DAILY NEWS
Brussels, 14 October 2026
Commission accepts commitments by Sanofi to address possible anticompetitive disparagement of competing flu vaccine for vulnerable patients
The European Commission has made commitments offered by Sanofi legally binding under EU antitrust rules. The commitments relate to the Commission's preliminary competition concerns relating to Sanofi's alleged disparagement campaigns in Germany and France against Fluad, the only enhanced flu vaccine for vulnerable patients that competes with Sanofi's Efluelda.
To address the Commission's preliminary concerns, Sanofi offered to engage in proactive communication to rectify and undo the possible effects of the potentially misleading messages shared regarding Fluad, as well as to refrain from any communication portraying Fluad negatively or casting doubt about its performance.
The Commission's preliminary concerns
Sanofi, headquartered in France, is active in the research, development, and manufacturing of innovative prescription medicines, vaccines, and healthcare solutions. One of the vaccines offered by Sanofi is an enhanced flu vaccine, which is specifically designed to provide greater protection against flu for people over 60.
In the EU, this vaccine is marketed under the brand name ‘Efluelda' and competes with the only other enhanced flu vaccine currently marketed in the EU, by the company CSL Seqirus under the brand name ‘Fluad'.
The Commission preliminarily found that Sanofi may be dominant in the market for enhanced flu vaccines in Germany and France. The Commission is concerned that, from 2024 until at least autumn 2025, Sanofi may have pursued a misleading communication campaign targeted at healthcare professionals (HCPs). This communication campaign was conducted in Germany and, with a lower degree of intensity, in France and consisted of:
By doing so, Sanofi may have restricted competition on the markets for enhanced flu vaccines in Germany and France, in breach of Article 102 of the Treaty on the Functioning of the EU (TFEU), which prohibits the abuse of a dominant position that may affect trade and prevent or restrict competition within the Single Market.
The commitments
To address the Commission's preliminary concerns, Sanofi offered commitments.
For one part, Sanofi will, until March 2030:
In addition, to correct and remedy the potential effects of its past messages that may have been disparaging, Sanofi will:
Between July and August 2026, the Commission market-tested those commitments. In light of the outcome of this market test, Sanofi adjusted the initial proposal, notably by extending its proactive outreach to also cover KOLs in Germany who had been previously targeted by Sanofi's alleged disparagement campaign against Fluad.
The Commission concluded that the commitments proposed by Sanofi will address its competition concerns related to the potential disparagement of Fluad. It has therefore decided to make them legally binding on Sanofi.
The implementation of the commitments will be monitored by a monitoring trustee who will report regularly to the Commission.
Background
On 26 June 2026, the Commission opened a formal antitrust investigation to assess whether Sanofi's alleged disparagement campaign against Fluad violates EU competition rules. On the same date, the Commission adopted a Preliminary Assessment summarising the main facts of the case and identifying its preliminary competition concerns.
On 8 July 2026, the Commission launched a market test on the commitments offered by Sanofi, which ran until 21 August 2026.
Article 102 TFEU prohibits the abuse of a dominant position that may affect trade and prevent or restrict competition within the Single Market. The implementation of Article Article 102 TFEU is defined in Regulation 1/2003.
Article 9(1) of Regulation 1/2003 enables companies investigated by the Commission to offer commitments in order to address the Commission's concerns and empowers the Commission to make such commitments binding on the companies. Article 27(4) of Regulation 1/2003 requires that, before adopting such decision, the Commission shall provide interested third parties with an opportunity to comment on the offered commitments (“the market test”).
If the market test indicates that the commitments are a satisfactory way of addressing the Commission's competition concerns, the Commission may adopt a decision making them legally binding on the company concerned. Such a decision would not conclude that there is an infringement of EU antitrust rules, but would legally bind that company to respect the commitments it has offered.
If the company does not honour such commitments, the Commission may impose a fine of up to 10% of its worldwide annual turnover, without having to find an infringement of EU antitrust rules, or a periodic penalty payment of 5% per day of its daily turnover for every day of non-compliance.
For more information
More information, including the full text of the commitments, will be available on the Commission's competition website, in the public case register under the case number AT.40998.
Quote(s)
At the start of the autumn, millions of patients and healthcare professionals in the EU are getting ready for the flu vaccinations season. Today’s decision ensures that they can choose their vaccine based on an impartial assessment of scientific evidence. When dominant pharma companies spread false or misleading information about vaccines competing with their own, they distort competition and undermine doctors’ and patients’ choice.
