balanced, practical, effective, robust, and transformative post-2020 global biodiversity framework”, the Lisbon declaration continued.
Resilient and healthy marine environments are the foundations of climate regulation and sustainable development, with the potential to produce food and energy for billions.
At the conference, more than 150 Member States made voluntary commitments to conserve or protect at least 30 percent of the global ocean within Marine Protected Areas, and other effective area-based conservation measures, by 2030.
“I am impressed by the new commitments [countries made], Mr. Serpa Soares said at the closing ceremony, adding that “commitments must be implemented at pace and monitored”. Some examples include:
Protecting or exceeding 30% of national maritime zones by 2030
Achieving carbon neutrality by 2040
Reducing plastic pollution
Increasing renewable energy use
Allocating billions of dollars to research on ocean acidification, climate resilience projects and to monitoring, control and surveillance
With the mission to generate and use knowledge for the transformational action needed to achieve a healthy, safe, and resilient ocean for sustainable development by 2030 and beyond, the Intergovernmental Oceanographic Commission (IOC) of the UN Scientific, Educational and Cultural Organization (UNESCO) is driving development for the Decade of action.
For that, the Decade framework is designed to produce better-informed ocean management, restore fish stocks; mobilize actions for sustainable fisheries and sustainable aquaculture for sufficient, safe and nutritious food.
Ocean Image Bank/Thomas Horig
One of the biggest threats to our oceans is man-made pollution.
It’s also geared to reducing marine pollution of all kinds, from both land and sea based sources, and work towards more effective marine protection, and develop and implement measures to adapt to climate change, reducing disaster risk, and the impacts of sea level rise, together with reducing emissions from maritime transportation.
Recognizing that developing countries, in particular small island developing States (SIDS) and least developed countries, face particular capacity challenges, political leaders are committing to strengthen data collection efforts, and enhancing cooperation at all levels to share knowledge.
After Lisbon
Financing is another particular focus of the declaration. The seven-page document states that innovative financing solutions must be found to drive the transformation towards sustainable ocean-based economies, and scale up nature-based solutions, as well as ecosystem-based approaches to support the resilience, restoration, and conservation of coastal ecosystems.
Declaring that the Conference proved the Blue Economy is now a huge part of the future security of humanity, the UN Secretary-General’s Special Envoy for the Ocean, Peter Thomson, called for more financial resources for it.
UNDP/Pierre Michel Jean
Sustainable fishing is improving livelihoods in Haiti.
He noted that the Secretary-General had pushed for consensus, after launching a red alert for humanity, and Mr. Thomson added that 2022 was proving to be a “super year”, calling for young people to be at the table for all the discussions on the ocean’s future, moving forward.
Speaking to UN News, Miguel de Serpa Soares added that the UN Ocean Conference was not the sole focus for ocean action this year.
“In the next several months, we will have several crucial events that hold many opportunities to demonstrate our commitments and ambition to turn the tide in favour of ocean sustainability”.
Participants at the 2022 UN Ocean Conference in Lisbon, Portugal.
Following the event in Lisbon, the path to save our ocean will continue through the Intergovernmental Conference on a treaty on marine biodiversity of areas beyond national jurisdiction, the Post-2020 Global Biodiversity Framework negotiations, and the negotiations for increased climate finance and adaptation actions at COP27 in Egypt.
Empower youth, women, and indigenous people
Recognizing the important role of indigenous, traditional, and local knowledge, innovation and practices held by indigenous peoples, as well as the role of social science in planning, decision-making and implementation, leaders are calling to meaningful participation of local communities.
UN News/Eleuterio Guevane
Young volunteers supporting the Ocean Conference in Lisbon.
“Empower women and girls, as their full, equal and meaningful participation is key in progressing towards a sustainable ocean-based economy and to achieving Goal 14”, the declaration highlights, stressing the importance of giving the power to youth to enable them to understand the “need to contribute to the health of the ocean, including in decision-making, through promoting and supporting quality education and life-long learning for ocean literacy”.
