Today the Commission launches its EU Repurchase Agreement (Repo) facility, a form of short-term issuance of EU securities available on-demand to EU primary dealers, to further strengthen the role of EU bonds and, consequently, improve the overall efficiency and fluidity of the EU bonds market.
Following EU bonds’ exponential growth in the secondary market trading in recent years, the launch of the Repo facility will also make the Commission become a sovereign-style issuer on EU capital markets.
Through the facility, the EU offers its primary dealers the possibility to source specific EU bonds on a temporary basis, supporting their capacity to post firm public quotes. The facility allows investors to be more confident in the terms on which they can trade EU bonds in the secondary market.
The first EU repo transactions will be executed today on the Eurex Repo web-based trading system and will be cleared via Eurex Clearing.
Repo facilities are commonly used by sovereign issuers to support the market activity
of their primary dealers. The EU Repo facility operates in line with standard practices of peer sovereign issuers. The launch of the Repo facility marks the implementation of the final measure announced by the Commission in December 2022 to support the EU bonds market. The Commission has now all the tools that it needs to manage successfully a busy period of issuance to end-2026 with the support of its valued Primary Dealer Network.
To mark the launch of the Facility, Commissioner for Budget and Administration, Johannes Hahn, together with the President of the Deutsche Bundesbank, Joachim Nagel, will lead a ‘Ring the Bell Ceremony’ at 17:00 CEST on the trading floor of the Frankfurt Stock Exchange, in Germany.
Full details of the facility can be found in our dedicated factsheet.
You can follow the ceremony live on Ebs . More information here.
(For more information: Balazs Ujvari – Tel.: +32 2 295 45 78; Veronica Favalli – Tel.: +32 2 298 72 69)
EU sends search and rescue teams to support Bosnia and Herze
govina during deadly floods
Following a request for assistance from Bosnia and Herzegovina on 5 October, the EU has deployed search and rescue teams and sent emergency supplies to support first responders dealing with flash floods and landslides.
A total of 12 countries have offered assistance to Bosnia and Herzegovina via the EU Civil Protection Mechanism. Search and rescue teams from Croatia, Slovenia, Montenegro and Serbia were already deployed over the weekend. They have been searching for missing persons and removing debris to help restore vital infrastructure. In addition, the EU has also mobilised emergency supplies such as shelter items from Albania, Hungary, Montenegro, Romania and Trkiye.
We are also providing high quality satellite images through our Copernicus satellite system in order to assist the local authorities in assessing the damage caused by the floods.
The Commissioner for Crisis Management Janez Lenarcic expressed gratitude for the numerous offers to Bosnia and Herzegovina: “Over th
e past days, Bosnia and Herzegovina has been battling devastating floods. But their first responders are not facing this deadly disaster alone. Through the EU Civil Protection Mechanism, 12 countries have offered to send emergency assistance. Search and rescue teams from Croatia, Slovenia, Montenegro, and Serbia are already on the ground, supporting the local crisis response. I thank all the countries that have stepped up to support Bosnia and Herzegovina. This is a strong expression of EU solidarity in a time of great need.”
(For more information: Balazs Ujvari – Tel.: +32 2 295 45 78; Daniel Puglisi – Tel.: +32 2 296 91 40)
First HERA Invest agreement signed to support research and development in cross-border health threats
Today, the Commission, through its Health Emergency Preparedness and Response Authority (HERA) and the European Investment Bank, have signed an agreement worth pound 20 million with the French biopharmaceutical company Fabentech. This will support the company’s development and deploym
ent of its broad-spectrum therapeutics to combat biological threats to public health.
HERA’s threat analysis has demonstrated the importance of developing Fabentech’s technology platform, which relies on the production of broad-spectrum polyclonal antibody fragments, which recognise and neutralise pathogens and toxins in the human body. Thanks to its integrated research and development (R and D) and bioproduction capabilities, Fabentech aims to rapidly develop and produce new immunotherapies, contributing to a more effective response in public health emergencies.
Today’s agreement is the first in its kind under HERA Invest. More investments are in the pipeline with other European companies. They will stimulate innovation to respond to priority health threats, such as pathogens with high pandemic potential, chemical, biological, radiological and nuclear (CBRN) threats, and resistance to antibiotics.
What is HERA Invest?
A flagship initiative of HERA, HERA Invest is a pound 100 million top-up to the InvestE
U programme financed by the EU4Health programme which ultimately works to protect citizens against health threats. Geared towards small and mid-sized companies, it promotes R and D in Europe to strengthen open strategic autonomy, reduce market failures where available financial resources do not cover the financing needs, and leverage public funding to incentivise private investment in the development of new medical countermeasures.
