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Leaders agree on new ‘dark red’ zones for high-risk COVID areas

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At a special meeting of European heads of government, to discuss the rise of infection rates across Europe and the emergence of new, more contagious variants, leaders agreed that the situation warranted the utmost caution and agreed on a new category of ‘dark red zone’ for high-risk areas.

The new category would indicate that the virus was circulating at a very high level. People traveling from dark red areas could be required to do a test before departure, as well as to undergo quarantine after arrival. Non-essential travel in or out of these areas would be strongly discouraged.

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The EU has underlined that it is anxious to keep the single market functioning especially concerning the movement of essential workers and goods, von der Leyen described this as of the “utmost importance”. 

The approval of vaccinations and the start of roll-out is encouraging but it is understood that further vigilance is needed. Some states which are more dependent on tourism called for the use of vaccination certificates as a way to open up travel. The leaders debated the use a common approach and agreed that the vaccination document should be seen as a medical document, rather than a travel document - at this stage. Von der Leyen said: “We will discuss the suitability of a common approach to certification.”

Member states agreed to a Council recommendation setting a common framework for the use of rapid antigen tests and the mutual recognition of COVID-19 test results across the EU. The mutual recognition of test results for SARS-CoV2 infection carried by certified health bodies should help facilitate cross-border movement and cross-border contact tracing.

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The common list of appropriate COVID-19 rapid antigen tests should be flexible enough for addition, or removal, of those tests whose efficacy is impacted by COVID-19 mutations.

European Central Bank (ECB)

ECB's Lagarde keeps door open to higher inflation

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Inflation in the eurozone could exceed the European Central Bank's already raised projections but there are few signs of this already happening, ECB President Christine Lagarde (pictured) said on Monday (27 September), writes Balazs Koranyi, Reuters.

"While inflation could prove weaker than foreseen if economic activity were to be affected by a renewed tightening of restrictions, there are some factors that could lead to stronger price pressures than are currently expected," she told lawmakers at the European Parliament.

"But we are seeing limited signs of this risk so far, which means that our baseline scenario continues to foresee inflation remaining below our target over the medium term," she added.

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European Commission

NextGenerationEU: European Commission disburses €231 million in pre-financing to Slovenia

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The European Commission has disbursed €231 million to Slovenia in pre-financing, equivalent to 13% of the country's grant allocation under the Recovery and Resilience Facility (RRF). The pre-financing payment will help to kick-start the implementation of the crucial investment and reform measures outlined in Slovenia's recovery and resilience plan. The Commission will authorise further disbursements based on the implementation of the investments and reforms outlined in Slovenia's recovery and resilience plan.

The country is set to receive €2.5 billion in total, consisting of €1.8bn in grants and €705m in loans, over the lifetime of its plan. Today's disbursement follows the recent successful implementation of the first borrowing operations under NextGenerationEU. By the end of the year, the Commission intends to raise up to a total of €80 billion in long-term funding, to be complemented by short-term EU-Bills, to fund the first planned disbursements to member states under NextGenerationEU.

The RRF is at the heart of NextGenerationEU which will provide €800bn (in current prices) to support investments and reforms across member states. The Slovenian plan is part of the unprecedented EU response to emerge stronger from the COVID-19 crisis, fostering the green and digital transitions and strengthening resilience and cohesion in our societies. A press release is available online.

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Cyprus

NextGenerationEU: European Commission disburses €157 million in pre-financing to Cyprus

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The European Commission has disbursed €157 million to Cyprus in pre-financing, equivalent to 13% of the country's financial allocation under the Recovery and Resilience Facility (RRF). The pre-financing payment will help to kick-start the implementation of the crucial investment and reform measures outlined in Cyprus' recovery and resilience plan. The Commission will authorise further disbursements based on the implementation of the investments and reforms outlined in Cyprus' recovery and resilience plan.

The country is set to receive €1.2 billion in total over the lifetime of its plan, with €1 billion provided in grants and €200m in loans. Today's disbursement follows the recent successful implementation of the first borrowing operations under NextGenerationEU. By the end of the year, the Commission intends to raise up to a total of €80bn in long-term funding, to be complemented by short-term EU-Bills, to fund the first planned disbursements to member states under NextGenerationEU. Part of NextGenerationEU, the RRF will provide €723.8bn (in current prices) to support investments and reforms across member states.

The Cypriot plan is part of the unprecedented EU response to emerge stronger from the COVID-19 crisis, fostering the green and digital transitions and strengthening resilience and cohesion in our societies. A press release is available online.

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