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Explainer: EU Biodiversity Strategy for 2030 – Bringing nature back into our lives

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1. What is the new 2030 Biodiversity Strategy?

The new 2030 Biodiversity Strategy is a comprehensive, systemic and ambitious long-term plan for protecting nature and reversing the degradation of ecosystems. It is a key pillar of the European Green Deal and of EU leadership on international action for global public goods and sustainable development goals.

With an objective to put Europe’s biodiversity to recovery by 2030, the Strategy sets out new ways to implement existing legislation more effectively, new commitments, measures, targets and governance mechanisms. These include:

Transforming at least 30% of Europe’s lands and seas into effectively managed protected areas. The goal is to build upon existing Natura 2000 areas, complementing them with nationally protected areas, while ensuring strict protection for areas of very high biodiversity and climate value.

Restoring degraded ecosystems across the EU that are in a poor state, as well as reducing pressures on biodiversity. The Strategy proposes a far-reaching EU Nature Restoration Plan that includes: Subject to an impact assessment, developing a proposal for a new legal framework for nature restoration, with binding targets to restore damaged ecosystems, including the most-carbon-rich ones; Improving the conservation status or trend of at least 30% of EU protected habitats and species that are not in a favourable status; Restoring at least 25,000 km of rivers to be free-flowing; Halting and reversing the decline in farmland birds and insects, particularly pollinators; Reducing the overall use of and risk from chemical pesticides, and reducing the use of the more hazardous/dangerous ones by 50%; Manage at least 25% of agricultural land under organic farming, and significantly enhance the uptake of agro-ecological practices; Reducing the losses of nutrients from fertilisers by at least 50% and fertiliser use by at least 20%; Planting at least 3 billion trees, in full respect of ecological principles and protecting the remaining primary and old-growth forests; Eliminating bycatch of protected species or reducing it to a level that allows full species recovery and does not threaten their conservation status.

Enabling transformational change. The Strategy sets in motion a new process to improve biodiversity governance, ensuring Member States integrate the commitments of the strategy into national policies. A Biodiversity Knowledge Centre and a Biodiversity Partnership will support better implementation of biodiversity research and innovation in Europe. The Strategy seeks to stimulate tax systems and pricing to better reflect real environmental costs, including the cost of biodiversity loss, and that biodiversity is truly integrated into public and business decision-making.

2. Why is biodiversity important?

Biodiversity – the variety of life on Earth, including plants, animals, fungi, micro-organisms, and the habitats in which they live – and ecosystems that living species form, provide us with food, materials, medicines, recreation, health and wellbeing. They clean the water, pollinate the crops, purify the air, absorb vast quantities of carbon, regulate the climate, keep soils fertile, provide us with medicine, and deliver many of the basic building blocks for industry.

Damaged ecosystems are more fragile, and have a limited capacity to deal with extreme events and new diseases. Well-balanced ecosystems, by contrast, protect us against unforeseen disasters and, when we use them in a sustainable manner, they offer many of the best solutions to urgent challenges.

Losing biodiversity is:

  • a climate issue – destroying and damaging ecosystems and soils speeds up global warming while nature restoration mitigates climate change;
  • a business issue – natural capital provides essential resources for industry and agriculture;
  • a security and safety issue – loss of natural resources, especially in developing countries, can lead to conflicts and increases everywhere vulnerability to natural disasters;
  • a food security issue – plants, animals including pollinators and soil organisms play a vital role in our food system;
  • a health issue – the destruction of nature increases the risk and reduces our resilience to diseases. Nature also has a beneficial effect on peoples’ mental health and welfare;
  • an equity issue – loss of biodiversity hurts the poorest most of all, making inequalities worse;
  • an intergenerational issue – we are robbing our descendants of the basis for a fulfilled life.

3. How will the implementation of the Biodiversity Strategy boost Europe’s recovery after the coronavirus crisis?

The European Green Deal, including this Biodiversity Strategy, is Europe’s growth strategy and will drive the recovery from the crisis. It will bring economic benefits and will help strengthen our resilience to future crises. The three key economic sectors – agriculture, construction and food and drink – are all highly dependent on nature and they generate more than EUR 7 trillion. Benefits of the EU Natura 2000 nature protection network are valued at between EUR 200-300 billion per year.

