First review of EU-US Data Privacy Framework concludes that US authorities have put in place the constitutive elements of the framework
The Commission has published a report today following the first review of the adequacy decision for the EU-US Data Privacy Framework (DPF) for personal data transferred from the European Union to organisations in the US.
Based on the information gathered during the review, the Commission concludes that the US authorities have put in place all the constitutive elements of the framework. This includes the implementation of safeguards to limit access to personal data by US intelligence authorities to what is necessary and proportionate to protect national security, and the establishment of an independent and impartial redress mechanism. The report also contains a number of recommendations to ensure that the Framework continues to function effectively, such as developing common guidance between US authorities and EU data protection authorities on key DPF requirements. The Comm
ission will continue to monitor developments and will report periodically on its functioning.
The review is based on input from a wide range of actors including civil society organisations, trade associations, EU data protection authorities, US authorities involved in implementing the framework, as well as feedback from the general public via the ‘Have your Say’ portal. The report builds also on information gathered during the review meeting in July 2024 between Commissioner for Justice Didier Reynders, US Secretary of Commerce Gina Raimondo, and their experts. The EU delegation to the review meeting included representatives of the European Commission and the European Data Protection Board.
More information on EU-U.S. data transfers is available here.
(For more information: Jördis Ferroli – Tel.: +32 2 299 27 29; Cristina Torres Castillo – Tel.: + 32 2 299 06 79)
EU launches Humanitarian Air Bridge operation for Lebanon and mobilises further assistance from Member States
The EU is mobilising all the emer
gency response tools at its disposal to support people affected by the ongoing crisis in Lebanon.
Today, the EU launched a Humanitarian Air Bridge operation consisting of three flights from Dubai and Brindisi with the first one reaching Beirut on 11 October. The flights will transport EU-owned stocks including hygiene items, blankets and emergency shelter kits, among other items.
Furthermore, though the EU Civil Protection Mechanism, aid from Spain, Slovakia, Poland, France and Belgium is being delivered to Beirut since last week, with further aid from Greece to be transported in the coming days. The Commission funds the transport costs of these deliveries and ensures smooth coordination.
Supplies donated by Member States include medicines and medical items that are crucial to assist people in Lebanon lacking access to emergency health care, in particular for those forcibly displaced.
The EU’s Emergency Response Coordination Centre remains in close contact with Member States and humanitarian partners to m
obilise further offers.
This assistance comes on top of some pound 104 million in EU humanitarian aid allocated for Lebanon this year, including the latest emergency allocations.
(For more information: Balazs Ujvari – Tel.: +32 2 295 45 78; Daniel Puglisi – Tel.: +32 2 296 91 40)
Commissioner Hoekstra participates in Pre-COP29 meeting in Azerbaijan ahead of annual UN Climate Conference
Tomorrow and Friday, Commissioner for Climate Action Wopke Hoekstra will participate in the Pre-COP29 meeting in Baku, Azerbaijan. With just a month to go until the COP29 UN Climate Change Conference (11 – 22 November), this meeting is a key opportunity for ministers from across the globe to come together ahead of the formal negotiations to step up their discussions and pave the way for a successful COP29 outcome, including on climate finance, international carbon markets, adaptation to climate change, and following up on the COP28 commitment to accelerate the transition away from fossil fuels.
Tomorrow, Commissioner Hoeks
tra will attend the Plenary discussion ‘Road to COP29’ and three breakout sessions held during the day on climate mitigation, adaptation to climate change and loss and damage, and the new collective quantified goal on climate finance (NCQG). This week, the Council of the EU has approved conclusions on climate finance, while the EU negotiating mandate for COP29 is expected to be agreed at the Environment Council meeting of 15th October. The Commissioner will also give a keynote speech and participate in a panel discussion at a side event called ‘Roadmap to Mission 1.5’, on preparing the next round of Nationally Determined Contributions (NDCs) for next year, and aligning them with the Paris Agreement goal of limiting global temperature rise to 1.5C.
