EUROPEAN COMMISSION
DAILY NEWS
Brussels, 11 February 2026
Commission seeks views on updating shareholders rights across the EU*
Today, the European Commission launched a public consultation and a call for evidence to gather feedback on a possible update of the Shareholder Rights Directive. The Directive protects and empowers shareholders in listed companies ensuring they have a say in the companies they invest in, and that their interests are represented and respected. In doing so, it aims to improve conditions for investing across the EU. A potential revision of this legislation would contribute to reducing fragmentation across capital markets and drive cross-border investment by making it easier and cheaper for investors, intermediaries, and issuers to operate across Member States.
Today's consultation seeks views from companies, shareholders, and investors on obstacles to cross-border investment stemming from the exercise of shareholder rights and how revised rules can help unify EU capital markets. They are also invited to share their views on how shareholder rights could be modernised to effectively address changes in market practices and technological developments. The consultation is a key deliverable of the Savings and Investments Union strategy.
Henna Virkkunen, Executive Vice-President for Tech Sovereignty, Security, and Democracy, said: “Shareholders are essential to the companies they invest in. On top of providing an essential leg up to innovators seeking to establish themselves in the market, they also provide expertise, guidance, and long-term vision. Their direct insight is crucial for us to identify where we can best support them and continue to ensure good and sustainable governance in companies in the EU”.
Michael McGrath, Commissioner for Democracy, Justice, the Rule of Law and Consumer Protection, said: “Shareholders are the engines of growth, providing the capital, confidence, and long-term support companies need to expand and drive cross-border investment across the EU. This is why a clear and effective system for shareholder rights is essential; we want to hear directly from investors, innovators, and all stakeholders - what still holds our markets back, how can we break down barriers, and how can we build a simpler, fitter and more efficient system to boost the competitiveness of the EU.”
Following the public consultation, the Commission will assess the necessity to simplify shareholder rights across the EU. The public consultation and the call for evidence will run for 12 weeks, until 6 May 2026.
(For more information: Markus Lammert - Tel.: +32 2 296 75 33; Antoine Lomba – Tel: +32 2 299 32 33)
Commission launches call for experts to shape EU ocean policy
The European Commission has established the European Ocean Board, a high-level expert group tasked with advising on implementation of the European Ocean Pact. Today, the Commission opened a four-week call for applications, inviting professionals and organisations to contribute to the future of sustainable ocean governance in the EU.
Twenty-five experts will be appointed for a five-year term, with the first meeting scheduled for March 2026.
Professionals and organisations with a stake in ocean sustainability, maritime industries, or coastal policy are encouraged to apply and help shape the future of EU ocean strategy.
The Board will advise the Commission on the effective roll-out of the European Ocean Pact, providing expert opinions on specific ocean-related challenges, while ensuring policy coherence across EU initiatives and private-sector actions. In this context, the Board will play a key role in the upcoming ocean observation initiative, supporting ocean knowledge, research and innovation, ocean literacy and the maritime economy.
The European Ocean Pact, adopted in 2025, sets out a shared vision for healthy, resilient, and sustainably managed seas. The Pact aims to protect marine ecosystems; promote a sustainable blue economy; advance ocean research, knowledge, skills and innovation; enhance maritime security and defence; and strengthen international ocean governance.
More information on the call of application is available online.
(For more information: Maciej Berestecki — Tel.: + 32 2 299 66483; Anna Wartberger – Tel: +32 2 28 20 54)
Joint Statement by High Representative Kallas and Commissioners Šuica and Lahbib on the Israeli Security Cabinet decision to amend the land registration and property acquisition procedures in the West Bank
The new steps approved by Israel's security cabinet for the West Bank are counterproductive and incompatible with international law. They risk undermining ongoing international efforts aimed at stabilization and the advancement of peaceful efforts in the region.
The EU has a long-standing position of non-recognition of Israel's sovereignty over the territories occupied since June 1967, in line with the relevant UNSC resolutions.