Calling on stakeholders to urgently take ambitions and concerted action to accelerate implementation to achieve Goal 14, the Conference concluded saying that “restoring harmony with nature through a healthy ocean is critical for the planet”.
Hope, and urgency
Encouraged by a renewed sense of hope and urgency about our future ocean, Mr. Serpa Soares concluded: “as we leave, we must follow-up on our commitments”.
“As the famous Tongan and Fijian writer Epeli Hau‘ofa said, we are the ocean. The ocean is in all of us, it is what sustains us, and it is the basis for our future survival on this planet Earth.”, he said.
The power of science
Building on the scientific focus of the week, UNESCO launched its key State of the Ocean Report on Friday.
The report was developed to provide new and revealing data on the current state of the ocean, structured around the initial 10 challenges of the Decade.
UNESCO’s Chief of the Ocean Science Section, Henrik Enevoldsen, spoke to UN News and said that the report complemented the scientific work of the conference, enhancing our capacity to manage the ocean.
Talking about the outcome of the conference he said it “highlighted the areas where we need more knowledge to provide a proper basis for decision makers [and to] better manage the ocean.
UN News has been on the ground in Lisbon, Portugal, all week, bringing you multimedia coverage of the Ocean Conference. You can access all our reports and interviews, here.
And each year, individuals, communities, and various organizations all over the world, from civil society to the private sector, join in to observe World Drug Day to help raise awareness of the major problem that illicit drugs pose to society.
The focus of the International Day against Drug Abuse and Illicit Trafficking 2022 was “Addressing drug challenges in health and humanitarian crises”. Ensuring access to controlled medicines, guaranteeing evidence-based care, treatment and services, and preventing negative coping behaviours through support were among the calls to action highlighted both on the day and in the United Nations Office on Drugs and Crime (UNODC)’s World Drug Report 2022, launched last Monday.
Around the world on Monday 27 June, UNODC regional and support offices celebrated World Drug Day and presented the main findings of the World Drug Report 2022.
In Mexico City, UNODC’s Head of Coordination, Mariana Alegret, joined the National Commission Against Addiction’s annual virtual World Drug Day event, presenting the report to the press, drug policymakers and the general public. The event also heard from representatives of the ministries of health, public security and foreign affairs, as well as the Federal Prosecutor´s Office.
In Chisinau, Moldova, UNODC held a coffee morning with media, police, and civil society organizations (CSOs) where Simon Springett, UN Resident Coordinator in Moldova explained that “apart from Covid-19 and the war in our neighbouring country, we are also fighting a drug use crisis, especially with new psychoactive substances”.
Through open discussions and a photo exhibition, journalists present at the event had the opportunity to get acquainted with the results of a collaboration between CSOs that provide socio-medical services to people who use drugs and the Chisinau police. Police deputy Alexei Grosu spoke about how the collaboration has helped to “change the mentality among the police towards drug users, who are now focusing on offering drug users the needed support by referring them to the CSOs who can provide socio-medical assistance.” UNODC’s Ina Tcaci underlined that such a collaboration was almost impossible a decade ago.
Constantin Cearanovski, representing the Positive Initiative CSO, told from his own experience how the police had played a positive role in motivating drug users toward treatment and rehabilitation, and Dr Lilia Fiodorov, narcologist at the Republican Narcology Dispensary, reported being able to aid 25 refugees who received drug treatment since the beginning of the war in Ukraine.
In Abidjan, Côte d’Ivoire, UNODC commemorated World Drug Day with four days of events (June 25-29), joined by national authorities and CILAD, the interministerial committee for the fight against drugs (for its acronym in French). More than 250 participants attended the World Drug Report launch event last Monday, and more still joined online.
As the World Drug Report 2022 highlights, West and Central Africa is hard hit by the drug problem, despite having long being considered a mere transit zone. “In a context of health and humanitarian crises, West and Central Africa must continue to invest in data collection and analysis, disaggregated by sex and age, to strengthen early warning and evidence-based responses,” said Dr Amado Philip de Andrés, UNODC director for the region, speaking at the event.
