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[1/2] European Commissioner for Financial Stability, Financial Services and the Capital Markets Union Mairead McGuinness speaks during a joint news conference with U.S. Deputy Secretary of the Treasury... Read more

LONDON, May 17 (Reuters) - The European Union's executive body said on Wednesday it has formally adopted a draft memorandum of understanding (MoU) to allow financial regulators from Britain and the bloc to cooperate more closely, though stopping short of market access.

Britain's EU exit largely severed its financial sector's previously unfettered access to the bloc, raising concerns over London's role as a global financial centre.

As part of Brexit terms, the EU agreed to formalise cooperation between financial watchdogs. However, that was put on hold Brussels following disagreements between the bloc and Britain over Northern Ireland, now resolved through the Windsor Framework.

The European Commission said on Wednesday is has adopted the draft MoU, though it still needs final political endorsement from EU states.

"I am confident that our relationship and future engagement in financial services will be built on a shared commitment to preserve financial stability, market integrity, and the protection of consumers and investors," Mairead McGuinness, the EU's financial services commissioner, said in a statement.

The MoU will create a joint EU-UK Financial Regulatory Forum, similar to one the EU already has with the United States.

"The MoU does not deal with the access of UK-based firms to the Single Market - or EU firms' access to the UK market - nor does it prejudge the adoption of equivalence decisions," the Commission said.

Joanna Penn, treasury minister in the UK parliament's upper house, welcomed the "positive move" given how EU and UK financial markets are deeply interconnected.

"The Treasury stands ready to sign the MoU and we do look forward to operationalising the forum as soon as possible this year," Penn told a debate on EU-UK financial services.

Treasury ministers will meet with McGuinness next week, Penn added.

The EU has granted 'equivalence' or EU market access to derivatives clearing houses in London until the end of June 2025.

In the meantime, the bloc has proposed a draft law to force banks and asset managers in the EU to shift a yet-to-be-decided chunk of their clearing home from London, though industry officials expect equivalence to be extended in some form after June 2025.

Reporting by Huw Jones; Editing by Paul Simao

Our Standards: The Thomson Reuters Trust Principles.

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EU pushes forward with post-Brexit forum for EU, UK financial ... - Reuters

Ministers from some of the worlds most climate vulnerable nations urged international institutions and donors to boost access to climate finance for adaptation to the impacts of climate change using the Local Climate Adaptive Living Facility, LoCAL, designed and managed by UN Capital Development Fund. They joined with the Commissioner for International Partnerships at the European Union, Jutta Urpilainen, yesterday, in identifying LoCAL as part of the climate finance solution at a Ministerial Meeting of LoCAL member countries in Brussels, Belgium.

Many ministers warned that without increased resources their populations face a bleak future plagued by devastating droughts, unsupportable rising temperatures and the prospect of more conflict and insecurity. The LoCAL Ministerial Meeting on the 12th May, attended by 16 ministers and 8 high-level country representatives, wrapped up a week of events for LoCAL member countries that offered practical solutions as well as policy and political commitments for increased action on adaptation.

The LoCAL mechanism has brought an improvement in our country, said H.E. Mr. Kon Modibo, Minister of Environment, Sanitation and Sustainable Development of Maliand a LoCAL Ministerial Ambassador who joined by video-link. The key result of the implementation of the LoCAL mechanism in Mali is development skills at the local level, thanks to targeted financing at the community level [] reducing poverty in the country.

Mali, which lies in the Sahel region of West Africa is one of a ribbon of countries traversing the Sahara that are grappling with surging insecurity. We need to scale up this kind of intervention in order to reach more people and more municipalities in Mali - this will help us to reduce the rural exodus and the scope of terrorism in Mali, he added.

LoCAL is presently working with 34 countries across Africa, Asia, the Caribbean and Pacific and has cumulatively mobilised over US$ 150 M for more than 2,100 adaptation projects. While much of these funds have been delivered in the last three years, support is not keeping up with country demand. Nations vulnerable to the impacts of climate change but with limited resources to respond, are looking to urgently increase access to international climate finance that supports local level adaptation and resilience building, which they say is in short supply. Ministers from countries implementing LoCAL and leaders from key partner the European Union, agreed that LoCAL is addressing this vital need.

The EU and its Member States have provided the bulk of funds mobilised for adaptation with LoCAL. To date, the EU has provided over US $58 million with strong support from other EU Member States such as Sweden, which has contributed US $52 million, Denmark and Belgium each with some US $14 million, amongst others. LoCAL results and impacts, reported to the LoCAL Board on 11th May, highlighted a number of new LoCAL donors, including Norway, Luxembourg and Germanys GIZ.

