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Overall EU support for Ukraine has totalled almost 83 billion euros since Russia invaded in February 2022, the Brussels-based executive European Commission said this week. Slovakia's Robert Fico, attending his first EU summit since being appointed for his fourth term as prime minister on Wednesday, adopted a similar line. Orban has also said he would not endorse in its current form the proposed EU budget revision, which includes the 50 billion in new aid for Kyiv. Fico said there was endemic corruption in Ukraine and demanded that any new EU aid include guarantees that the funds not be misappropriated, according to a statement from his office. "The questions are, what type of aid and how it is used, how we are sure, the European Union is sure, that this aid is used efficiently," he said.

Persons: Fico, Orban, Olaf Scholz, Slovakia's Robert Fico, Vladimir Putin, Nikolai Denkov, Jan Strupczewski, Phil Blenkinsop, Bart Meijer, Tassilo Hummel, Marine Strauss, Krisztina, Jason Hovet, Miranda Murray, Gabriela Baczynska, Philippa Fletcher Organizations: Ukraine New, Union, EU, Ukraine, European Commission, Russia, Kyiv, European Union, European, Bulgarian, Thomson Locations: Ukraine, Ukraine New Slovak, Ukraine BRUSSELS, Russian, Hungary, Slovakia, Brussels, Russia, SLOVAKIA, HUNGARY Hungary, Budapest, Bratislava, European Union

Decision-making is key because the EU now requires unanimity on foreign and security policy, taxes, EU finances, some areas of justice and home affairs and social security and protection. EU agriculture policy would need to be revamped because the admission of agriculture powerhouse Ukraine would dramatically change current EU direct payments to farmers. A similarly major change would happen to the EU's regional policy, under which poorer EU members receive money to raise their standard of living. The agriculture and regional funds make up two thirds of the EU budget, which totals roughly 1% of the bloc's gross national income a year. The paper, which polarised EU governments when first discussed on Sept. 19, said some countries in the EU should be allowed to form closer cooperation than others, forming four tiers of European integration.

Persons: Laurence Boone, Anna Luhrmann, Tiago Antunes, Jan Strupczewski Organizations: Union, EU, Guiding, Franco, Political, Thomson Locations: BRUSSELS, Spanish, Murcia, Turkey, Ukraine, Moldova, Albania, Bosnia, Herzegovina, Montenegro, North Macedonia, Serbia, Georgia, Kosovo, EU, France

As part of a review of the EU's 2021-2027 budget, the European Commission in June proposed 50 billion euros in grants and loans for Ukraine to keep Kyiv financed as it fights off Russian aggression. This year, the EU will pay out 18 billion euros to Ukraine in highly concessional loans, but, if the proposed 50 billion total stays, Ukraine will only get 12.5 billion annually from 2024 to 2027. She said the EU budget review should also add money for military mobility -- roads, ports, bridges and airports that allow armed forces to move around quickly -- as the 1.7 billion euros originally allocated for the purpose was insufficient. "We see the need for military mobility infrastructure increasing. It exceeds one billion euros just for Lithuania," she said.

Persons: Gintare Skaiste, Skaiste, Jan Strupczewski, Jason Neely Organizations: Infantry Brigade, Armed Forces, SANTIAGO DE, European, European Commission, Ukraine, Kyiv, Reuters, Eurostat, Thomson Locations: Ukraine, Avdiivka, Donetsk region, SANTIAGO, SANTIAGO DE COMPOSTELA, Spain, Lithuania

☆ EU Commission cuts euro zone growth forecast as Germany in recession
▼ + stars: | 2023-09-11 | by ( Jan Strupczewski | Thomson Reuters | Jan Is The Acting Bureau Chief In Brussels. He Has Been Covering European Union Policy | ) www.reuters.com time to read: +2 min

The Commission forecast euro zone consumer inflation of 5.6% in 2023 and 2.9% in 2024, both well above the European Central Bank's target of 2.0%. Inflation this year is to be lower than the 5.8% forecast in May, but higher than previously forecast in 2024, as the May forecast was for 2.8%. The ECB has been rapidly raising rates since the middle of 2022 to stem record price growth, making credit for the economy more expensive - a factor that hit the growth forecast. Germany, Europe's biggest economy, will shrink 0.4% this year, the Commission forecast, revising down a 0.2% growth prediction from May. But France and Spain will grow faster than previously expected in 2023 , the Commission said, projecting 1.0% and 2.2% growth respectively instead of the previously seen 0.7% and 1.9%.

Persons: Jan Strupczewski, Philip Blenkinsop Organizations: ECB, Thomson Locations: BRUSSELS, Germany, Europe, Europe's, Italy, Netherlands, France, Spain

The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Also interested are the politically non-affiliated Italian central banker Daniele Franco, Poland's right-wing former Finance Minister and current EIB Vice President Teresa Czerwinska, and Sweden's socialist former Energy Minister and also current EIB Vice President Thomas Ostros. "We can say we are really spoilt for choice because all the candidates are excellent," German Finance Minister Christian Lindner told reporters on Thursday. The EIB is the lending arm of the EU and is active in 160 countries offering loans, guarantees, equity investments and advisory services. Germany's Deputy Central Bank Governor Claudia Buch and her Spanish counterpart Margarita Delgado are both in the running.