Côte d’Ivoire, like other West African coastal countries, is facing an influx of drugs trafficked from Latin America, as evidenced by recent cocaine seizures off the coast of Abidjan in March 2021 and April 2022. General Vagondo Diomandé, Minister of Interior and Security, spoke to this challenge: “The Ivorian authorities remain committed to combating illicit drug trafficking with the support of UNODC, as demonstrated by the drafting of a bill relating to the fight against trafficking and illicit use of narcotic drugs, psychotropic substances and their precursors, as well as the national strategy against organized crime.”
Secretary of Government in Ecuador Francisco Jiminez and Leonidas Iza, who leads the Confederation of Indigenous Nations, shook hands on an agreement mediated by Archbishop Luis Cabrera of Guayaquil, the head of the country’s Episcopal Conference, who tempered tense and sometimes terse as well as frank points of view.
The agreement ends eighteen days of unrest, which saw major demonstrations, spearheaded by indigenous groups, protesting dire poverty.
Gasoline and diesel prices will decrease by fifteen cents per gallon, instead of the ten cents worth, as initially proposed by the government. The agreement insists on the need to address improving health and education, and to limit oil exploration and expansion, while banning mining in protected areas, including national parks.
The Government now has ninety days to back up its commitments by keeping its promises.
Archbishop Cabrera, meanwhile, mildly but firmly cautioned that helping marginalized communities must be the priority. Half of the population of Ecuador is indigenous.
Acknowledging the wide variety of issues Jimenez said: “We have a nation with problems, divisions, and injustices.”
President Guillermo Lasso, for his part, said, “We’ve achieved the supreme value to which we all aspire: Peace.”
In recent days, the Administration of the Patrimony of the Apostolic See (APSA) has completed the sale of the building at 60 Sloane Avenue in London to Bain Capital, with total proceeds of 186 million pounds sterling. The Secretariat for the Economy followed the entire procedure in its various phases.
The capital loss incurred was entirely transferred to the reserve funds of the Secretariat of State, and the papal charity – Peter’s Pence, which comprises offerings from the faithful – has not been touched.
To ensure transparency and independence of the evaluation process, the Holy See availed itself of the assistance of the real estate broker Savills, selected at the end of a tender procedure launched in January 2021 under the supervision of real estate advisors.
In September 2021, APSA received the first round of 16 offers, subject to due diligence in the following months, followed by a second round of three offers, also subject to appropriate investigations. The operation was completed in recent months with the choice of the buyer, and, finally, the signing of the deed of sale.
Parliament will vote on new digital rules, discuss the priorities of the Czech presidency and look at rising prices during the plenary session on 4-7 July.
On Tuesday, MEPs are set to approve the Digital Services Act and the Digital Markets Act, new rules that aim to regulate the digital landscape and limit unfair practices by digital platforms, increase their accountability and protect users from harmful and illegal content.
On Wednesday, Parliament will decide whether to block the European Commission’s plan to classify nuclear and gas energy as environmentally sustainable, meaning projects could benefit from EU funding. MEPs from the economic and environment committees objected to the plan. This classification system for sustainable economic activities is known as EU taxonomy.
Ukraine
MEPs will discuss a number of issues related to Ukraine with representatives of the Council and the Commission on Wednesday, including the decision to grant the country EU candidate status and how to ensure the transport of agricultural products.
Ukraine, traditionally one of the large exporters of agricultural products, faces the destruction of its transport infrastructure and blockage of existing routes following the invasion of Russia.
Cost of living and energy prices
In the wake of rising prices, particularly for food and fuel, MEPs will discuss how EU funds could help people cope with the mounting cost of living on Tuesday. On Wednesday, they will look at how a windfall tax could be levied on energy company profits.
Czech presidency
On Wednesday, Czech Prime Minister Petr Fiala, will discuss the programme and priorities of his country’s presidency with MEPs. The Czech Republic took over the six-month rotating presidency of the EU Council on 1 July.