The LoCAL Facility, designed and managed by UNCDF over ten years ago, works through local governments to channel climate finance to communities for locally led adaptation to climate change. This builds on UNCDF's long experience as a sub national financing hub. Local governments are a powerful ally in the race to adapt to rising temperatures, erratic rainfall and extreme weather events as they are close to communities and have a mandate to convene actors for coordinated resilience-building projects.

The LoCAL mechanism uses Performance Based Climate Resilience Grants that incentivise good practice and strong results. At COP27 last year, the International Standard Organisation published ISO 14093, which is based on this mechanism and LoCAL implementing country experience. The ISO 14093 was this week widely welcomed by LoCAL member countries and partners with the LoCAL Board urging all implementing countries to adhere to the standard in a decision document drafted yesterday, pending final approval.

The LoCAL Board draft decision reaffirmed their endorsement of an expansion of LoCAL to reach 42 countries and resources of US$ 500 million by 2027. Since 2014, LoCAL has delivered over US$ 100 million, with the bulk of those funds reaching communities the last three years. To realise this goal, the Board requested UNCDF diversify options for financing the LoCAL Facility and mechanism through a consolidated funding instrument. A number of ministers from LoCAL member countries Bhutan, Liberia, Sao Tome and Principe and Somalia echoed this request, calling for the establishment of a LoCAL Fund to complement existing climate finance flows, including those of the UN Framework Convention on Climate Change, UNFCCC.

Ministers used yesterdays meeting to press home the message that impacts of climate change are worsening and require urgent action to boost access to climate finance with increased resources for LoCAL.

We are 18 days away from the 2023 hurricane season a season made worse by the impacts of climate change, said H.E. Mr. Matthew Samuda, Minister without Portfolio in the Ministry of Economic Growth and Job Creation of Jamaica. That is the motivation to find an answer to this finance question. As small island and developing states, we are the ones with the least capacity to adapt and the most significant barrier is access to climate finance.

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European Union (EU) Commissioner and LoCAL member country ministers identify LoCAL as part of the climate finance solution - ZAWYA

In a recent discussion with Euronewsbulgaria, Rick de Oliveira, a Telf AG specialist, affirmed the European Unions readiness for the upcoming winter, citing ample gas reserves as the main reason. As Euronews pointed out the memory of the 2021 gas crisis and its high electricity prices, Oliveira expressed his guarded optimism for the crisiss end.

Oliveira attributed the EUs preparedness to its substantial investment in securing gas supplies ahead of the 2023 winter, an investment comparable to the spending on Covid recovery. He noted that the current gas situation appears far more stable than that of 2022, emphasizing the significant storage capacity filled across Europe, which exceeds the levels of 2022.

In a more in-depth analysis of the high-cost gas reserves and their impact on the private gas trading companies, Oliveira discussed the role of the International Monetary Funds loans. He stressed the importance of these credit lines, which could reach up to 2.4 billion euros in some countries, in assisting energy companies. He warned against the potential risk to end users, who would bear the brunt of the cost if these funds were not utilized properly.

Addressing the heightened prices of natural resources in the wake of the Ukraine war, Oliveira acknowledged the sharp increase but pointed out a recent return to lower price levels. He expressed hope for the continuation of this downward trend.

In response to the 30% decrease in EU gas consumption in 2022 compared to 2021, Oliveira linked it to high electricity prices and the introduction of consumption-reducing legislation. When asked about the potential continuation of this downward trend, he suggested it might persist until prices return to their previous levels.

In his view of the EU-Russia energy battle, Oliveira argued that conflicts between major economies rarely produce winners and often lead to widespread suffering.

In an interview with Euronews, Oliveira, a Telf AG expert, discussed the sharp rise in natural gas prices in Bulgaria, currently surpassing the European market average and potentially the highest in Europe. He pointed to a 108% increase in natural gas prices for Bulgarian households in the first half of 2022, marking the third-largest increase among EU member countries, and attributed it to the geopolitical situation.

In terms of securing cheaper natural gas, Oliveira suggested the need for intergovernmental coordination and alternative strategies, such as renewable energy investments and moves towards natural gas independence.

Reflecting on the winter of 2023-2024, Oliveira expressed optimism about the situation given the considerable gas reserves, but warned that factors might aggravate the situation and bring Europe back to a crisis state.