Investing in nature also means investing in local jobs and business opportunities, such as nature restoration, organic agriculture, and in green and blue infrastructure. The investment needs of the Natura 2000 nature protection network are expected to support as many as 500,000 additional jobs. Organic farming provides 10-20% more jobs per hectare than conventional farms. Greening the cities offers many innovative job opportunities, from designers and city planners, to urban farmers and botanists.

Conversely, if we continue down the business as usual path of ecosystem destruction, the continued degradation of our natural capital will considerably limit business opportunities and socio-economic development potential. The economic and social costs of inaction on environmental and climate issues would be huge, leading to frequent severe weather events and natural disasters as well as reducing the average EU GDP by up to 2% and by even more in some parts of the EU.* The world lost an estimated EUR 3.5-18.5 trillion per year in ecosystem services from 1997 to 2011, owing to land-cover change, and an estimated EUR 5.5-10.5 trillion per year from land degradation. Biodiversity loss results also in reduced crop yields and fish catches and the loss of potential new sources of medicine.

4. How serious is the problem of biodiversity loss?

As a result of unsustainable human activities, the global population of wild species has fallen by 60% over the last 40 years. About 1 million species are at the risk of extinction within decades. The main drivers of this loss are the conversion of natural habitats into agricultural land and the expansion of urban areas. Other causes include the overexploitation of natural resources (such as overfishing and destructive farming practices), climate change, pollution, and invasive alien species.

5. Is there a link between biodiversity loss and spread of diseases?

It is becoming clear that resilience of our society to the risks for outbreaks of zoonotic diseases with pandemic potential is weakened by demographic and economic factors. They put pressure on ecosystems leading to unsustainable exploitation of nature, including deforestation and illegal or poorly regulated wildlife trade.

If we want a healthy society, we need healthy ecosystems. We need enough space for wild animals and we need to have them in sufficient numbers. That way they act as a buffer against diseases that have no place among humans and help prevent pandemic outbreaks.

Global wildlife trade as well as poorly controlled “wet” animal markets in which fish, domestic and wild animals are sold are also an important risk factor for disease spread.

6. How does the Biodiversity Strategy support efforts to fight climate change?

Biodiversity loss and climate change are interdependent. Climate change is the third biggest driver of biodiversity loss and this loss of biodiversity has a negative effect on the climate at the same time. Instead of storing carbon in soils and biomass, damaged ecosystems release it back into the atmosphere. Deforestation increases the amount of carbon dioxide in the atmosphere, which alters the climate and leads to further biodiversity loss.

Nature based solutions such as protecting biodiversity and restoring ecosystems are an excellent means of countering the effects of climate change and a very cost-effective use of resources.Restoring forests, soils and wetlands and creating green spaces in cities are essential to achieve the climate change mitigation needed by 2030.

The Nature Restoration Plan, a core element of the Biodiversity Strategy, will help reverse the decline of many terrestrial and marine species and habitats and restore them to a healthy condition.

7. How will this transformative change be financed?

The Strategy will require significant investments. At least EUR 20 billion/year  should be unlocked for spending on nature, in particular to restore ecosystems, invest in the Natura 2000 network, and in green and blue infrastructure across EU Member States. This will require mobilising private and public funding at national and EU level, including through a range of different programmes in the next long-term EU budget. Moreover, as nature restoration will make a major contribution to climate objectives, a significant proportion of the 25% of the EU budget dedicated to climate action will be invested on biodiversity and nature-based solutions.

Under InvestEU, a dedicated natural-capital and circular-economy initiative will be established to mobilise at least EUR 10 billion over the next 10 years, based on public/private blended finance. Nature and biodiversity is also a priority for the European Green Deal Investment Plan. To help unlock the investment needed, the EU must provide long-term certainty for investors and help embed sustainability in the financial system. The EU sustainable finance taxonomy will help guide investment towards a green recovery and the deployment of nature-based solutions.