The Commissioner will also have bilateral meetings with: Amina J. Mohammed, UN Deputy Secretary-General and Chair of the UN Sustainable Development Group; Yasmine Fouad, Egyptian Minister of Environment; Olga Givernet, French Minister-Delegate for Energy, attached
to the Minister for the Ecological Transition, Energy, the Climate and Risk Prevention; and Grace Fu, Minister for Sustainability and the Environment of Singapore. In the evening, he will take part in a Ministerial dinner organised by the COP29 Presidency.
On Friday, Commissioner Hoekstra will attend the Plenary discussions, focused on unlocking the potential of carbon markets via Article 6 of the Paris Agreement, and taking forward the outcomes of the first Global Stocktake of the Paris Agreement. He will also meet bilaterally during the day with the German State Secretary and Special Envoy for International Climate Action, Jennifer Morgan; the Minister of Forestry, Fisheries and the Environment of South Africa, Dion George; and the Minister of Ecology and Natural Resources of Kazakhstan, Yerlan Nyssanbayev. The Commissioner’s trip to Baku will close with a meeting with civil society and a discussion with young students from ADA University during its Green Diplomacy Weeks.
(For more information: Tim McPhie
– Tel.: +32 2 295 86 02; Ana Crespo Parrondo – Tel.: +32 2 298 13 25)
Commission to invest pound 865 million under Connecting Europe Facility (CEF) to support fast and secure digital connectivity networks
Today, the Commission has adopted the second Work Programme for the digital part of the Connecting Europe Facility (CEF) Digital, which defines the scope and objectives of EU-funded actions to improve Europe’s digital connectivity infrastructures. These actions will receive around pound 865 million of funding from 2024 to 2027.
Improving Europe’s connectivity infrastructure is fundamental for achieving Europe’s 2030 Digital Decade objectives to connect all citizens and business with 5G and gigabit connectivity. By fostering public and private investments, CEF Digital contributes to connectivity projects of common EU interest and to the deployment of safe, secure and sustainable high-performance infrastructure, such as Gigabit and 5G networks, across the EU.
The new CEF Digital Work Programme will support
actions in the following areas:
The deployment of 5G infrastructures in Europe, co-financing large-scale projects promoting the rollout of Gigabit and standalone 5G infrastructures, as well as the integration of edge cloud and computing capabilities in vertical sectoral applications, such as health, manufacturing, transport, and logistics;
The deployment and significant upgrade of backbone networks, including quantum communication networks and submarine cables, to increase the performance, resilience, and capacity of connectivity networks within and between Member States, as well as between the Union and third countries;
The deployment of operational digital platforms for transport or energy infrastructures, by optimising the energy use of information and communication technology (ICT) and reducing its environmental impact. These operational digital platforms will build on and integrate with existing and emerging European data, cloud and edge computing, and connectivity infrastructures, funded by the Digit
al Europe Programme and Horizon Europe.
The second CEF Digital Work Programme will also help stimulate the competitiveness of the European digital ecosystem, in order to address the critical geopolitical and geoeconomic challenges highlighted, among others, by the White Paper ‘How to master Europe’s digital infrastructure needs?’. CEF Digital also aims to increase the capacity, security, and resilience of digital backbone networks, in particular submarine cables. Moreover, it will contribute to leveraging public and private resources to tackle the investment gap that hinders the rollout of high-performance networks, essential for the take-up of advanced technologies by citizens and businesses.
Next Steps
The fourth call under the Connecting Europe Facility Digital programme will be launched in the following days. Interested stakeholders will also be able to attend info days after the launch to find out more about the priorities and main aspects of the calls, as well as the evaluation and award processes.
Background
With a budget of up to pound 2 billion until 2027, under the Connecting Europe Facility Digital programme, the first two sets of calls so far funded 65 projects, including 30 backbone connectivity projects for the Digital Global Gateways, 17 projects promoting 5G for Smart Communities, and 18 projects in the area of 5G cross-border corridors.
CEF Digital supports Europe’s digital transformation and it is part of the overall Connecting Europe Facility programme, which supports investment in trans-European digital, transport and energy networks, worth pound 33.7 billion from 2021 to 2027.