Duzhe dyakuyu, thank you so much for inviting me to address this special session. Just days ago, on Constitution Day, President Zelenskyy, you said that your ‘victory is not far off’. Of course, Putin’s army is still killing your brothers and sisters. They continue occupying your land, stealing your grain and bombing your cities. You are fighting back bravely. And Europe will stand up with Ukraine as long as it takes. We will not rest until you prevail.
Your brave soldiers on the frontline are making ultimate sacrifices to defend the soil of Ukraine and its people. And behind the lines, there are countless other Ukrainians working to support this national endeavour. And they all hope for a brighter future for their country. This is a courageous generation, on the march towards their vision. Their vision of a free Ukraine that is part of a democratic Europe. I have them clearly in my mind as I speak to you today. You have kept your state and your democracy up and running against all odds. I saw it with my own eyes, after taking the train to Kyiv twice since the beginning of the war. You have kept the Parliament open even in the darkest days, when bombs fell on Kyiv and you had to build barricades to protect the Rada.
Ukraine filed its application for membership in the European Union only days after the Russian invasion. And you managed to provide us with all the necessary information to put forward a strong opinion. We in the European institutions worked day and night to support you. But it is your effort that got the work done. You mobilised not only your institutions, but the best energies in your country. You reached out to thousands of experts from civil society and academia, to showcase everything Ukraine has achieved since the Revolution of Dignity. And because of this effort, you have gained the endorsement and the respect of all EU Member States. This is a significant sign of trust. Ukraine now has a clear European perspective and it is candidate to join the European Union, Something that seemed almost unimaginable just five months ago. So today is first and foremost a moment to celebrate this historic milestone. A victory of determination and resolve. And a victory for the whole movement that started eight years ago on the Maidan.
You have come such a long way since 2014. You have chosen firmly to be a democracy and to live under the rule of law. This choice, Ukraine has already made for itself, for its own sake. Mr President, you once told me that everything that Ukraine would do for EU membership it would do anyway. Because that is the modern and prosperous Ukraine you want it to be. The next steps are within your reach. But they will require hard work, determination and above all unity of purpose.
Today, the international community is mobilising to support your efforts to rebuild your beautiful country. Next Monday, together with President Zelenskyy and Prime Minister Shmyhal, I will participate in the Lugano conference for the reconstruction of Ukraine. Your European path and the reconstruction of the country will go hand in hand. Ukraine will be in the lead. Massive investments will have to come. But to maximise their impact and to foster business confidence, investments will have to be coupled with a new wave of reforms.
You have determined your reform agenda and you have already made important progress. Take the fight against corruption. Preventing and combatting corruption has been particularly high on your agenda since the Revolution of Dignity. You have created an impressive anti-corruption machine. But now these institutions need teeth, and the right people in senior posts. The new head of the Specialised Anti-Corruption Prosecutor´s Office and the new director of the National Anti-Corruption Bureau of Ukraine should be appointed as soon as possible. Or take your plans to reform the Constitutional Court. Legislation is needed for selection procedures for judges, in line with the recommendations of the Venice Commission. Institutions must come to life, so that they can deliver on the aspirations of your people. Or think about the excessive influence of oligarchs on the economy. Today, Ukraine is the only country in Europe’s Eastern Partnership to have adopted a law to break the oligarchs’ grip on your economic and political life. And I commend you for that. Now you have to focus on the implementation of this law in a legally sound manner, taking into account the forthcoming opinion of the Venice Commission. A media law should also be adopted, one that aligns Ukraine’s legislation with current EU standards and empowers the independent media regulator. In sum, many of the laws and the institutions you need are already in place. Now is the time to translate rules and bodies into positive and enduring change.
Of course, reforms always take time. That is how all our democracies work. They need constant commitment and dedication. And for instance, no one expects Ukraine to fill in all posts in your new institutions while so many of your best and brightest are fighting on the front. But Ukraine’s democracy must be kept on the right track. You have already shown that you can pass important laws even as the war still rages on, and make every day count.
