EU News Radio

EU Ministers discuss 11th round of Russian sanctions - Burke

The eleventh round of sanctions against Russia are being discussed today by EU Ministers meeting in Brussels. They’ll also prepare for an EU Leaders summit in June. The sanctions being proposed include targeting other countries and entities that help Russia evade existing trade embargoes.

Irish man David O’Sullivan, who is a former senior EU diplomat, was recently appointed a special envoy to ensure existing sanctions against Russia are implemented. Speaking in Brussels this morning, Europe Minister Peter Burke says the next package of sanctions will be “very significant”.

Out words: with Russia

Dur: 00:19

Consumers encouraged to invest in EU Capital Markets – McGuinness

New proposals to encourage people to invest their savings in EU capital markets were launched today by the European Commission. The aim of the Retail Investment Package is to make the EU a “safer place” for people to invest their savings. The Commission says participation in EU capital markets is lower than in other places such as the United States, even though Europeans have very high savings rates. 

The package includes measures to improve the way information is given to consumers about investment products and services. It aims to increase transparency and comparability of costs and have stricter safeguards where commissions are allowed.  Speaking at the launch today, Ireland’s Commissioner Mairead McGuinness said the package can make “a very real difference” to help people get more and fairer access to the financial system.

Out words: the system

Dur:  00:24

Meta €1.2bn fine justified – European Data Protection Board

The European Data Protection Board says the one point two billion euro (€1.2 billion) fine imposed on Meta Ireland for breaching EU-US data transfer rules was justified.

The Irish Data Protection Commission yesterday fined Facebook’s parent company, Meta Ireland for breaching the EU’s GDPR rules (General Data Protection Regulation). The Commission ruled Meta continued to transfer personal data from the EU to the US despite a European Court of Justice ruling against such transfers.

Ireland’s data regulator had disagreed though with the fine. But the Brussels-based European Data Protection Board says the massive financial penalty was justified. Isabelle Vereecken is head of the EDPB’s Secretariat.

Out words: the fine

Dur:  00:23

Trade “key” to sanctions against Russia & circumventions – McGuinness

The EU is closely watching trade and how it might be leading to circumventions in sanctions against Russia. That’s according to EU Commissioner Mairead McGuinness who was speaking today at London’s Royal United Services Institute.

The EU has already implemented ten packages of sanctions against Russia because of its war on Ukraine. An eleventh package is now in discussion. It’s expected to focus on closing loopholes and addressing the challenge of circumvention and the rerouting of trade in banded products.  

Here’s Commissioner McGuinness.          

Out words: see circumvention

Dur: 00:32

EU-US data protection framework being finalised – EU

A new data protection framework between the EU and the US is being finalised and should be “fully functional” by the summer. That’s according to European Commission spokesperson, Christian Wigand.

He was commenting on the decision by Ireland’s Data Protection Commission to impose a €1.2bn fine on Facebook’s parent company, Meta for breaching the EU’s GDPR rules (General Data Protection Regulation). The Commission found Meta continued to transfer personal data from the EU to the US despite a European Court of Justice ruling against such transfers.

Mr Wigand said the new data protection framework would guarantee “stability and legal certainty” for businesses. And he said it would also ensure the strict protection of the private life of citizens.  

Out words: of Justice

Dur: 00:15

G7 vows further sanctions against Russia – Charles Michel

Further sanctions are to be imposed on Russia for its war against Ukraine. In a statement today leaders of the G7 countries with the EU also represented, said they were “imposing further sanctions and measures to increase the costs to Russia and those who are supporting its war effort”.

The G7 say they will starve Russia of technology, industrial equipment and services that support its war machine. They’re also vowing to further curtail Russia’s use of the international financial system for its war in Ukraine. And they’re warning they will continue to work closely together to restrict trade in and use of diamonds mined, processed or produced in Russia.  

Speaking in Hiroshima, Japan where the G7 leaders are meeting, the President of the European Council Charles Michel, said the EU is now focused on “shutting the door on loopholes”  and continuing to cut Russia off from critical supplies.

Out words: and figures

Dur: 00:23

EU Ministers agree new tax rules for crypto assets – Dombrovskis

EU finance ministers have agreed new tax transparency rules for all service providers facilitating transactions in crypto-assets for customers resident in the EU. Up until now, the decentralised nature of crypto-assets has made it difficult for member states’ tax administrations to ensure tax compliance. But in future all crypto-asset providers based in the EU, irrespective of their size, will be obliged to report transactions of clients residing in the bloc.

The European Commission says the new rules will improve Member States' abilities to detect and counter tax fraud, tax evasion and tax avoidance. Here’s Valdis Dombrovskis, the EU Trade Commissioner.

Out words: financial assets

Dur: 00:20

“Positive outlook” for Irish economy from EU Spring forecast – McGrath

Finance Minister Michael McGrath says the EU’s Spring Economic forecast for Ireland shows “solid growth” for this year and next year.

The European Commission published its Spring Economic Forecast earlier today. It says the European economy continues to show resilience despite global challenges with moderate growth in the first quarter of this year dispelling fears of a recession. However core inflation remains persistently high according to the report. 

Minister McGrath says inflation levels are coming down in Ireland and will average just over four and a half percent this year and will fall further next year. He was speaking in Brussels ahead of a Eurogroup meeting there today.

Out words: as well

Dur: 00:17

European economy “better than expected” – EU Gentiloni LONG

The European economy continues to show resilience despite global challenges with moderate growth in the first quarter of this year dispelling fears of a recession. That’s according to the European Commission which announced its spring economic forecast today. Lower energy prices, reduced supply problems and a strong labour market have led to a “better than expected” start to the year. GDP growth in the euro area is expected to be 1.1% this year and 1.6% in 2024.

However due to “core price pressures”, inflation has also been revised upwards to 5.8% in 2023 and 2.8% in 2024 in the euro area. Paolo Gentiloni, the European Economy Commissioner says Russia’s “brutal invasion” of Ukraine continues to cast a shadow of uncertainty over the outlook.

Out words: negative side

Dur: 00:55

European economy “better than expected” – EU Gentiloni SHORT

The European economy continues to show resilience despite global challenges with moderate growth in the first quarter of this year dispelling fears of a recession. That’s according to the European Commission which announced its spring economic forecast today. Lower energy prices, reduced supply problems and a strong labour market have led to a “better than expected” start to the year. GDP growth in the euro area is expected to be 1.1% this year and 1.6% in 2024.

However due to “core price pressures”, inflation has also been revised upwards to 5.8% in 2023 and 2.8% in 2024 in the euro area. Paolo Gentiloni, the European Economy Commissioner today said Russia’s “brutal invasion” of Ukraine continues to cast a shadow of uncertainty over the outlook.

Out words: remains high

Dur: 00:19