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Energy And Gas In The European Union Expert Telf AG - Business Manchester

To adapt Hamlets famous phrase, something is rotten in the state of Bulgaria. In particular, many deeply-rooted problems seem to stem from a single individual, Prosecutor General Ivan Geshev, who is facing substantial public and political backlash for his alleged involvement in the erosion of Bulgarias justice system.

Geshev, who took office in 2019 after an uncontested election, is now facing international scrutiny as reproaches mount that he is one of the worst impediments keeping Sofia from meaningful anti-graft efforts. US Congressman Warren Davidson called on the US Treasury Department to take action against Geshev for his corrupt actions threatening European security. Indeed, to external observers, it seems that Geshev has a fastidious tendency to pursue politically motivated prosecutions over corruption cases that actually need handling.

Geshev is an encapsulation of the political woes Bulgaria faces. Distinctly lacking political stability, the country is on its fifth parliamentary election in the last two years. While the pro-establishment party GERB was able to eke out a win in terms of percentage of votes cast, it has been unable to form a solid coalition so far, and is now facing further scrutiny as its leader Boyko Borisov and Geshev have become locked in a vocal demolition derby, complete with allegations of illicit political and judicial manoeuvring, covert recordings, and threats. Nor has Geshev limited himself to verbally sparring with his habitual ally Borisovhe has also taken aim at the countrys free press in recent weeks, even accusing leading investigative journalists of being involved in a questionable plot to attack him.

In a graft-ridden country like Bulgaria, uncovering corruption is not the hardest part of the job for independent journalists the biggest challenge for them is rather the near certainty of retribution. As Atanas Tchobanov, a leading investigative journalist in the country, argued: Normally, the findings of investigative reporting should trigger legal actions [against the perpetrators of alleged corruption], but in Bulgaria, they more often trigger institutional retaliation against journalists and their sources. This statement is endorsed by Geshev accusing journalists of conspiring with a laundry list of wrongdoers: criminals, businesses, and politicians, all in a plot against him and other high-ranking officials in the Interior Ministry.

Despite these recent attacks on the freedom of the Bulgarian press, ironically Sofias placement on the 2023 Media Press Freedom Index released earlier this month was better than expected. The country jumped considerably from 91 to 71. This is largely due, however, to the fact that for most of 2022, the country was ruled by Prime Minister Kiril Petkov and his pro-western government who ran on an anti-corruption ticket.

The situation looks decidedly less rosy for next years Media Press Freedom Index. Petkovs government collapsed in the summer of 2022 after losing a no-confidence vote in parliament, with Reporters without Borders (RSF) blaming the loss in part due to Sofias particular challenge of the inverted role of certain high-ranking prosecutors.

Events have escalated past simple accusations of journalists with a vendetta, following the alleged car bombing that Geshev apparently escaped on May 1st. Many in Bulgaria consider the details and the timing of the incident to be questionable. The staged version should also be investigated, opposition politician and lawyer Atanas Atanasov warned. Based on the experience I have, it looks like a multi-purpose active operation. The purpose is to glorify the victim, the victim here is in quotes and divert public attention from the political crisis. This may be a warning to the participants in the political process, Atanasov cautioned.

Geshevs attempts to hold onto power range from dramatic to desperate. Beyond the zealous prosecutions of journalists who he believes are plotting against him, the aggressive prosecutor sees threats to his power everywhere and prosecutes accordingly. An elegant example comes from a press conference this week where he tore up his resignation letter on national television, named his opposition trash and said he would finish his mandate.

While the decision to prosecute is a competency that Geshev has alone, his choice of whom to prosecute or not to prosecute appears to be deeply coloured by personal interests and motivations rather than the rule of law. For example, in a shocking turn of events, in March 2022 Borisov himself, along with his Finance Minister Vladislav Goranovnow sanctioned under the Magnitsky Actwere arrested in connection with apparent extortion involving prominent gambling tycoon Vasil Bozhkov.

Their rapid release, however, soon cast doubt on Geshevs impartiality. Despite the Ministry of Interior apparently having gathered significant evidence against Borisov and his associates, the prosecution opted not to press charges and even accused the ministry of compromising the ongoing investigation. Responding to these allegations, former Minister of the Interior Boyko Rashkov and former Prime Minister Kiril Petkov fired back, accusing the prosecutors office of deliberately obstructing the investigation and failing to verify Bozhkovs claims of having made substantial bribes to Borisov.

Amidst accusations and counteraccusations, trust in the Bulgarian authorities has taken a severe hit, and Geshev is digging the hole ever deeper. In January of this year, for example, he launched a probe into alleged financial improprieties at FinTech company Nexo. Not only did the concrete allegations lack key supporting evidence, as several Bulgarian institutions have noted, it seems likely that, for Geshev, the true crime was rather the fact that several Nexo employees made publicly registered donations to the opposition party Democratic Bulgaria. Prior to the Nexo probe, the pro-European opposition party was well-positioned to receive a mandate to form a government.