Moreover, the decisions affecting the implementation of the Hebron Protocol between Israel and the Palestinian Authority put at risk the sensitive status quo of religious sites.
The EU reiterates its unwavering commitment to lasting and sustainable peace in accordance with the relevant resolutions of the UN Security Council, on the basis of the two-state solution, with the State of Israel and an independent, democratic, contiguous, sovereign and viable State of Palestine living side-by-side in peace, security, and mutual recognition.
The EU will continue to work with international partners, including through the Global Alliance for the implementation of the Two State Solution, towards this objective. We urge all parties to refrain from unilateral measures which increase tensions and further erode the chances of a negotiated solution. This is especially important at a time when coordinated international efforts are underway to advance peace and stability in the region.
(for more information: Anouar El Anouni – Tel. +32 2 291 35 80; Guillaume Mercier – Tel. +32 2 298 05 64; Eva Hrncirova - Tel.: +32 2 298 84 33)
Commissioner Jørgensen in Algeria to strengthen energy partnership and support diversification
Tomorrow, Commissioner for Energy and Housing Dan Jørgensen is travelling to Algiers to reinforce the long-standing energy partnership between Algeria and the EU.
His visit forms part of the EU's efforts to ensure diversification among suppliers as we phase out Russian gas, aligning with the goals of REPowerEU, while driving forward the clean energy transition globally. Discussions between the Commissioner and Algerian leaders will cover cooperation on natural gas, renewable energy, hydrogen and energy interconnections.
Commissioner Jørgensen will participate in the annual `EU-Algeria High Level Energy Dialogue` taking place tomorrow and will hold meetings with the Minister for Hydrocarbons and Mines, Mohamed Arkab, and with Minister for Energy and Renewable Energies, Mourad Adjal.
At the end of the Dialogue, at around 11:00 CET, Commissioner Jørgensen and the ministers will deliver press statements. Watch them live on EBS.
(For more information: Anna-Kaisa Itkonen – Tel.: +32 2 295 75 01; Cristiana Marchitelli – Tel: +32 2 298 94 07)
Commission presents action plan to counter drone threats
The European Commission today presented its Action Plan to counter the increasing threats posed by drones to EU security. In recent years, the EU has faced growing and multi-faceted challenges relating to drones and meteorological balloons, including hostile overflights, airspace violations, disruptions to airports, as well as risks to our critical infrastructure, external borders and public spaces.
The Action Plan represents an ambitious blueprint for stronger EU cooperation and solidarity, responding to the calls from EU Member States and the European Parliament for a united EU approach against threats posed by malicious drones. It focuses on the civilian internal security dimension, while complementing and supporting the work carried out in the defence domain by the Commission, and reinforcing civil-military synergies. In addition, the Action Plan contributes to the development of a competitive European drone market, unlocking the potential for innovation, growth and job creation across this important sector.
The Action Plan is designed to support Member States through coordinated actions, complementing national measures and focused on key priorities: enhancing preparedness, boosting detection capacities, coordinating responses and strengthening the EU's defence readiness.
Enhancing Europe's preparedness and resilience against drone incidents
To improve EU preparedness, the Action Plan proposes a new approach to technological development and rapid industrial production ramp-up. Those efforts include:
A coordinated civil-military industrial mapping to attract investment and foster innovation & interoperability;
A strengthened counter-drone testing capacity thanks to a new EU Counter-Drone Centre of Excellence and the development of a certification scheme for counter drone systems; and
The launch of a Drone and Counter-drone Industry Forum to foster dialogue with industrial actors, with view to scaling up production.
In parallel, the Commission will propose a Drone Security Package to revamp the existing rules on civilian airborne drones and adapt them to the new security realities. The package will include measures for a coordinated risk assessment to protect the technology supply chains for both drones and counter-drone systems, alongside the launch of an ‘EU Trusted Drone' label to identify secure equipment on the market.