Persons: Eric Vidal, Vincent van Peteghem, Germany's Werner Hoyer, Margrethe Vestager, Nadia Calvino, Daniele Franco, Poland's, Teresa Czerwinska, Thomas Ostros, Christian Lindner, Central Bank Governor Claudia Buch, Margarita Delgado, Buch, Vestager, Emmanuel Macron, Richard Chang Organizations: European Investment Bank, Reuters, Rights, Belgian, Union, European Commission, Finance, Energy, European Central Bank, Germany's, Central Bank Governor, SSM, Thomson Locations: Luxembourg, Rights BRUSSELS, Italian, Spanish, EU, Paris, Spain

☆ Exclusive: New rules would give Europe more scope for military spending post-Ukraine invasion
▼ + stars: | 2023-09-07 | by ( Jan Strupczewski | Thomson Reuters | Jan Is The Acting Bureau Chief In Brussels. He Has Been Covering European Union Policy | ) www.reuters.com time to read: +4 min

EU fiscal rules underpin the euro currency used in 20 nations by limiting government borrowing. Currently only nine EU members meet a NATO alliance defence spending goal of 2% of national output, with four - Finland, Romania, Hungary and the Slovak Republic - above that only in 2023. After Moscow's invasion of Ukraine in early 2022, many European countries neighbouring Russia called for military spending to be excluded outright from EU deficit calculations. 'NOT HEARD A NO'Opposition to a full exemption from EU calculations stemmed from concern that military spending could be a very broad category that could help hide a lot of ordinary expenses. By stipulating that military spending would only be a "relevant factor" that could help avoid disciplinary action, the new rules would leave it to the Commission's judgement what spending would be eligible.

Persons: Valentyn, Deal, Jan Strupczewski, Mark John, Andrew Cawthorne Organizations: Union, NATO, REUTERS, European, Thomson Locations: Ukraine, Kyiv, BRUSSELS, EU, Finland, Romania, Hungary, Slovak Republic, France, Germany, Italy, NATO, Russia, U.S

☆ Analysis: A year on, Europe less fearful of U.S. green subsidies push
▼ + stars: | 2023-08-17 | by ( Jan Strupczewski | Thomson Reuters | Jan Is The Acting Bureau Chief In Brussels. He Has Been Covering European Union Policy | ) www.reuters.com time to read: +6 min

Solar panels are seen atop a hops plantation in the Bavarian Holledau region in Au, Germany, June 19, 2023. And already, those subsidies are flowing: German conglomerate Thyssenkrupp (TKAG.DE) will invest around 3 billion euros ($3.27 billion) in a proposed green steel plant in Duisburg, Germany, including over 2 billion euros in state subsidies given EU approval in late July. But it noted the U.S. model also had uncertainty built in because a change of administration could end IRA subsidies. The complexity of EU financing through the recovery fund means it is available only to bigger companies, leaving smaller firms struggling to benefit. ($1 = 0.9184 euros)Reporting by Jan Strupczewski; editing by Mark John and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: Louisa, Joe Biden's, Biden, Niclas Poitiers, Jan Strupczewski, Mark John, Susan Fenton Organizations: REUTERS, United States, Union, Biden, EU, Zero Industry, European Commission, Sovereignty Fund, Ukraine, Russian, EV, Zero, Thomson Locations: Bavarian, Au, Germany, EU, BRUSSELS, United, Europe, Ukraine, Brussels, United States, Duisburg, U.S, France, China

☆ EU leaders push to fund Ukraine with proceeds from Russia's frozen assets
▼ + stars: | 2023-06-29 | by ( Jan Strupczewski | Thomson Reuters | Jan Is The Acting Bureau Chief In Brussels. He Has Been Covering European Union Policy | ) www.reuters.com time to read: +2 min

BRUSSELS, June 29 (Reuters) - European Union leaders will push senior officials on Thursday to find legal ways to funnel proceeds from billions of dollars of frozen Russian assets into projects helping rebuild Ukraine, papers showed. The bloc has said it froze more than 200 billion euros ($218.2 billion) of Russian central bank assets in reaction to Moscow's invasion of Ukraine in February last year. Another 30 billion euros of Russian oligarchs' private assets were also immobilised. The EU also needs to establish where to keep any proceeds from the Russian assets and how to disburse them. Belgium's Euroclear, which settles transactions and safeguards assets, said blocked coupon payments and redemptions boosted its balance sheet by 88 billion euros year-on-year by the end of March to 140 billion euros.