Under HERA Invest, the European Investment Bank (EIB) provides venture loans which cover a maximum of 50% of total project costs. Together with HERA, the EIB assesses whether an operation meets HERA Invest’s defined criteria and the project’s commercial and scientific viability. Applications are accepted on a rolling basis
Background
In 2022, HERA, together with the Member States, identified three specific high impact health threats for which it is key to ensure preparedness and response. To ensure the availability and accessibility of medical countermeasures, HERA supports the
development, production capacity and scaling-up of manufacturing, procurement and potential stockpiling of medicinal products, diagnostics, medical devices, and personal protective equipment as well as other medical countermeasures.
In line with this approach, HERA partnered with the European Investment Bank (EIB) to create HERA Invest.
The EIB seeks to boost Europe’s potential in terms of jobs and growth, support action to adapt to and mitigate climate change and promote EU policies outside the EU. Between 2015 and 2020, the EIB was the implementing partner of the European Fund for Strategic Investments and manager of the European Investment Advisory Hub, the main pillars of the Investment Plan for Europe. As of 2021 it is one of the implementing partners of InvestEU.
The InvestEU programme provides the EU with long-term funding by leveraging private and public funds in support of EU policy priorities. As part of the programme, the InvestEU Fund is implemented through financial partners who will invest in
projects using the EU budget guarantee and thus mobilising at least pound 372 billion in additional investment.
More information
HERA Invest website
HERA website
Invest EU
European Investment Bank
Fabentech website
Quote(s)
Innovation has to be the front and centre of our preparedness and response to serious cross-border health threats. Today’s first HERA Invest signature agreement of pound 20 million will stimulate R and D into broad-spectrum therapeutics to combat some of the top health threats. HERA Invest works to break down the barriers currently faced by European companies and SMEs in accessing sufficient public and private funding for the development and scaling up of cutting-edge solutions to protect citizens health. This is yet another action under the industrial pillar of our strong European Health Union.
Stella Kyriakides, Commissioner for Health and Food Safety
Investment in innovative companies such as Fabentech is essential for strengthening health security in Europe. This funding will
enable Fabentech to step up its work in this strategic area for Europe, strengthening our ability to respond to future health crises.
Ambroise Fayolle, European Investment Bank Vice-President
22nd European Week of Regions and Cities takes stock of achievements and looks ahead to the future of Cohesion Policy
Today, Commissioner for Cohesion and Reforms Elisa Ferreira and the President of the Committee of the Regions, Vasco Alves Cordeiro, launched the 22nd European Week of Regions and Cities during a press conference in Brussels.
The four-day event will bring together a diverse mix of stakeholders, project promotors and practitioners, researchers, and journalists, and will provide an opportunity to look back on the many achievements of Cohesion Policy during the current Commission mandate.
It’s also an opportunity to discuss how the Policy can best continue to fulfil its EU Treaty mission of promoting economic, social, and territorial cohesion across the EU.
Cohesion Policy delivering for a better Europ
e since its creation
Cohesion Policy has for decades played a crucial role as Europe’s convergence machine, helping less developed regions to catch up with the EU average. This has ranged from supporting the construction of critical, missing infrastructure links, such as the Pelješac bridge in Croatia and the Braila bridge in Romania, as well as providing support to the area of research and development, for example, by helping to procure supercomputers and robotic facilities.
Over the past five years, Cohesion Policy has continued to deliver for European citizens, by:
supporting 2.7 million businesses;
expanding education infrastructure and equipment benefitting around 18 million children and young people;
supporting the creation of 260,000 jobs in new enterprises;
safeguarding 13.5 million people thanks to flood protection measures;
enhancing the energy performance of 380,000 households;
improving the broadband connection for 3.1 million households; and
supporting at least 12.8 million people to par
ticipate in education and training.
During the current mandate alone, Cohesion Policy has been at the forefront of the EU’s response to the COVID-19 pandemic and has supported efforts to welcome Ukrainian refugees following Russia’s war of aggression against Ukraine and help Europeans deal with the ensuing energy crisis. It quickly mobilised billions of euros to help all EU regions face the effects of these unprecedented crises, helping them to bounce back economically.
Cohesion Policy remained steadfast during these times, continuing to translate the Commission’s political priorities into concrete actions on the ground, with substantial support for the green and digital transitions, and job growth and employment.
Most notably, it came forward with a new Just Transition Fund (JTF), which is directing pound 19.7 billion to help the economic and social diversification of the 96 regions across all EU Member States that are most impacted by the transition to a net-zero economy.