You know the work that lies ahead better than anyone else. The word Rada means council, and council means collective wisdom. I am confident that you will put your collective wisdom at the service of Ukraine, when it comes to reforms and to the future of your country. So today, I come here with a very simple message. There is a long road ahead but Europe will be at your side every step of the way, for as long as it takes, from these dark days of war until the moment you cross the door that leads into our European Union.
I believe in Ukraine’s European future. And the reason is simple. The reason is the tenacity of the Ukrainian people. Your resolve. Your passion for Europe. Your desire to live the European dream in your beautiful country. As President Zelenskyy said in his first speech in front of this parliament: ‘Europe is not somewhere else. Europe is here, in your mind. And when Europe is in your mind, then Europe will come to your country too.’ It is your country. It is your future. And only you can make it happen. You are the ones who can change this country for good. And this will be your ultimate victory. A free, prosperous and vibrant Ukraine. A sovereign Ukraine that is finally reunited with our European family.
The EU brings crypto-assets, crypto-assets issuers and crypto-asset service providers under a regulatory framework for the first time.
The Council presidency and the European Parliament reached a provisional agreement on the markets in crypto-assets (MiCA) proposal which covers issuers of unbacked crypto-assets, and so-called “stablecoins”, as well as the trading venues and the wallets where crypto-assets are held. This regulatory framework will protect investors and preserve financial stability, while allowing innovation and fostering the attractiveness of the crypto-asset sector. This will bring more clarity in the European Union, as some member states already have national legislation for crypto-assets, but so far there had been no specific regulatory framework at EU level.
Recent developments on this quickly evolving sector have confirmed the urgent need for an EU-wide regulation. MiCA will better protect Europeans who have invested in these assets, and prevent the misuse of crypto-assets, while being innovation-friendly to maintain the EU’s attractiveness. This landmark regulation will put an end to the crypto wild west and confirms the EU’s role as a standard-setter for digital topics.
– Bruno Le Maire, French Minister for the Economy, Finance and Industrial and Digital Sovereignty
MiCA will protect consumers against some of the risks associated with the investment in crypto-assets, and help them avoid fraudulent schemes. Currently, consumers have very limited rights to protection or redress, especially if the transactions take place outside the EU. With the new rules, crypto-asset service providers will have to respect strong requirements to protect consumers wallets and become liablein case they lose investors’ crypto-assets. MiCA will also cover any type of market abuse related to any type of transaction or service, notably for market manipulation and insider dealing.
Actors in the crypto-assets market will be required to declare information on their environmental and climatefootprint. The European Securities and Markets Authority (ESMA) will develop draft regulatory technical standards on the content, methodologies and presentation of information related to principal adverse environmental and climate-related impact. Within two years, the European Commission will have to provide a report on the environmental impact of crypto-assets and the introduction of mandatory minimum sustainability standards for consensus mechanisms, including the proof-of-work.
To avoid any overlaps with updated legislation on anti-money laundering (AML), which will now also cover crypto-assets, MiCA does not duplicate the anti-money laundering provisions as set out in the newly updated transfer of funds rules agreed on 29 June. However, MiCA requires that the European Banking Authority (EBA) will be tasked with maintaining a public register of non-compliant crypto-asset service providers. Crypto-asset service providers, whose parent company is located in countries listed on the EU list of third countries considered at high risk for anti-money laundering activities, as well as on the EU list of non-cooperative jurisdictions for tax purposes, will be required to implement enhanced checks in line with the EU AML framework. Tougher requirements may also be applied to shareholders and to the management of the CASPs), notably with regard to their localisation.
A strong framework applicable to so-called “stablecoins” to protect consumers
Recent events on theso-called “stablecoins” markets showed once again the risks incurred by holders in the absence of regulation, as well as the impacts it has on other crypto-assets.