To safeguard critical infrastructure, the Commission will provide clear guidelines for operators, launch a pilot project to improve maritime surveillance, and help Member States defend against high-altitude threats, such as meteorological balloons launched from outside the EU.
Leveraging technologies and 5G networks to better detect drones
Detecting, tracking and identifying malicious drones is crucial to counter threats. This demands an enhanced situational picture, helping to differentiate friends from foes. To that end, the Action Plan previews measures that will support the emergence of single air display systems, integrating all relevant data to identify legitimate drones, and explore with Member States the progressive set up of a Drone Incident Platform.
Detecting malicious drones relies on a multi sensors approach, mixing several technologies powered by AI software. The Commission will continue supporting leading technological development in detecting drones.
Faced with the current threat landscape, and especially the increasing use of drone swarms, 5G networks must urgently be leveraged for detection of drones, both connected or not.
To support rapid deployment and live test 5G-based detection, the Commission will launch a call for expression of interest for Member States and industry.
These 5G networks offer precise, real-time tracking of flying objects, which is essential for keeping our skies safe, and protecting internal security.
Reinforcing responses to malicious drone activity
While Member States are primarily responsible for measures to respond to drone threats, the EU can deliver clear added value in supporting these ongoing efforts. The Commission will launch a call for interested countries to join forces in the public procurement and deployment of counter-drone systems. It will also support the development of sovereign European, AI-powered 'Command and Control' systems and look into creating Rapid Counter-Drone Emergency Response teams for increased solidarity between Member States.
The Commission proposes also that a yearly large scale EU counter-drone exercise is organised to stress test cross border cooperation and civilian and military synergies. Additionally, it will continue providing Frontex – the EU's borders and coasts guard agency – with the drones and technology needed for border surveillance. Frontex will provide practical guidance on layered deployment models and cross-border incident handling.
Strengthening Europe's defence readiness against drone threats
This Action Plan will complement and support Member States in boosting Europe's military readiness through innovation and industrial cooperation, including in the area of securing a supply of critical raw materials. The Commission will step up its support to build a stronger drone ecosystem, fostering closer ties between governments and industry through the Drone Alliance with Ukraine. By accelerating the development of affordable defence technology and fast-tracking mass production, this work will form the basis of the European Drone Defence Initiative and Eastern Flank Watch initiative, a flagship project proposed in Defence Readiness Roadmap 2030.
EU funding programmes already support the technological development of drones and counter-drone capacities, notably through Horizon Europe, the European Defence Fund and the Border Management and Visa Instrument. The Commission will continue to support Member States financially through these instruments as well as through the European Defence Industry Programme and SAFE loans.
Next steps
The Commission will launch discussions with Member States on the proposed actions and key priorities, based on the principle of co-ownership. It will also work very closely with other actors, including industry and the European Parliament. The Action Plan should be seen as a dynamic process, to be adapted according to the evolution and nature of threats.
To coordinate implementation, the Commission will consider setting up with Member States a strategic mechanism connecting the different dimensions, and ensuring close cooperation with the Council. The Commission also proposed that Member States appoint National Drone Security Coordinators, which will foster and oversee the national implementation of these actions.
Background
The Action Plan on drone and counter-drone security builds on the 2023 Communication on countering potential threats posed by drones and supersedes its midterm review as well as the Drone Strategy 2.0 which provides the overarching policy framework for the development of a competitive and safe European drone ecosystem.
The Commission's Joint Research Centre is actively engaged in research and technical activities related to drones, counter-drone systems and autonomous platforms. Its site in Geel (Belgium) functions as a living lab for the study of counter-drone technologies and their application in real operational environments.
For more information
Factsheet
Action Plan on drones and counter-drones security
Quote(s)
We have seen that anything can be used as a weapon against us. Drone and anti-drone capabilities are central components in defending Europe and securing critical infrastructure. Today, we are taking a major step toward enhancing security and developing these capabilities together with our member states. In the current geopolitical context, Europe must cultivate home-grown solutions to enhance its collective security. We have the talents, the technologies and the industrial strength to protect our assets.