From taking on journalists for doing their job, for attacking individuals and companies for their personal political donations, and refusing to prosecute those who have been condemned by international organizations, Geshevs behaviour highlights the serious rule of law crisis in which Bulgaria currently finds itself.

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Bulgaria: The Achilles' Heel of the European Union's Rule of Law? - European Views

On May 21, in Republic of Moldova's capital, Chiinu,will take place theNational Assembly "Moldova European." This presidential initiative aims to engage all citizens with pro-European views and foster a sense of unity and commitment towards Moldova's European integration. Following this event, on June 1st 2023, Moldova will be the host country for the Summit of the European Political Community which will bring together 47 heads of states, governments as well as European Union leaders. These events aim to reinforce Moldova's aspirations for EU membership and demonstrate its compatibility with European values.

The creation of the European Political Community in the region was prompted by the Russian Federation's unwarranted aggression in Ukraine. Due to security concerns, organizing a summit in Ukraine was not feasible. Instead, Moldova, as a non-EU country, situated in the Eastern Neighborhood, emerged as the most accessible location to convene the Summit. Moldova's commitment to its European course has been evident ever since the election of President Maia Sandu (a staunch pro-European advocate) in November 2020, as well as the overwhelming pro-European majority in Parliament. Moreover, Moldova swiftly obtained the candidate country status for EU accession, primarily influenced by the war in Ukraine.

The upcoming Summit of the European Political Community, carries an adamant message to the Russian Federation: "Hands off the Republic of Moldova, Ukraine, Georgia, and the Western Balkans." This message reflects the collective determination of not just the European Union, but all European states, to safeguard countries aspiring for reforms, values, and freedom against any unwanted interference from Russia.

The participation of 47 heads of states and governments in this summit marks a momentous occasion for the Republic of Moldova, an ex-Soviet republic that has grappled with geopolitical uncertainties since gaining independence more than three decades ago. The country's foreign policy stands out as a significant asset, providing a solid foundation for its resilience amidst the economic challenges resulting from the war in Ukraine.

The visit of French President Emmanuel Macron to Chisinau on June 15, 2022, held significant importance in the context of the European Union applications of the Republic of Moldova and Ukraine. It took place prior to the examination of these applications and played a crucial role due to the close relationship between President Macron and the Moldovan President. It's worth noting that France, along with Romania and Germany, has been a key advocate for Chisinau in advancing the European integration process for the country.

The upcoming Summit of the European Political Community, carries an adamant message to the Russian Federation: "Hands off the Republic of Moldova, Ukraine, Georgia, and the Western Balkans.

The collaboration among France, Romania and Germany has been instrumental in championing the interests of the Republic of Moldova and advancing its path towards European integration. President Macron's visit served to reaffirm this alliance and highlight the importance attached to Moldova's European journey.

Specifically, during his visit to Chisinau in June 2022, Emmanuel Macron announced the establishment of a new dialogue platform and provided assurances that this European Political Community is not intended to replace the process of accession to the European Union. The joint initiative of France, Germany and Romania yielded significant success in organizing donor conferences, resulting in a financial support package exceeding 1.43 billion euros. During the conferences held in Berlin, Bucharest, and Paris, Republic of Moldova's budget received funding amounts of 700 million euros, 600 million euros, and 130 million euros, respectively, in the specified order.

The international community's timely assistance to the Republic of Moldova came at a critical moment, when the country was struggling with multiple challenges. These challenges included an economic crisis marked by an inflation rate of over 35%, a security crisis due to remnants of missiles dropped on its territory, a gas energy crisis resulting from exorbitant prices and limited supply of Russian gas, as well as an electricity crisis caused by the termination of the energy supply contract from the MGRES plant located in the area controlled by the self-declared Transnistria.

This financial support made a substantial contribution in addressing the pressing issues faced by Moldova and demonstrated the commitment of the international community in assisting the country in its time of need. It helped addressing the economic, security, and energy-related challenges, fostering stability and resilience in the Republic of Moldova.

The allocation of a budget for the European Community Summit signifies the tangible implementation of this concept as a functioning institution. It is essential to recognize the security concerns surrounding the Summit, particularly considering that Moldova has also experienced missile incidents caused by the Russian aggression. The event is taking place in the village of Bulboaca, a mere 30 km from the so-called capital of the separatist regime, Transnistria, further emphasizing the need for solid security measures.