Teresa Ribera, Executive Vice-President for Clean, Just and Competitive Transition
Commission proposes flexibility to methane importers to help save costs
Europe is preparing for a challenging winter with high energy prices. The strain on global energy markets linked to the conflict in the Middle East is putting pressure on energy markets in Europe. This is driving up energy prices and may cause reduced availability of gas and oil, hampering the EU's competitiveness and security of supply.
The European Commission has therefore adopted a proposal to postpone by one year the implementation of specific provisions of the EU Methane Regulation related to importers to alleviate the pressure on European industry and national administrations. The proposed targeted amendment concerns the monitoring, reporting and verification obligations for natural gas, oil and coal importers. It also concerns the provisions related to the reporting on methane-intensity requirements for both importers and Union producers.
This one-year postponement of the import-related provisions is designed to help avoid additional pressures on the security of supply of imported fossil fuels in the current geopolitical context.
The proposed amendment does not affect the ambition, integrity and scope of the Regulation, reaffirming the European Union's commitment to reduce methane emissions.
Crucially, the proposed one-year delay will allow extra time for importers to ensure full compliance with requirements of the Regulation in the very challenging current context of global energy markets.
Next steps
The proposed targeted amendment will now be submitted to the European Parliament and Council for adoption. The Commission will constructively engage with both co-legislators to ensure that the legislative process for the present proposal is fully preserved. A timely agreement is essential to maintain regulatory certainty.
The Commission will continue to work hand in hand with the Member States and the sector on the full implementation of the Regulation, including on recognising compliance solutions in line with our Recommendation on Compliance solutions and on penalties, adopted in July. It will also continue to closely engage with stakeholders to monitor any specific signs on security of supply impacts linked to the implementation of the rules.
Methane is the second largest source of greenhouse gas emissions after CO2. Abating methane is therefore one of the fastest and most effective ways to reduce global warming and has great energy savings benefits. The EU Methane Regulation, adopted in 2024, is the world's first comprehensive legislation that also regulates methane emissions related to imports of oil, gas and coal and introduces progressive requirements to increase transparency. It covers domestic production, transportation, and processing as well as imports, and it makes the EU a frontrunner reducing emissions.
In July 2026, the Commission issued two Recommendations to provide legally sound solutions to industry concerns, on compliance solutions and on penalties. On 12 October, the Commission launched a call for feedback concerning the adoption of an Implementing Act with reporting templates for EU reporting of oil, gas and coal methane emissions.
Targeted amendment
Questions and Answers
Methane emissions - European Commission
Call for feedback on reporting templates
Europe’s ambition in the fight against climate change remains unflinching. But as we approach a difficult winter in terms of energy prices, we need to be flexible and pragmatic in the implementation of our rules. The priority now is to shield European citizens from the price volatility we are facing, and avoid any potential additional risk to energy supplies at a time of global constraints.
Dan Jørgensen, Commissioner for Energy and Housing
Press remarks by Commissioner Šefčovič on the EU-Türkiye High-Level Dialogue on Trade
"Check against delivery"
Good evening.
I am pleased to welcome Minister Bolat to Brussels, as we co-chair our High-Level Dialogue on Trade. We meet often at fora like the OECD and the G20 most recently but today is different – a focused meeting on the work we do together.
Türkiye is a key partner for the European Union and our trade keeps growing. Thanks to the EU-Türkiye Customs Union, it reached a record of nearly 218 billion euros in goods in 2025, while in services our trade surpassed some 40 billion euros.
Türkiye is now the EU's 5th largest trade partner, accounting for over 4 percent of all EU trade in goods. On both sides, motor vehicles, machinery and electrical equipment lead the way.
On investment, the EU is by far Türkiye's largest investor, supplying more than half of all foreign direct investment.
Strong numbers, but we both know there is more to unlock. The interest is mutual and that is why today's talks matter – and I appreciate how productive they have been.
We began with a roundtable of EU and Turkish business representatives. Their message was clear:
They want us to go further and they strongly back modernising the Customs Union.
As part of these efforts, they seek closer cooperation on the green and digital transformations.
We hear them.
Türkiye is the only major economy with which the EU has a Customs Union. Therefore, no surprise that our businesses are so closely linked, with supply chains intertwined across many sectors.