Henna Virkkunen, Executive Vice-President for Tech Sovereignty, Security and Democracy
With the launch of this Action Plan, we are turning the concept of a ‘Drone Wall’ from a political vision into an industrial reality. To achieve true defence readiness, Europe must be able to protect its borders and critical sites with a sophisticated, multi-layered shield that can detect and neutralise any threat in real-time. Commission is developing a range of tools to the industry and Member States to develop and acquire drone and anti-drone defence capabilities in Europe. This includes the Eastern Flank Watch initiative and European Drone Defence Initiative. By bridging the gap between innovative civilian technology and military requirements, we are ensuring that our defence industry can produce these essential systems at the scale and speed required to keep Europe secure and technologically sovereign.
Andrius Kubilius, Commissioner for Defence and Space
Drones bring enormous economic benefits and strengthen the EU’s security significantly. At the same time, this technology is often being misused at low cost and with high impact. With today’s Action Plan, we have more arrows in our quiver to counter threats to our security and use this technology as an advantage, including by launching a new Counter-Drone Centre of Excellence, establishing an EU Drone Incident Platform and spending €400 million on drone and counter drone technology.
Magnus Brunner, Commissioner for Internal Affairs and Migration
Europe was the first in the world to establish clear rules for drones. We chose to integrate drones into our aviation system, and we will keep updating these rules as technology evolves, working closely with Member States and the European Union Aviation Safety Agency. Civilian drones can transform our economy and daily lives, from transport and logistics to emergency services and tourism. By reviewing our framework now, we are making sure this transformation is safe, innovative, and delivers real benefits for citizens and businesses across Europe.
Apostolos Tzitzikostas, Commissioner for Sustainable Transport and Tourism
Speech by President von der Leyen at the European Parliament plenary debate on urgent actions to revive EU competitiveness, deepen the EU Single Market and reduce the cost of living – from the Draghi report to reality
Thank you, Madam President, dear Roberta,
Deputy-Minister Raouna, dear Marilena,
Honourable Members,
In the last plenary, we focused on the geopolitical shockwaves that Europe is facing and on our united response. But our power on the global stage depends greatly on our strength on the economic front. Competitiveness is not just the foundation of our prosperity but of our security, and ultimately of our democracies too. This is why competitiveness has been at the top of our agenda from day one. At the very start of the mandate, we turned the Draghi and Letta reports into a plan for change, the Competitiveness Compass. And since then, it has been a year of action. With the Clean Industrial Deal. AI Factories and Gigafactories. Five new trade deals. Ten simplification omnibuses. The Grids Package. Tailor-made action plans for the automotive, steel and chemicals industries. The Savings and Investment Union. The greatest surge in defence investment in our history – with SAFE and the Roadmap 2030. And so much more. This is the urgency mindset we need, and we will relentlessly stay the course until we get it all done.
Today, I would like to focus on progress and next steps in three key areas. First, trade. Second, the Single Market. And third, simplification.
To the first topic: trade. A competitive Europe can only be an independent Europe. Today, dependencies are at risk to become weapons of coercion. Therefore, we must eliminate the bottlenecks in our most strategic value chains. And we can do this by stepping up production in Europe – and by expanding our network of reliable partners. This is why trade is so important. We must be laser-focused on opening growth opportunities and new markets to our companies. We need more rules-based, reliable trade with like-minded partners. Therefore, in 2025 we concluded trade agreements with Mexico, Indonesia and Switzerland. Last month, I signed our trade agreement with Mercosur. And two weeks ago, I was in India to sign the largest free trade agreement ever. The mother of all deals. It has a market of 2 billion people. 25% of global GDP. It grants Europe unique access to the fastest growing large economy – a clear ‘first-mover' advantage for our businesses. Not only is this a breath of fresh air for European exporters, this will also create alternative supply chains in strategic sectors – from chips to clean tech. And more trade deals are on their way with Australia, Thailand, the Philippines, the UAE, etc. This is the European way to independence. And Europe's independence moment is now.