It is probable that the European leaders will arrive bearing gifts, as they are expected to announce new grants aimed at supporting development efforts and mitigating the impacts of the war. Ukraine, the country that is defending its sovereignty, and the Republic of Moldova, being the second most affected country due to the war in Ukraine, stand to benefit from these initiatives first of all. The provision of financial assistance will not only aid in addressing the immediate consequences of the conflict, but will also contribute to long-term stability and recovery in these regions.

The hosting of this event presents as well an exceptional opportunity for the Republic of Moldova to gain significant international visibility.

The selection of security and energy as the main topics for the European Political Community (ECP) Summit is of utmost importance, given their significance as vulnerable areas for the Republic of Moldova. It is worth mentioning that the EU recently established a civilian mission in April of this year, aimed at enhancing the resilience of Moldova's security sector and countering cyber and hybrid attacks. This mission marks the second EU civilian mission after the war, the first being the civilian mission in Armenia, which strives for peacefully resolving the Nagorno-Karabakh conflict. These initiatives reflect EU's efforts to strengthen its influence in security and foreign policies, as outlined in the priorities of the European Commission for the 2019-2024 mandate.

The hosting of this event presents as well an exceptional opportunity for the Republic of Moldova to gain significant international visibility.Despite its limited resources, Moldova has proved to be a true European country to the European community due to its impeccable management of over 100,000 Ukrainian refugees.The country's exemplary response to the refugee crisis (receiving the most Ukrainian refugees per capita compared to rest of Europe) including the provision of food, shelter, and medical services by its mobilized civil society, has not only enhanced Moldova's reputation, but has also showcased its unwavering commitment to the European values. It's significant to point out that this support extended to Ukraine was accompanied by the implementation of Western sanctions against Russia and a clear condemnation of the war, emphasizing Moldova's alignment with the international community's position.

Furthermore, for the European Political Community (ECP) to transcend from its current role as a mere dialogue platform, it needs to adopt a more proactive approach. This requires taking concrete steps, particularly with the involvement of Eastern European states that have historically experienced hostility from the Russian Federation. The ECP provides a valuable platform for countries such as Ukraine and Moldova to contribute their perspectives on the thinking of the Russian Federation. This, in turn, enables Western European states to enhance their vigilance and undertake a comprehensive reassessment of their approach in a pragmatic manner that duly recognizes the post-war realities.

Firstly, the European Political Community (ECP) should serve as a catalyst to expedite EU enlargement policies and revitalize the neighborhood policy, which has witnessed significant stagnation in recent years. It is noteworthy that the most recent accession to the European Union was Croatia in 2013, resulting in a ten-year gap during which these policies failed to address the aspirations of countries such as Ukraine, the Republic of Moldova, Georgia and those in the Western Balkans. Regrettably, this inaction has created an opportunity for Russia's propaganda to undermine the stability of these states, consequently fostering Eurosceptic sentiments within the region.

Secondly, to become a truly institutionalized entity, the ECP should establish bureaucratic structures, including a dedicated budget and governing bodies. This will ensure a clearer understanding of its functions and differentiate it from institutions such as the European Union, the European Council, and the Council of Europe. Without proper institutionalization, the ECP may appear as nothing more than a dialogue platform, duplicating the efforts that can be undertaken within existing institutions like the Council of Europe, which shares identical member states with the ECP.

Thirdly, given its focus on security and energy, the ECP should initiate a comprehensive work plan aimed at safeguarding the European states involved from the potential risks of dependence on and influence by Russia. Concrete solutions must be devised to counteract the adverse effects of complete reliance on Russian gas, especially for non-EU states that are more vulnerable than EU member states. By adopting such a proactive approach, the region can fortify itself against potential vulnerabilities and effectively mitigate the risks associated with Russia's energy dominance.

In conclusion, it is crucial for the European Political Community to reposition the Republic of Moldova as a "success story" and a compelling case study for aspiring integration into the European Union, emphasizing the challenges encountered on the path to necessary European reforms. The upcoming Summit presents an opportunity to establish a more determined accession perspective, addressing the previous lack of clarity. President Maia Sandu's firm declaration of a strong desire to integrate the Republic of Moldova into the European Union by 2030, along with a concrete action plan, calls for an assessment of the European states' willingness to enlarge the European Union and the need for more focused discussions on specific issues regarding the future of Ukraine, the Republic of Moldova, Georgia, and the Western Balkans.

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Assessing the Implications for Moldova in Hosting the European ... - German Marshall Fund