The EU Solidarity Fund (EUSF) d
uring the current mandate has supported 20 EU countries and four candidate countries to deal with the impact of major catastrophes, offering a total of pound 4.6 billion in support. This has helped countries recover from major, natural climate disasters such as floods, wildfires, and earthquakes, as well as deal with the consequences from the COVID-19 pandemic.
Making Europe more competitive in the future
The current 2021 – 2027 generation of Cohesion Policy programmes also strives to guarantee Europe’s economic security and European citizens prosperity in the future. Under the EU’s flagship initiative ‘Strategic Technologies for Europe Platform’ (STEP) launched this year, Cohesion Policy is investing in critical technologies such as clean tech, deep tech and biotech, which are key for the energy transition and Europe’s future competitiveness.
In just seven months since the launch of STEP, Member States have proposed investments worth more than pound 6 billion via the Cohesion Policy programmes to support
these technologies. For example, Romania plans to allocate pound 261 million in Cohesion Funds to large-scale artificial intelligence (AI) research projects, while the region of Cantabria in Spain is earmarking pound 15.5 million to a green lithium production project for the automotive sector.
Ensuring Cohesion Policy is fit for the future
With less than a year before the Commission will table its Cohesion Policy proposals for the 2028 – 2034 programming period, discussions on the future design of the Policy are essential to ensure that it continues to fulfil its mission of reducing economic, social, and territorial disparities across the EU.
Drawing lessons from the implementation of Cohesion Policy to date, ongoing discussions include the adoption of a more performance-based model, strengthening the link between reforms and investments, offering built-in flexibilities to react to unforeseen events, and faster implementation and simplification.
Background
The European Week of Regions and Cities is the b
iggest annual Brussels-based event dedicated to Cohesion Policy. Under the motto ‘Empowering Communities’, this year’s edition will welcome approximately 5,000 participants across nearly 200 sessions, to discuss common challenges for Europe’s regions and cities.
Sessions will cover topics such as Cohesion Policy’s contribution to enhance competitiveness and convergence in European regions and cities, and ways to improve smart and sustainable growth and to strengthen European democracy.
More information
Cohesion Open Data Platform
Kohesio
European Week of Regions and Cities
Ninth Report on Economic, Social and Territorial Cohesion
@ElisaFerreiraEC
@EUinmyRegion
Quote(s)
Regions and cities are at the very heart of the European project! I am very grateful to be part of the 22nd European Week of Regions and Cities, which gathers thousands of practitioners of regional policy in one place to take stock of achievements so far, lessons learned, and ways to ensure that Cohesion Policy becomes even more effec
tive in the future. The EU Regions Week is a place to debate, to share and exchange ideas on how to improve the lives of European citizens and make life in Europe the best it can be.
Elisa Ferreira, Commissioner for Cohesion and Reforms
Statement by President von der Leyen on the one-year anniversary of the 7 October 2023 acts of terror against Israel
On 7 October 2023, the world awoke to horrifying images of unspeakable savagery, scenes that will remain etched in our minds forever.
There can be no justification for Hamas’ acts of terror. I condemn once again, and in the strongest possible terms, those barbarous attacks.
They brought immense suffering not only upon the people of Israel, but also upon innocent Palestinians. On this tragic anniversary, I want to honour the memories of the victims. The European Union stands with all the innocent people whose lives have been shattered to the core since that fateful day.
We reiterate our call for an immediate ceasefire in Gaza, for the unconditional release
of all hostages and for an end to the conflict. We support the ongoing diplomatic efforts to reach a comprehensive agreement.
One year on, the humanitarian situation in Gaza is appalling. The European Union will keep doing its utmost to mobilise financial assistance and facilitate deliveries and distribution of humanitarian aid, to the Palestinian people, and now also in Lebanon.
Hamas’ terrorist attacks on Israel ignited a spiral of violence which has brought the entire region to a state of extreme tension and volatility.
All parties must act responsibly, with restraint, and engage to de-escalate the current tensions.
While we address the immediate crisis, the European Union is ready to help prepare for the day after. We will work in support of all efforts to set the conditions for a durable peace, leading to a two-state solution, where Israel and Palestine coexist side-by-side in peace, with security for both. It’s the only viable path forward, to finally end the suffering.
Today our hearts are also wi
th the Jewish communities across the world. Antisemitic incidents are again rising sharply. We must collectively fight this evil wherever it spreads – including online. We will keep implementing and update as necessary our Strategy on combating antisemitism and fostering Jewish life. I will devote more resources to this goal. Everyone should be free to profess their faith in our Union. We take pride in our diversity. We must protect it at all costs.
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 Ma
rgaritis 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.
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Source: Cyprus News Agency