Persons: Kaja Kallas, Belgium's, Ursula von der Leyen, Jan Strupczewski, Philip Blenkinsop, Andrew Heavens Organizations: Union, Kremlin, European Council, High Representative, Commission, EU, Ukraine, Thomson Locations: BRUSSELS, Ukraine, Russian, Brussels, Estonian, Russia, EU, United States, Canada, Britain, Japan

BRUSSELS, June 21 (Reuters) - European Union governments agreed on Wednesday to an 11th package of sanctions against Russia over its invasion of Ukraine, aimed at stopping other countries and companies from circumventing existing measures. The new package, tweeted by Sweden as EU president, forbids transit via Russia of an expanded list of goods and technology which might aid Russia's military or security sector. Names of such countries can be added to an annex of the EU sanctions regulation with unanimous agreement of all 27 members. The EU package extends the suspension of EU broadcasting licences of five Russian state-controlled media. Overnight, Ukraine removed the five Greek shipping firms from its list, securing the backing of Athens for the package.

Persons: Julia Payne, Sudip Kar, Gupta, Gabriela Baczynska, Jan Strupczewski, Brenda Goh, Philippa Fletcher Organizations: Union, Russia, United Arab, EU, Peace Facility, European Commission, Thomson Locations: BRUSSELS, Ukraine, Sweden, Russia, Armenia, Kazakhstan, Kyrgyzstan, United Arab Emirates, Turkey, China, Moscow, GREECE, HUNGARY, Hungary, Greece, Athens, Beijing, Hong Kong, Russian, Shanghai

☆ EU hopes for 160 billion euros of investment in key technologies
▼ + stars: | 2023-06-20 | by ( Jan Strupczewski | Thomson Reuters | Jan Is The Acting Bureau Chief In Brussels. He Has Been Covering European Union Policy | ) www.reuters.com time to read: +1 min

BRUSSELS, June 20 (Reuters) - The European Commission asked EU governments on Tuesday to come up with an extra 10 billion euros for 2024-27 to leverage a total of 160 billion euros worth of investment in key technologies, including renewable energy. Nor did the EU budget anticipate the fierce competition between Europe, the United States and China for the latest "clean" technologies to produce energy. "The future of the strategic industries should be made in Europe," European Commission President Ursula von der Leyen said in presenting the call for more money. The new scheme is to be called Strategic Technologies for Europe Platform (STEP) and help develop in the EU microelectronics and quantum computing, as well as renewable energy and electricity storage, among others. ($1 = 0.9155 euros)Reporting by Jan Strupczewski and Bart Meijer, editing by Gabriela BaczynskaOur Standards: The Thomson Reuters Trust Principles.

Persons: Ursula von der Leyen, von der Leyen, Jan Strupczewski, Bart Meijer, Gabriela Baczynska Organizations: European Commission, European Union, Strategic Technologies, Europe, Thomson Locations: BRUSSELS, Ukraine, Europe, United States, China

☆ Euro zone needs still higher ECB rates, tighter fiscal policy -IMF
▼ + stars: | 2023-06-16 | by ( Jan Strupczewski | Thomson Reuters | Jan Is The Acting Bureau Chief In Brussels. He Has Been Covering European Union Policy | ) www.reuters.com time to read: +2 min

"Monetary policy must continue to tighten to bring inflation to target in a timely manner," the IMF said in the report, which it presented to euro zone finance ministers and the ECB. The IMF urged euro zone governments to help the ECB by cutting spending, because economic growth was to pick up modestly this year and next despite tightening financial conditions. "Fiscal consolidation should also proceed to ease inflation pressures and rebuild fiscal space," the IMF said. The Fund called on EU governments to complete the ongoing reform of the bloc's fiscal rules, which were put in place to prevent excessive borrowing by governments. "A swift agreement on the reform of the EU economic and fiscal governance framework would support fiscal sustainability over the longer term," the IMF said.

Persons: Jan Strupczewski Organizations: European Central Bank, International Monetary Fund, IMF, ECB, Thomson Locations: BRUSSELS, Germany, France

In March, depositors fled Silicon Valley Bank (SIVB.O), withdrawing $42 billion in 24 hours, some via their mobile phones. Information about the bank's difficulties spread fast online, creating a social media-driven bank run. Officials said the bank turbulence added urgency to discussions of a European Commission proposal to broaden the EU's bank resolution framework, now applied to just over 100 of the biggest European banks, to smaller and medium-sized lenders. The proposal, called Crisis Management and Deposit Insurance (CMDI) was requested by EU finance ministers in mid-2022. It would ensure that the resolution of smaller banks could be paid for from the EU's resolution fund, financed by banks, rather than by taxpayers.

The most immediate part of the plan earmarked 1 billion euros ($1.09 billion) to refund EU countries for sending urgently needed artillery shells from stockpiles to Ukraine. In announcing the package, EU foreign policy chief Josep Borrell said the munitions would come from "European industry and from Norway". Draft legislation agreed by ambassadors from EU countries, seen by Reuters, used the same formulation. Diplomats and officials expressed confidence that EU countries would finalise a deal after the Easter break. European financing must serve to buy European," the official said.

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