8. What will be EU’s position in the international negotiations on the post-2020 biodiversity framework?

The Commission’s new Biodiversity Strategy outlines the commitments the EU could take at the Conference of the Parties to the Convention on Biological Diversity in in 2021. With this strategy, the Commission proposes to the Council that the EU calls for the following elements to be included:

Overarching long-term goals for biodiversity in line with the United Nation vision of “living in harmony with nature” by 2050. The ambition should be that by 2050 all of the world’s ecosystems are restored, resilient, and adequately protected. The world should commit to the net-gain principle to give nature back more than it takes. The world should commit to no human-induced extinction of species, at minimum where avoidable;

Ambitious global 2030 targets in line with the EU commitments proposed in the new Biodiversity Strategy;

Improved means of implementation in areas such as finance, capacity, research, know-how and technology;

A far stronger implementation, monitoring and review process;

A fair and equitable sharing of the benefits from the use of genetic resources linked to biodiversity

9. How will this Strategy help us tackle the global biodiversity challenge?

Although tackling biodiversity loss in Europe is essential for sustainable development, most major biodiversity hotspots are outside Europe.

The EU is committed to lead by example on environmental preservation and sustainable use of natural resources not only within its borders, but also outside. It is also determined to capitalise on international partnerships to promote the biodiversity agenda, as part of the European Green Deal and to accompany the transition in developing countries. This Strategy lays down a decisive political framework to tackle the challenges ahead.

In terms of development cooperation, it lays down how we will engage in greater cooperation with partner countries and offer increased financing for biodiversity-friendly actions, as well as the phasing out of subsidies that can be harmful for nature. On trade, the Commission will deploy measures to ensure that its trade policies ‘do no harm’ to biodiversity. The EU is also promoting the role of non-state actors and indigenous groups in this process, which is essential to ensure all stakeholders are involved and the transition to a more sustainable development path also benefits the most vulnerable groups.

10. What does the Strategy mean for:

  •  Agricultural land?

The Biodiversity Strategy, together with the Farm to Fork Strategy published at the same time, includes commitments to reverse the decline of pollinator insects. The Commission proposes that 10% of agricultural land should consist of ‘high-diversity landscape features’, for instance in the form of hedges or flower strips, and the environmental impacts of the agricultural sector should be significantly reduced by 2030. The progress towards the target will be under constant review, and adjustment if needed, to mitigate against undue impact on biodiversity, food security and farmers’ competitiveness. A quarter of agricultural land should be under organic farming management by 2030, and the use and risk from pesticides should be reduced by 50%, as well as the use of the more hazardous/dangerous pesticides.

  •  Forests?

A major drive is foreseen to protect and restore EU forests, including primary and old growth forests. An objective of reaching 3 billion additional trees in the EU by 2030, i.e. doubling the current trend, is also included. The aim is to increase the area of forest coverage in the EU, the resilience of forests and their role in reverting biodiversity loss, mitigating climate change and helping us adapt to it.

  •  Soil?

The Strategy sets a commitment to restore degraded soils, update the EU Soil Thematic Strategy, and achieve EU and international commitments on land degradation neutrality. The Zero Pollution Action Plan for air, water and soil, to be adopted by the Commission in 2021, will address in particular soil contamination prevention and remediation.

  •  Marine ecosystems?

The Strategy aims to strengthen the protection of marine ecosystems and to restore them to achieve “good environmental status”, including through the expansion of protected areas and the establishment of strictly protected areas for habitats and fish stocks recovery. It stresses the need for an ecosystem-based approach to the management of human activities at sea. This means addressing the overexploitation of fishing stocks to or under, Maximum Sustainable Yield levels (i.e. a level that will allow a healthy future for the fish stock’s biomass); eliminating bycatch, or at least reducing it to non-dangerous levels, in order to protect sea mammals, turtles and birds, especially those that are threatened with extinction or in bad status; and tackling practices that damage the seabed.

  •  Freshwater ecosystems?

The implementation and enforcement of the EU’s legal framework on water and nature will be stepped up. In support of this, at least 25,000 km of rivers will be restored to a free-flowing state through the removal of barriers and the restoration of floodplains.

  •  Cities and local governments?

The promotion of healthy ecosystems, green infrastructure and nature-based solutions should be systematically integrated into urban planning, including in the design of buildings, public spaces and infrastructure, working with the Covenant of Mayors to build a movement towards nature and biodiversity actions and strategies under a new ‘Green City Accord’.

  •  Pollution?

Pollution is a major driver of biodiversity loss. The strategy calls for the elimination of pollution from nitrogen and phosphorus flows from fertilisers by 2030. Fertilizer use should be reduced by at least 20% by 2030. To achieve, this, the Commission shall present a Zero Pollution Action Plan for Air, Water and Soil in 2021, an Integrated Nutrient Management Action Plan in 2022, and an EU Chemicals Strategy for Sustainability.