We keep addressing the remaining trade barriers that businesses perceive as obstacles. We must – and I believe will – keep this momentum.
In this context, I am genuinely pleased to announce that we have been able to remove one important barrier related to Türkiye's import control system, TAREKS. Türkiye has implemented several transparency measures that should make the system easier for EU exporters to use.
We look forward to continuing our constructive cooperation with our Turkish partners to find solutions to the remaining technical challenges.
Another good example is the outcome for trusted traders, which also reflects the EU's and Türkiye's shared interest in safety and security.
We have agreed a Mutual Recognition Agreement on our Authorised Economic Operator programmes, which is being published in our official journal today.
Put simply, each side now recognises the other's trusted traders. Considered safe by both, the goods cross borders faster.
This is a real step forward for smooth trade flows and customs cooperation within the current Customs Union framework. I thank everyone whose hard work made it happen.
Once again, a warm welcome to Minister Bolat and his team. I am looking forward to continuing our discussion tonight.
Thank you.
Joint Statement on the third EU-Türkiye High-Level Dialogue on Trade
The European Union and Türkiye held the 3rd EU-Türkiye High Level Dialogue on Trade on 13 October 2026 in Brussels. The meeting was co-chaired by the Commissioner for Trade and Economic Security, Interinstitutional Relations and Transparency Maroš Šefčovič and Minister of Trade of Türkiye Ömer Bolat. The EU and Türkiye, a candidate country and major trade partner, have bilateral trade flows that have grown constantly over the years reaching €217.6 billion in 2025.
The Dialogue provided an opportunity to review progress in bilateral trade relations, address key market access and customs issues, and discuss areas for enhanced cooperation with a view to strengthening the EU-Türkiye economic partnership.
The EU and Türkiye underlined the strategic importance of their trade relationship and reaffirmed their shared interest in promoting growth, competitiveness and resilient value chains. They recalled the important role of the EU-Türkiye Customs Union and discussed concrete steps to improve the business environment for companies and economic operators on both sides. The Dialogue was preceded by a Business Roundtable with representatives of the business community from EU and Türkiye.
In the area of customs cooperation, the EU and Türkiye welcomed progress on customs reform, including on e-commerce, and confirmed their intention to advance work on the implementation of their agreement on the Mutual Recognition Agreement on Authorised Economic Operators. The parties recognized the importance of Türkiye's alignment with relevant EU legislation and welcomed the completion of alignment to the new EU Machinery Regulation, as an important step in ensuring free movement of goods across the Customs Union without technical barriers.
On the reduction of trade barriers, the EU and Türkiye took stock of progress achieved on priority issues and are pleased to announce the removal of the barrier on import controls under the Turkish TAREKS system, a risk-based foreign trade system for importers into Türkiye, with the understanding that constructive cooperation will continue in this field to address the practıcal ıssues raısed by EU operators. These outcomes constitute concrete steps to facilitate trade and respond to longstanding concerns raised by economic operators.
The EU and Türkiye also reviewed progress on other market access issues, including export taxes on hides, skins and wet-blue leather, the import surveillance regime, the surveillance by registration of imports of textiles and materials used in the manufacturing of textiles, and alcoholic beverages. They agreed to continue technical engagement on these matters with a view to achieving further tangible results.
The parties also noted progress on Türkiye's access to EU's energy labelling registry (EPREL) and encouraged continued work in this area. They also agreed to engage in technical discussions on Türkiye's access to CPNP. The partıes also undertook to hold technıcal discussions on the issue of batch releases for pharmaceutıcal products.
The Dialogue also covered a broad range of forward-looking cooperation areas, including alignment of technical legislation, public procurement, circular economy, business mobility, digital trade, trade defence and cooperation in the WTO framework. The EU and Türkiye also took stock of cooperation on anti-circumvention of EU sanctions.
On digital trade, the parties agreed to engage in technical work on the issue of mutual recognition of the e-signatures.
The EU and Türkiye agreed to maintain close engagement in the period ahead and to continue working towards practical solutions that support a more predictable, transparent and mutually beneficial trade relationship. They underlined the value of the High-Level Dialogue on Trade as a platform for sustaining momentum and identifying further areas of cooperation.
Commission issues €10 billion in its 9th syndicated transaction of 2026
The European Commission has raised €10 billion of EU-Bonds in its 9th syndicated transaction for 2026.