Let me continue with the Single Market. The IMF says that interstate barriers in our Union are three times higher than interstate barriers in the US. So how can we compete on an equal footing? We have the second-largest economy in the world, but we are driving it with the handbrake on. The good news is: This can be fixed. But we need single-minded focus on the Single Market. And we need to tear down barriers one by one. That is why, next month, we will propose the 28th regime. We call it EU Inc, a single and simple set of rules that will apply seamlessly all over our Union so that business can operate across Member States much more easily. Our entrepreneurs will be able to register a company in any Member State within 48 hours – fully online. EU Inc will ease access to finance in the start-up and scale-up phases. EU Inc enables smooth cross-border operations, and it allow rapid wind-down – if a company fails. This is the speed we need. And this is ‘Europe made easy'.
The same is true for capital markets. Let me take the US example again. One financial system, one capital market, and a handful of other financial centres. Here in Europe, we do not only have 27 different financial systems, each with its own supervisor. But also, more than 300 trading venues across our Union. That is fragmentation on steroids. We need one large, deep and liquid capital market. And this is the goal of our Savings and Investment Union. We have made proposals on market integration and supervision. And now we need you to get them over the finish line. Our companies need capital right now. So let us get this done this year. And thank you for your support, because my plan A is to move by 27. But if this is not possible, the Treaty allows for enhanced cooperation. We have to make progress, one way or the other, to tear down the barriers that prevent us from being a true global giant.
Completing our Single Market also means completing our Energy Union. And this is vital to bring prices down even further. Prices remain too high and too volatile. And we know why. It is because of lack of interconnection and grids and our reliance on fossil fuels. The data is as clear as daylight. In 2025, electricity from gas cost on average more than EUR 100 per megawatt-hour. The price of electricity from solar? EUR 34. Electricity from nuclear? EUR 50 to EUR 60 per megawatt-hour. The figures are telling. Low-carbon energies are not only homegrown and clean. They give us more independence, more security and they bring costs down. This is why today, we are investing heavily in low-carbon energy. Last year, for the first time ever, we produced more electricity from solar and wind than from all fossil fuels combined. And nuclear keeps rising year on year. But we need more than that. To lower and stabilise costs, we need the infrastructure for a true Energy Union. This is why we introduced the European Grids package. It will speed up permitting and fast-track the construction of Energy Highways across our Union. Just last month, we reached an agreement on the first such project. The Bornholm Energy Island. It will create a new bridge between Denmark and Germany, connecting both countries to 3 gigawatts of offshore wind energy. It will transform the Baltic wind from a national resource into shared European power. The goal is simple. Clean energy must flow freely all across our Union.
Finally, on European preference. I believe that in strategic sectors, European preference is a necessary instrument that will contribute to strengthen Europe's own production base. It can help create lead markets in those sectors and support the scaling-up of European production capabilities. But I want to be clear – it is a fine line to walk. There is no ‘one-size-fits-all'. That is why every proposal must be underpinned by robust economic analysis and be in line with our international obligations.
In all of this in the Single Market, we must be driven by the greatest sense of urgency. We need a clear timetable and everyone's commitment to get things done. This is why we need a Joint Single Market Roadmap to be completed by 2028. I will propose that, together with the Parliament and the Council, we endorse such a roadmap at the March European Council. It will include a commitment to swiftly adopt some key proposals, all by end of next year. Because time is of the essence.