  •  The spread of invasive alien species?

A commitment to significantly limit the introduction of invasive alien species, with the aim of decreasing the number of Red List species threatened by invasive alien species by 50% is made in the strategy. To achieve this, a new implementation drive for the Invasive Alien Species Regulation is foreseen, focusing on the prevention of new introductions and the management of established invasive alien species.

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EU Politics

Von der Leyen Outlines Vision for Stronger Europe

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Ursula von der Leyen, President of the European Commission, outlined a vision for a stronger and more independent Europe based on trust and the values of liberal democracy in a special address on Thursday to business, government and civil society leaders taking part in the World Economic Forum’s virtual event, the Davos Agenda.

In the face of the COVID-19 crisis, she spoke of European democracies showing their strengths. “The pandemic has demonstrated that democracies are the more powerful, resilient and sustainable form of government,” she said.

Democracy means liberty of research, freedom of science and independent choices for investors, she added. Europe has delivered over 1.2 billion doses of vaccines to its citizens, with more than 80% of the European population double vaccinated.

She also pointed to Europe’s leadership in discovering the mRNA vaccine technology and exporting it to the world. “Europe is the only region in the world to export or donate vaccines to other countries throughout the crisis, with 1.6 billion vaccine doses made in Europe having been delivered to 150 countries.”

On the path to recovery, Europe’s most valuable asset is trust, said von der Leyen. “Trust in science, for our health. Trust among countries, for cooperation. Trust in functioning societies, for competitiveness. Trust will be essential to build the world of tomorrow.”

Trust will also be essential for European citizens to embrace the European Green Deal, a set of policy initiatives with the overarching aim of making the European Union climate-neutral by 2050. The EC has issued the first NextGenerationEU bond for green and sustainable investments in the EU. This represents, she said, the world’s largest green bond issuance, adding that it was heavily oversubscribed.

“These developments demonstrate a clear sign of international confidence and trust in Europe,” she said.

Although von der Leyen said Europe is well positioned, it must do more to build supply chains we can trust and avoid single points of failure. Issues range from dependence on non-renewable energy to lack of local manufacturing of microchips and semiconductors to Europe’s gas crisis.

“Europe’s global semiconductor market share is only 10%. And today, most of our supply comes from a handful of producers outside Europe. This is a dependency and uncertainty we simply cannot afford. We have no time to lose. And this is why I announce here today that we will propose our European Chips Act in early February,” she said.

She emphasized that trust is also essential in the international arena: “At this moment in time, the world needs trust in democracy as much as trust between democracies.” Referring to intense dialogue with Russia, she stressed that Europe will not go back to the old logic of competition and spheres of interest, where entire countries were treated as possessions or backyards.

“We want this dialogue. We want conflicts to be solved in the bodies that have been formed for this purpose. But if the situation deteriorates, if there are any further attacks on the territorial integrity of Ukraine, we will respond with massive economic and financial sanctions.”

“And what I want us never to forget is the following. Russia and Europe share geography, culture and history. We also want a common future,” she added.

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Commission approves 2022-2027 regional aid map for Greece

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The European Commission has approved under EU State aid rules Greece’s map for granting regional aid from 1 January 2022 to 31 December 2027 within the framework of the revised Regional aid Guidelines (‘RAG’).

The revised RAG, adopted by the Commission on 19 April 2021 and entering into force on 1 January 2022, enable Member States to support the least favoured European regions in catching up and to reduce disparities in terms of economic well-being, income and unemployment – cohesion objectives that are at the heart of the Union. They also provide increased possibilities for Member States to support regions facing transition or structural challenges such as depopulation, to contribute fully to the green and digital transitions.

At the same time, the revised RAG maintain strong safeguards to prevent Member States from using public money to trigger the relocation of jobs from one EU Member State to another, which is essential for fair competition in the Single Market.

Greece’s regional map defines the Greek regions eligible for regional investment aid. The map also establishes the maximum aid intensities in the eligible regions. The aid intensity is the maximum amount of State aid that can be granted per beneficiary, expressed as a percentage of eligible investment costs.