In fact, MiCA will protect consumers by requesting stablecoins issuers to build up a sufficiently liquid reserve, with a 1/1 ratio and partly in the form of deposits. Every so-called “stablecoin” holder will be offered a claim at any time and free of charge by the issuer, and the rules governing the operation of the reserve will also provide for an adequate minimum liquidity. Furthermore, all so-called “stablecoins” will be supervised by the European Banking Authority (EBA), with a presence of the issuer in the EU being a precondition for any issuance.
The development of asset-referenced tokens (ARTs) based on a non-European currency, as a widely used means of payment, will be constrained to preserve our monetary sovereignty. Issuers of ARTs will need to have a registered office in the EU to ensure the proper supervision and monitoring of offers to the public of asset-referenced tokens.
This framework will provide the expected legal certainty and allow innovation to flourish in the European Union.
EU-wide rules for crypto-asset service providers and different crypto assets
Under the provisional agreement reached today, crypto-asset service providers (CASPs)will need an authorisation in order to operate within the EU. National authorities will be required to issue authorisations within a timeframe of three months. Regarding the largest CASPs, national authorities will transmit relevant information regularly to the European Securities and Markets Authority (ESMA).
Non-fungible tokens (NFTs), i. e. digital assets representing real objects like art, music and videos, will be excluded from the scope except if they fall under existing crypto-asset categories. Within 18 months the European Commission will be tasked to prepare a comprehensive assessment and, if deemed necessary, a specific, proportionate and horizontal legislative proposal to create a regime for NFTs and address the emerging risks of such new market.
Next steps
The provisional agreement is subject to approval by the Council and the European Parliament before going through the formal adoption procedure.
Background
The European Commission came forward with the MiCA proposal on 24 September 2020. It is part of the larger digital finance package, which aims to develop a European approach that fosters technological development and ensures financial stability and consumer protection. In addition to the MiCA proposal, the package contains a digital finance strategy, a Digital Operational Resilience Act (DORA) – that will cover CASPs as well – and a proposal on distributed ledger technology (DLT) pilot regime for wholesale uses.
This package bridges a gap in existing EU legislation by ensuring that the current legal framework does not pose obstacles to the use of new digital financial instruments and, at the same time, ensures that such new technologies and products fall within the scope of financial regulation and operational risk management arrangements of firms active in the EU. Thus, the package aims to support innovation and the uptake of new financial technologies while providing for an appropriate level of consumer and investor protection.
The Council adopted its negotiating mandate on MiCA on 24 November 2021. Trilogues between the co-legislators started on 31 March 2022 and ended in the provisional agreement reached today.
Foreign subsidies distorting the internal market: provisional political agreement between the Council and the European Parliament
The Council and the European Parliament today reached a provisional political agreement on the regulation on foreign subsidies distorting the internal market.
The French Presidency of the Council of the European Union was built on the principle of economic sovereignty. Economic sovereignty depends on two key principles: investment and protection. The agreement reached on this new instrument will make it possible to combat unfair competition from countries that grant massive subsidies to their industry. This is a major step towards protecting our economic interests.
– Bruno Le Maire, French Minister for the Economy, Finance and Industrial and Digital Sovereignty
The regulation aims to remedy the distortions created by subsidies granted by non-EU countries to companies operating in the EU’s single market. It establishes a comprehensive framework for the Commission to examine any economic activity benefiting from a subsidy granted by a non-EU country on the internal market. In doing so, the regulation aims to restore fair competition between all undertakings — both European and non-European — operating in the internal market.
The Commission will be empowered to investigate the financial contributions granted by the public authorities of a non-EU country to undertakings engaging in an economic activity in the EU by means of three tools:
two prior authorisation tools — to ensure a level playing field for the largest mergers and bids in large-scale public procurement ;
a general market investigation tool to investigate all other market situations and lower-value mergers and public procurement procedures.
The co-legislators have decided to maintain the notification thresholds proposed by the Commission for mergers and public procurement procedures:
EUR 500 million for mergers;
EUR 250 million for public procurement procedures.
