Council adopts conclusions on strategic autonomy of the European economic and financial sector
Today, the Council adopted conclusions on strategic autonomy of the European economic and financial sector. Given the dramatic changes in the geopolitical context over the last couple of months, the aim of achieving the EU’s strategic autonomy, whilst preserving an open economy, is even more crucial.
In its conclusions, the Council focuses on:
- Strengthening the international role of the euro
- A strong, competitive and resilient European financial sector servicing the real economy, avoiding risks arising from excessive reliance on third-country financial institutions and infrastructures
- Shielding and strengthening the resilience of financial-market infrastructure
- Developing an effective mechanism for managing sanctions
- Cooperation with partners
The conclusions come after the Versailles Declaration of 10 and 11 March 2022, in which EU Heads of State or Government agreed to take more responsibility for the EU’s security and to take further decisive steps towards building European sovereignty, reducing our dependencies and designing a new growth and investment model for 2030.
In October 2020, EU Heads of State or Government had already emphasised that achieving strategic autonomy while preserving an open economy was a key objective of the Union.
The conclusions further develop elements contained in the Commission’s communication of January 2021 on “The European economic and financial system: fostering openness, strength and resilience”.