Under the revised RAG, regions covering 82.34% of the population of Greece will be eligible for regional investment aid:

Twelve regions (Βόρειο Αιγαίο / Voreio Aigaio, Νότιο Αιγαίο / Notio Aigaio, Κρήτη / Kriti, Aνατολική Μακεδονία, Θράκη / Anatoliki Makedonia, Thraki, Κεντρική Μακεδονία / Kentriki Makedonia, Δυτική Μακεδονία / Dytiki Makedonia, Ήπειρος / Ipeiros, Θεσσαλία / Thessalia, Ιόνια Νησιά / Ionia Nisia, Δυτική Ελλάδα / Dytiki Elláda, Στερεά Ελλάδα / Sterea Elláda and Πελοπόννησος / Peloponnisos) are among the most disadvantaged regions in the EU, with a GDP per capita below 75% of EU average. These regions are eligible for aid under Article 107(3)(a) TFEU (so-called ‘a’ areas), with maximum aid intensities for large enterprises between 30% and 50%, depending on the GDP per capita of the respective ‘a’ area. The region Ευρυτανία / Evrytania, which is part of Στερεά Ελλάδα / Sterea Elláda, also qualifies as a sparsely populated area having fewer than 12,5 inhabitants per km². In sparsely populated areas, Member States can use operating aid schemes to prevent or reduce depopulation.

In order to address regional disparities, Greece has designated as so-called non-predefined ‘c’ areas the regions of Δυτικός Τομέας Αθηνών / Dytikos Tomeas Athinon, Ανατολική Αττική / Anatoliki Attiki, Δυτική Αττική / Dytiki Attiki and Πειραιάς, Νήσοι / Peiraias, Nisoi. The maximum aid intensities for large enterprises in Δυτικός Τομέας Αθηνών / Dytikos Tomeas Athinon is 15%. The other ‘c’ areas mentioned above border with ‘a’ areas. For this reason, the aid intensity in these regions has been increased to 25%, so that the difference in aid intensity with the bordering ‘a’ areas is limited to 15 percentage points.

Greece has the possibility to designate further so-called non-predefined ‘c’ areas (up to a maximum of 1.16% of the national population). The specific designation of these areas can take place in the future and would result in one or more amendments to the regional aid map approved today.

In all the above areas, the maximum aid intensities can be increased by 10 percentage points for investments made by medium-sized enterprises and by 20 percentage points for investments made by small enterprises, for their initial investments with eligible costs up to €50 million.

Once a future territorial Just Transition plan in the context of the Just Transition Fund Regulation will be in place, Greece has the possibility to notify the Commission an amendment to the regional aid map approved today, in order to apply a potential increase of the maximum aid intensity in the future Just Transition areas, as specified in the revised RAG for ‘a’ areas.

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20 years of the euro in your pocket

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Twenty years ago, on 1 January 2002, twelve EU countries changed their national currency banknotes and coins for the euro in the largest currency changeover in history. In these two decades, the euro has contributed to the stability, competitiveness and prosperity of European economies. Most importantly, it has improved the lives of citizens and made it easier to do business across Europe and beyond. With the euro in your pocket, saving, investing, travelling and doing business became much easier.

The euro is a symbol of EU integration and identity. Today, more than 340 million people use it across 19 EU countries, with 27.6 billion euro banknotes in circulation for a value of about €1.5 trillion. The euro is currently the second most widely used currency in the world behind the US dollar.

As it celebrates this 20th anniversary, the EU continues the work to strengthen the international role of the euro and adapt it to new challenges, including the rapid digitalisation of the economy and the development of virtual currencies. As a complement to cash, a digital euro would support a well-integrated payments sector and would offer greater choice to consumers and businesses.

Ursula von der Leyen, President of the European Commission, said: “It is now twenty years that we, European people, can carry Europe in our pockets. The euro is not just one of the most powerful currencies in the world. It is, first and foremost, a symbol of European unity. Euro banknotes have bridges on one side and a door on the other – because this is what the euro stands for. The euro is also the currency of the future, and in the coming years it will become a digital currency too. The euro also reflects our values. The world we want to live in. It is the global currency for sustainable investments. We can all be proud of that.”

David Sassoli, President of the European Parliament, said: “The euro is the embodiment of an ambitious political project to promote peace and integration within the European Union. But the euro is also a condition for protecting and relaunching the European economic, social, and political model in the face of the transformations of our time. The euro is a symbol, the coming to fruition of a historic political vision, an ancient vision of a united continent with a single currency for a single market.”