My final point is simplification. We know why it is vital. European companies tell us they spend almost as much on bureaucracy as on research and development. This cannot be. We have made simplification a core focus. And in one year, we have delivered more than in the previous decade. We have already proposed to slash bureaucratic costs for companies by EUR 15 billion every year. But all the omnibuses must reach their destination. But we do not only need to look at the omnibuses at the European level. We must also look at the national level. There is too much gold-plating – the extra layers of national legislation that just make businesses' life much more complicated and create new barriers in our Single Market. Let me give an example. A truck in Belgium can weigh up to 44 tonnes. But if you cross the border with France, it can only carry up to 40 tonnes. In June 2023, we proposed legislation to harmonise this. Almost two years later, it is still under discussion by the co-legislators. Another example. Shipping waste from one Member State to another should be efficient, easy and quick. But with gold-plating, there are different national practices in every Member State. Some Member States for instance only accept correspondence by fax. It is true. It can take several months for traders to get green light from the authorities depending on the different rules in different Member States. If we are serious about simplification, we must crack down on gold-plating and fragmentation. It is time for a deep regulatory housecleaning – at all levels.
So what matters now is speed of delivery. So we need everyone to play their part. This is the moment for unity and for urgency. This is how we make Europe move faster – and this is how we make Europe stronger.
Thank you, and long live Europe.
Commission welcomes the adoption by the European Parliament of the safe third country concept and the first safe countries of origin list
The European Commission welcomes today's adoption by the European Parliament of the new rules facilitating Member States' application of the safe third country concept and the first EU list of safe countries of origin. The new rules will further strengthen the EU asylum system, making asylum processing faster and more efficient for Member States. Part of the Pact on Migration and Asylum, they will contribute to a system that is fair and firm, while ensuring the protection of fundamental rights.
The first EU list of safe countries of origin will allow Member States to pursue a more uniform approach to asylum applications of nationals from countries on the EU list whose claims are likely to be unfounded. By means of accelerated procedures based on an individual assessment, Member States will be able to process such asylum claims faster and more efficiently. A country of origin can be considered safe on the basis of an assessment based on a range of relevant sources, including from the European Union Agency for Asylum, UNHCR, the European External Action Service, and Member States.
The safe third country concept allows Member States to consider an asylum application inadmissible when applicants could receive effective protection in a third country that is considered safe for them. With the new rules, a connection between the applicant and the safe third country will no longer be mandatory to apply the concept. Under EU law, third countries can be considered safe only when their national systems can process applications and provide effective protection where needed, ensuring protection against refoulement and absence of risks of persecution, threat to life, or inhuman or degrading treatment.
The Pact on Migration and Asylum is the bedrock of the EU's asylum and migration policy, ensuring stronger external border protection, strict rules against abuse and a balance between responsibility and solidarity. With today's step, Member States are better equipped to effectively manage migration in the EU. The Commission will continue to support Member States in advancing with the Pact's implementation as its operationalisation and further development require a continued focus in the next years.
The Regulations must now be formally adopted by the Council before they enter into force, which will happen 20 days after their publication in the Official Journal of the EU. The new rules are frontloading parts of the Pact on Migration and Asylum, which will apply as of June 2026.
The EU list of safe countries of origin includes EU candidate countries, which are considered to meet the criteria to be designated as safe countries of origin as part of their EU membership path, as well as Kosovo, Bangladesh, Colombia, Egypt, India, Morocco and Tunisia.
Member States will now have more flexibility to apply the safe third country concept following the criteria set in the Asylum Procedure Regulation. Member States may choose to apply the concept where there is a connection with the safe third country, when the applicant transited through a safe country before reaching the EU, or where there is an agreement or arrangement with a safe country. Strong safeguards remain in place.
Pact on Migration and Asylum
Proposal for amending Regulation 2024/1348 as regards the establishment of a list of safe countries of origin at Union level
Commission welcomes political agreement on new rules to facilitate the application of the safe third country concept
European Commission issues €11 billion in its 2nd syndicated transaction of 2026
The European Commission has today raised €11 billion of EU-Bonds in its 2nd syndicated transaction for 2026.