For More Information
Connecting Europe Facility – Work Programme
Connecting Europe Facility – CEF Digital
Connecting Europe Facility – Implementation
Quote(s)
Improving our connectivity is of strategic importance in the EU. And with this second work programme we aim to connect more citizens and businesses and launch more innovative connectivity infrastructure. The Digital Work Programme will invest around po
und 865 million to support actions in deployment of advanced gigabit and 5G infrastructures, as well as backbone cable projects.
Margrethe Vestager, Executive Vice-President for a Europe Fit for the Digital Age
Statement by the European Commission
The EU takes with utmost seriousness any unfair use of trade defence instruments against any sector of our economy.
Abuse of trade defence for inappropriate reasons is a clear breach of WTO rules. Accordingly, the Commission will robustly challenge at WTO level the announced imposition of provisional antidumping measures by China on imports of brandy from the EU.
In parallel, the Commission will now carefully identify and assess all possibilities to offer appropriate support to EU producers facing the negative impact of this unwarranted decision by the government of China.
We have tools at our disposal to address injurious impacts on EU producers from situations of market disturbance, or threat thereof.
The Commission will always stand firmly and fearlessly o
n the side of EU producers, industry, open and fair trade, and a global level playing field.
Global Gateway High-Level Youth Event reviews progress to foster youth engagement in building a more sustainable future
The Global Gateway High-Level Youth Event taking place today and tomorrow in Brussels highlights the transformational impact of the EU’s commitment to invest in and partner with young people around the world as part of the Global Gateway strategy. After a day dedicated to youth networks, the high-level event opens tomorrow with a video message by Ursula von der Leyen, President of the European Commission, followed by a keynote speech by Jutta Urpilainen, Commissioner for International Partnerships.
Commissioner Urpilainen said: ‘The launch of the first Youth Action Plan in External Action two years ago was a landmark moment. Our goals were ambitious: to engage young people by giving them a voice in policy and decision making; to empower them with the resources they need to lead sustainable change;
and to connect them, amplifying their collective influence. We are starting to see the impact – and yet, this is just the beginning. The Youth Action Plan and Global Gateway will create more opportunities for youth worldwide and ensure that young people continue to shape a more sustainable, inclusive future.’
The event brings together policymakers, members of the EU’s Youth Sounding Boards from around the globe, and other young leaders to celebrate achievements to-date under the first-ever Youth Action Plan in EU external action (2022-2027), including flagship initiatives such as: the Women and Youth in Democratic Engagement, which supports the engagement of young people in decision-making, political processes and civic movements at country level; the Youth Empowerment Fund, which facilitates access to and provides resources for young people to contribute to the sustainable development of their local communities and societies; and the Africa-Europe Youth Academy, which aims to enhance the capacities and oppo
rtunities of young people to act as multipliers of sustainable development and bridge-builders between Africa and Europe.
You can find more information on the agenda and follow the event online on this webpage.
(For more information: Ana Pisonero – Tel.: +32 2 295 43 20; Jennifer Sanchez Da Silva – Tel.: +32 2 295 83 16)
European Commission issues pound 11 billion in its 9th syndicated transaction of 2024
The European Commission has today raised pound 11 billion of EU-Bonds in its 9th syndicated transaction for 2024.
The dual-tranche transaction concerned a pound 5 billion tap of the EU-Bond maturing on 6 December 2027, and a pound 6 billion tap of the EU-Bond maturing on 4 October 2039. The 3-year bond was priced 101.101% with a re-offer yield of 2.506%, while the 15-year bond was priced 101.734%, with a re-offer yield of 3.227%. Bids received were in excess of pound 81 billion on the 3-year bond and in excess of pound 85 billion on the 15-year bond. This equals oversubscription rates of approximately 1
6-times and 14-times, respectively.
The proceeds of the transaction will be used to finance EU policy programmes (most notably in the context of NextGenerationEU and support to Ukraine).
Today’s bond syndication
3-year tap
Due on 6 December 2027, this bond carries a coupon of 2.875% and came at a re-offer yield of 2.506%, equivalent to a price of 101.101%. The spread to mid-swap is 11 bps, which is equivalent to 44.9 bps over the Bund due on 15 October 2027 and 3.3 bps over the OAT due on 24 September 2027.
The final order book was of over pound 81 billion.
