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The EU has adopted an 11th package of economic and individual sanctions to strengthen existing sanctions and crack down on their growing circumvention. This latest package of sanctions will further hinder the Kremlin’s ability to finance and conduct its war of aggression against Ukraine.

Last year, the euro remained the second most important currency globally. According to the ECB, the euro’s share across various indicators of international currency use averaged close to 20% despite the onset of Russia’s war in Ukraine and heightened geopolitical risks.

In the context of increased geopolitical tensions and accelerated technological shifts, the European Commission and the High Representative today published a Joint Communication on a European Economic Security Strategy.

The Commission has proposed to reinforce its long-term budget to help the EU tackle recent unexpected challenges. The budget revision proposes an increase in spending to provide stable financial support to Ukraine, to finance action on migration, and to support investments in strategic industries.

Environment ministers have agreed on a proposal for a nature restoration law. It contains recovery measures that will cover at least 20% of the EU’s land and 20% sea areas by 2030, and all ecosystems in need of restoration by 2050. This now needs to be negotiated with the European Parliament.

The Commission has proposed to set up a dedicated Facility to support Ukraine's recovery, reconstruction and modernisation. Through this, the aim is to make up to €50 billion available to the Ukraine in the form of grants and loans for the period between 2024 and 2027.

The Commission has proposed new rules to make withholding tax procedures in the EU more efficient and secure for investors, financial intermediaries and EU country tax administrations. The rules will promote fairer taxation, fight tax fraud, and support cross-border investment throughout the EU.

The EU and Kenya have agreed an Economic Partnership Agreement. The Agreement will boost trade in goods and create new economic opportunities, with targeted cooperation to enhance Kenya's economic development.

The Economic and Social Committee (EESC) has called on the EU and Member States to put an end to discriminatory practices against young people.

The Commission has proposed new rules to help consumers make sustainable choices when buying mobile and cordless phones, and tablets. At the same time, measures to make these devices more energy efficient, durable and easier to repair were approved by the European Parliament and Council.

MEPs are calling on NATO allies to honour their commitment to Ukraine and pave the way for Kyiv to be invited to join the defence alliance. In the resolution, MEPs stress that they expect the “accession process will start after the war is over and be finalised as soon as possible”.

In a resolution adopted on Thursday, the European Parliament outlined the reforms necessary to curb spyware abuse. Based on an investigation into the use of Pegasus and equivalent surveillance spyware, MEPs say the illicit use of spyware has put “democracy itself at stake”.

The ECB has raised its 3 key interest rates by 25 basis points in a bid to ensure that inflation returns to its 2% medium-term target in a timely manner. According to June macroeconomic projections, Eurosystem staff expect headline inflation to average 5.4% in 2023, 3.0% in 2024 and 2.2% in 2025.

On 14-15 June, the EU will host the VII Brussels conference on ‘Supporting the future of Syria and the region’. The conference is the main pledging event for Syria and the region this year and provides a platform for the EU and the international community to show their support for the Syrian people.

The Commission objects to Google favouring its own online display advertising technology services over those of other service providers. The Commission sent Google its preliminary view that the company has breached EU antitrust rules by distorting competition in the advertising technology industry.

The European Parliament has adopted its negotiating position on the Artificial Intelligence Act. The rules would ensure that AI developed and used in Europe is in line with EU rights, including human oversight, safety, privacy, transparency, non-discrimination and social and environmental wellbeing.

EU health ministers have adopted a recommendation to step up EU action to combat anti-microbial resistance in the fields of human health, animal health and the environment. The recommendation calls for the prudent use of antimicrobials, such as antibiotics, in EU countries.

EU countries have agreed on new migration and asylum rules. The new rules establish a common procedure to follow when people seek international protection and a solidarity mechanism for relocation of asylum seekers.

The Commission has recommended actions to boost recycling in the 18 Member States that are at risk of not achieving 2025 waste recycling targets. It will build on its financial and technical support to these EU countries to help them improve their waste management performance.