The dual-tranche transaction concerned a €6 billion tap of the EU-Bond maturing on 13 December 2032 and a €5 billion tap of the EU-Bond maturing on 12 October 2045. The 7-year bond was priced 99.835% with a re-offer yield of 2.776% and the 20-year bond was priced 98.799% with a re-offer yield of 3.837%. Bids received were in excess of €89 billion on the new 7-year bond and in excess of €83 billion on the 20-year bond. This equals oversubscription rates of approximately 15-times and 17-times, respectively.
The proceeds of the transaction will be used to finance EU policy programmes most notably in the context of NextGenerationEU and support to Ukraine.
Today's bond syndication
7-year Bond tap
Due on 13 December 2032, this bond carries a coupon of 2.750% and came at a re-offer yield of 2.776%, equivalent to a price of 99.835%. The spread to mid-swap is +17 bps, which is equivalent to 23.8 bps over the Bund due on 15 November 2032 and 19.3 bps below the OAT due 25 November 2032.
The final order book was of over €89 billion.
20-year Bond tap
Due on 12 October 2045, this bond carries a coupon of 3.750% and came at a re-offer yield of 3.837%, equivalent to a price of 98.799%. The spread to mid-swap is +70 bps, which is equivalent to 52.5 bps over the Bund due on 4 July 2044 and 22.6 bps below the OAT due 25 May 2045.
The final order book was of over €83 billion.
The joint lead managers of this transaction were Goldman Sachs, JP Morgan, Natixis, Natwest and Nordea.
The Commission has now issued €29.4 billion of its €90 billion funding target for the first half of 2026. A full overview of all EU transactions executed to date is available online. A detailed overview of the EU's planned transactions for the first half of 2026 is also available in the EU funding plan. The next transaction in the EU's indicative issuance calendar is an EU-Bill auction on 18 February 2026.
The European 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. It is a well-established name in debt securities markets, with a track record of bond issuances over the past 40 years. All issuances executed by the European Commission are denominated exclusively in euro. All EU borrowing is guaranteed by the EU budget, and contributions to the EU budget are an unconditional legal obligation of all Member States under the EU Treaties.
Since January 2023, the EU funds its different policy programmes by issuing single-branded EU-Bonds rather than separately labelled bonds for individual programmes. This follows the creation of a unified funding approach, extending the diversified funding strategy first established in 2021 for NextGenerationEU to other policy programmes funded by EU borrowing.
To finance EU policies as efficiently and effectively as possible, the Commission's issuances are structured by semi-annual funding plans and pre-announced issuance windows. In parallel, a framework incentivising EU Primary Dealers to provide quotes on EU securities on electronic platforms is in place since November 2023 and a repurchase facility is available to EU Primary Dealers since October 2024 to support the secondary market liquidity through the use of EU-Bonds in repurchase agreements.
With today's transaction, the EU has now €594.4 billion outstanding in EU-Bonds under the unified funding approach. Of the proceeds raised, over €377.6 billion has been disbursed to Member States under the NextGenerationEU Recovery and Resilience Facility. A further €76.5 billion has been allocated to other EU programmes benefitting from NextGenerationEU funding. Furthermore, proceeds are being used to finance Ukraine and other EU neighbouring countries. Recent Ukraine support includes €18 billion of disbursements under the EU's exceptional Macro Financial assistance loan which will be repaid with proceeds from immobilised Russian State assets as part of the G7-led Extraordinary Revenue Acceleration (ERA) loans initiative, and almost €23.2 billion under the €33 billion loan part of the Ukraine Facility (available between 2024 and 2027).*
The EU's total debt outstanding now stands at about €755.8 billion, of which €35.26 billion in the form of EU-Bills.
Information on the allocation on the investors in this transaction is available in the transactions section of the EU as a borrower website. More information on EU's issuance activities is available here: The EU as a borrower – investor relations - European Commission (europa.eu)
* Under the Commission's unified funding approach amounts raised are not necessarily equal to amounts disbursed at a specific point of time.