The dual-tranche transaction concerned a €5 billion tap of the 7-year EU-Bond maturing on 12 October 2033 and a €5 billion new 15-year EU-Bond maturing on 12 December 2041.
Building on the pricing of recent syndications against the EU Bond curve, both maturities were priced against reference points in the EU Bond curve. The approach reflects the growing liquidity of the EU-Bond curve, which can be used more frequently as a reliable reference point for pricing of syndicated issuances when deemed desirable.
The transaction is part of the Commission's €80 billion funding target for the second half of 2026.
Funds raised from EU issuances are used to support the European Union's political priorities, including support for a stronger, more competitive and resilient Europe, support to Ukraine and crucial investments in European defence.
The EU's total outstanding debt now stands at about €856.65 billion, of which €47.98 billion in the form of EU-Bills and €86.24 billion in the form of NextGenerationEU Green Bonds.
EU-Bond transactions (syndications and auctions) executed to date in H2 2026 [EUR billion]
Today's bond syndication
7-year Bond tap
A €5 billion tap of the EU-Bond due on 12 October 2033: this bond carries a coupon of 3.125 % and came at a re-offer yield of 3.775%, equivalent to a price of 96.076%. The spread to the EU-Bond maturing on 13 December 2032 is 9 bps, which is an equivalent spread to mid-swap of 28.6 bps, and 45.2 bps over the Bund due 15 August 2033 and 70.7 bps below the OAT due 25 November 2033.
The final order book was over €73 billion, with oversubscription rate of approximately 14.6-times.
15-year new Bond
A €5 billion new EU-Bond due on 12 December 2041: this EU-Bond carries a coupon of 4.25 % and came at a re-offer yield of 4.353 %, equivalent to a price of 98.886%. The spread to the EU-Bond maturing on 12 December 2040 is 7 bps, which is an equivalent spread to mid-swap of 74.8 bps, and 64.9 bps over the Bund due 15 May 2041 and 81.6 bps below the OAT due 25 May 20412.
The final order book was over €87 billion with an oversubscription rate of approximately 17.4 times.
Information on the allocation on the investors in this transaction is available in the transactions section of the EU as a borrower website.
The joint lead managers of this transaction were Bank of America, Goldman Sachs, LBBW, Morgan Stanley and Santander.
The Commission is empowered by the EU Treaties to borrow from the international capital markets on behalf of the European Union to finance selected EU policy programmes. This includes the NextGenerationEU recovery instrument, financial support programmes to Ukraine and other neighbourhood countries as well as the EU's Security Action for Europe – SAFE – instrument, helping EU Member States carry out urgent defence investments through common procurement.
Use of proceeds from EU borrowing operations under different programmes [EUR billion]
EUR outstanding amounts per programme, as of 29 September 2026.
Disclaimer: under the Commission's unified funding approach outstanding disbursements may be different to the amount of outstanding EU-Bonds at a specific point of time)
The Commission uses EU-Bonds and EU-Bills as the main funding instruments to raise funds on capital markets. All issuances executed by the Commission are denominated exclusively in euro. Since January 2023, the EU funds its different policy programmes by issuing single-branded EU-Bonds rather than bonds for individual programmes. The Commission also issues green bonds (under the NextGenerationEU Green Bond label), to finance the green component of the Recovery and Resilience Facility of the NextGenerationEU programme.
The European Commission raises funds using both auctions and syndicated transactions as part of its funding strategy. Auctions allocate EU-Bills and EU-Bonds through a competitive bidding process among Primary Dealers, ensuring transparency and cost efficiency. In contrast, syndicated transactions involve a group of Primary Dealers placing bonds directly with investors, allowing for broader investor reach and optimized execution, particularly for large or inaugural deals. The two methods are used in a complementary way to support market access and funding flexibility.
EU borrowing is guaranteed by the EU budget, with contributions to the EU budget an unconditional legal obligation of all Member States under the EU Treaties.
For regular updates on the EU's borrowing and lending activities you can subscribe here to the quarterly investor newsletter.
H2 Funding Plan Update - Commission to issue €80 billion in EU-Bonds in the second half of 2026
Latest EU funding plan
EU as a borrower website
EU debt securities data
Factsheet on Budgetary safeguards protecting investor in EU-Bonds and EU-Bills