Charles Michel, President of the European Council, said: “The euro has come a long way — it’s a true European achievement. I would even say the euro has become part of who we are. And how we see ourselves as Europeans. Part of our mind-set. And part of our European spirit. The euro belongs to all of us all European citizens. But it isn’t just a success within our EU borders. It has also anchored itself on the international stage. Despite the crises, the euro has proven to be resilient — a symbol of European unity and stability. And never has that been truer than during COVID-19. The euro has served as a bedrock of stability. A stable asset for the Union. The euro also fuels our recovery. Unlocking the full potential of sustainable development, quality jobs, and innovation.”

Christine Lagarde, President of the European Central Bank, said: “The euros we hold in our hands have become a beacon of stability and solidity around the world. Hundreds of millions of Europeans trust it and transact with it every day. It is the second most international currency in the world. As European Central Bank President, I commit we will continue to work hard to make sure that we maintain price stability. And I also pledge that we will renew the face of those banknotes and that we will give them the digital dimension as well.”

Paschal Donohoe, President of the Eurogroup, said: “The euro has proven its mettle in dealing with great economic challenges. In particular, our response to the COVID 19 pandemic demonstrated that by sharing the euro we can achieve more collectively than we can individually. The euro has strengthened its foundations over the last 20 years. Now, we need to build on those foundations to make the euro the global currency for transitioning to a lower carbon future.”

A long journey

The euro has come a long way from the early discussions on an Economic and Monetary Union in the late 1960s. Specific steps towards a single currency were first approached in 1988 by the Delors Committee. In 1992, the Maastricht Treaty marked a decisive moment in the move towards the euro, as political leaders signed on the criteria that Member States had to meet to adopt the single currency. Two years later, the European Monetary Institute (EMI) started its preparatory work in Frankfurt for the European Central Bank (ECB) to assume its responsibility for monetary policy in the euro area. As a result, on 1 June 1998, the ECB became operational.

In 1999, the euro was launched in 11 Member States as an accounting currency on financial markets and used for electronic payments. It was finally on 1 January 2002 when Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain swapped their national notes and coins for euros. Slovenia joined the euro area in 2007, followed by Cyprus and Malta (2008), Slovakia (2009), Estonia (2011), Latvia (2014) and Lithuania (2015). Currently, Croatia is taking the preparatory steps to join the euro area, which it plans to do on 1 January 2023, provided it fulfils all the convergence criteria.

Twenty years of benefits for citizens and businesses

The euro has brought many benefits to Europe, especially to its citizens and businesses. The single currency has helped to keep prices stable and protected the euro area economies from exchange rate volatility. This has made it easier for European home buyers, businesses and governments to borrow money and has encouraged trade within Europe and beyond. The euro has also eliminated the need for currency exchange and has lowered the costs of transferring money, making travelling and moving to another country to work, study or retire simpler.

A large majority of Europeans support the single currency. According to the latest Eurobarometer, 78% of citizens across the euro area believe the euro is good for the EU.

A strengthened international role

The euro is the second most important currency in the international monetary system. Its stability and credibility has made it an international invoicing currency, a store of value and a reserve currency, accounting for around 20% of foreign exchange reserves. Sixty other countries and territories around the world, home to some 175 million people, have chosen to use the euro as their currency or to peg their own currency to it. Today, the euro is used for almost 40% of global cross-border payments and for more than half the EU’s exports.

Since the global financial crisis of 2008 and the subsequent sovereign debt crisis, the EU has continued to strengthen and deepen the Economic and Monetary Union. The EU’s unprecedented recovery plan NextGenerationEU will further improve the euro-area’s economic resilience and enhance economic convergence. The issuance of high-quality-denominated bonds under NextGenerationEU will add significant depth and liquidity to the EU’s capital markets and make them and the euro more attractive for investors. The euro is also now the leading currency for green investment: half of the world’s green bonds are denominated in euros, and this figure is rising thanks to the new green bonds issued to finance NextGenerationEU.

To further develop the international role of the euro, the Commission has launched outreach initiatives to promote euro denominated investments, facilitate the use of the euro as an invoicing and denomination currency, and foster a better understanding of the obstacles for its wider use. This outreach will take the form of dialogues, workshops and surveys with the public and private sector, financial regulatory agencies, and institutional investors in regional and global partner countries of the EU.

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