The Commission will be empowered to investigate subsidies granted up to five years before the entry into force of the regulation and distorting the internal market after its entry into force.
Governance
In order to ensure uniform application of the regulation throughout the EU, the Commission will be exclusively competent to enforce the regulation. During this centralised implementation, member states will be kept regularly informed and will be involved, through the advisory procedure, in decisions adopted under the regulation.
If an undertaking fails to comply with the obligation to notify a subsidised concentration or a financial contribution in the context of public procurement procedures meeting the thresholds set, the Commission will be able to impose fines and examine the transaction as if it had been notified.
Assessment of the effect of foreign subsidies
As is the case under the EU state aid control framework, if the Commission finds that a foreign subsidy exists and that it distorts competition, it will perform a balancing test. This is a tool to assess the balance between the positive and negative effects of a foreign subsidy.
If the negative effects outweigh the positive effects, the Commission will be empowered to impose redressive measures or to accept commitments from the undertakings concerned that remedy the distortion.
Next steps
The provisional agreement reached today is subject to approval by the Council and the European Parliament. On the Council’s side, the provisional political agreement is subject to approval by the Permanent Representatives Committee (Coreper), before going through the formal steps of the adoption procedure.
The regulation will enter into force on the 20th day following that of its publication in the Official Journal of the European Union.
Background
At present, subsidies granted by member states are subject to state aid controls, but there is no EU instrument to control subsidies granted by non-EU countries. This undermines the level playing field.
To address this, the European Commission tabled the proposal for a regulation on foreign subsidies distorting the internal market on 5 May 2021. It serves as a tool to ensure a level playing field for all undertakings operating in the single market which receive support from an EU member state or from a non-EU country.
Coral Reefs Ecosystem – Approximately 14 per cent of the world’s corals have been lost since 2009, according to the “Status of Coral Reefs of the World 2020” report, a quantitative analysis of a global dataset spanning from 1978 to 2019. According to Gabriel Grimsditch, United Nations Environment Programme (UNEP) marine ecosystems expert, “Coral reefs are one of the most sensitive ecosystems globally to the ravages of human activities,”
Despite covering less than 10% of the ocean, coral reefs are home to over 9 million species, about a fourth of all marine life, for food, shelter, and even for predators to hunt. Fish, invertebrates, birds, and megafauna including sharks, sea turtles, and marine mammals are among the species found on coral reefs. The conservation of coral reefs should be a global priority and apt measures should be implemented as soon as possible.
Coastal development, dredging, quarrying, destructive fishing practices and gear, boat anchors and groundings add to the factors leading to the destruction of coral reefs.
Most reefs in the world also suffer from poor water quality. Upon entering the ocean, polluted water carries sediment into the ocean. The sediment can smother coral reefs by blocking out the sunlight that corals require to grow. Poor water quality also makes it hazardous for the various living organisms in the habitat.
The importance of clean water bodies has been emphasized time and again and these facts and figures just add a little more evidence to support it. Right now we need a lot more effort than just creating awareness. What we need is the adaptation of efficient and innovative ways that can help us to keep the oceans clean and thus create a clean habitat for the coral reefs to flourish. The inventions like the “WasteShark” by Dutch company RanMarine and FRED by the US-based organization Clear Blue Sea are a few examples that have proved to be both efficient and easy ways of cleaning water bodies.
The WasteShark, according to RanMarine, is designed for in-shore applications, where garbage and biomass tend to gather. When compared to competing options, WasteShark provides a simple and effective method of capturing floating garbage. Ranmarine was founded in 2015 by Richard Hardiman. The company has received funding from EASME based in Belgium and Rajat Khare’s Boundary Holding. The above-mentioned points can just be a part of the complete solution, the other major part being the active participation of people, organisations and governments. From making minor changes in the ways of disposing of trash to choosing the use of eco-friendly fertilizers we can contribute in a lot of ways. “Climate action and reduction of localized threats must go hand-in-hand if we want coral reefs to survive for future generations to enjoy and benefit from them,” says Grimsditch.