15-year tap
Due on 4 October 2039, this bond carries a coupon of 3.375% and came at a re-offer yield of 3.227%, equivalent to a price of 101.734%. The spread to mid-swap is 66 bps, which is equivalent to 72.1 bps over the Bund due on 4 July 2039 and about 1.9 bps through the OAT due on 25 October 2038.
The final order book was of over pound 85 billion.
The joint lead managers of this transaction were Barclays, BNP Paribas, Goldman Sachs, LBBW and
Nordea. Danske, Intesa, KBC, MPS, Natixis and Santander acted as co-leads.
The Commission has now issued approximately pound 44 billion of its pound 65 billion funding target for the second half of 2024. A full overview of all EU transactions executed to date is available online. A detailed overview of the EU’s planned transactions for the second half of 2024 is also available in the EU funding plan. The next transaction in the EU’s indicative issuance calendar is an EU-Bond auction on 21 October 2024 *.
Background
The European Commission is empowered by the EU Treaties to borrow from the international capital markets on behalf of the European Union to finance selected EU policy programmes. It is a well-established name in debt securities markets, with a track record of bond issuances over the past 40 years. All issuances executed by the European Commission are denominated exclusively in euro. All EU borrowing is guaranteed by the EU budget, and contributions to the EU budget are an unconditional legal obl
igation of all Member States under the EU Treaties.
Since January 2023, the EU funds its different policy programmes by issuing single-branded EU-Bonds rather than separately labelled bonds for individual programmes. This follows the creation of a unified funding approach, extending the diversified funding strategy first established in 2021 for NextGenerationEU to other policy programmes funded by EU borrowing.
To finance EU policies as efficiently and effectively as possible, the Commission’s issuances are structured by semi-annual funding plans and pre-announced issuance windows. In parallel, a framework incentivising EU Primary Dealers to provide quotes on EU securities on electronic platforms is in place since November 2023 and a new repurchase facility is now made available to EU Primary Dealers as from 7 October 2024 to support the secondary market liquidity through the use of EU-Bonds in repurchase agreements.
With today’s transaction, the EU has now issued pound 410 billion in EU-Bonds under the un
ified funding approach. Of the proceeds raised, almost pound 260 billion has been disbursed to Member States under the NextGenerationEU Recovery and Resilience Facility. A further pound 64 billion has been allocated to other EU programmes benefitting from NextGenerationEU funding. In addition, over pound 10 billion has been disbursed to Ukraine in 2024 so far under the Ukraine Facility that will finance up to pound 33 billion in loans to Ukraine between 2024 and 2027. This support complements the pound 18 billion disbursed to Ukraine under the Macro-financial Assistance+ policy in 2023*.
The EU’s total debt outstanding now stands at about pound 577 billion, of which around pound 20 billion in the form of EU Bills.
Information on the allocation on the investors in this transaction is available in the transactions section of the EU as a borrower website. More information on EU’s issuance activities is available here: The EU as a borrower – investor relations – European Commission (europa.eu)
*Updated on 09.1
0.24 at 09:47
* Because the Commission engages in short-term liquidity management operations to smooth upcoming funding needs, amounts raised may not necessarily equal amounts disbursed at a given point of time.
CALENDAR
Monday 07 October
Mr Margaritis Schinas participates in the memorial ceremony commemorating the one year anniversary of the 7/10.
Ms Stella Kyriakides delivers pre-recorded remarks at the High-Level policy dialogue on ‘Mental health and the triple planetary crisis: a call for action’ organised by the Hungarian EU Presidency and the WHO Regional Office for Europe.
Tuesday 08 October
Ms Stella Kyriakides in Strasbourg, France: participates in a European Parliament plenary debate on the situation of animal health in Europe.
Wednesday 09 October
Mr Margaritis Schinas participates via videoconference in the EPP Ministers of Interior meeting.
Thursday 10 October
Ms Stella Kyriakides in Ancona, Italy (until 11/10): participates in the G7 Ministerial Meeting on Health.
Friday 11 October
President Ursula von der Leyen participates in the Summit of Southern European Union countries (MED-9).
Ms Stella Kyriakides in Ancona, Italy: participates in the G7 Ministerial Meeting on Health.
Source: Cyprus News Agency