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There’s one ‘trading area and corridor’ that fulfils many of the prerequisites for a Europe able to stand on its own feet, economically and in terms of geostrategy - the Middle Corridor going all the way from the Balkans to Central Asia, writes Samuel Doveri Vesterbye.

European Commission President Ursula von der Leyen's initiative to tackle polarisation in the agricultural sector is expected to reach its conclusions by September, but sources close to the talks told Euractiv that stakeholders are still not close to defining concrete agreements.

Identity cards, passports, excerpts of criminal records, and work experience documents were among the personal data of European Parliament employees compromised in a data breach, according to an internal email sent on Wednesday and seen by Euractiv.

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Stresa, Italy, May 23, 2024 (AFP) - US Treasury Secretary Janet Yellen on Thursday urged G7 ministers meeting in Italy to work on "more ambitious options" to use frozen Russian assets to help Ukraine.

The ministers and central bankers from the Group of Seven world powers are meeting in Stresa, on the shores of northern Italy's Lake Maggiore, to prepare for a summit of G7 heads of state next month in Puglia.

Top of the agenda is a plan to finance crucial aid to Ukraine using the interest generated by the 300 billion euros ($325 billion) of Russian central bank assets frozen by the G7 and Europe.

The European Union took a first step in agreeing a deal this month to seize revenues from frozen Russian assets to arm Ukraine, a windfall that will reach 2.5 to three billion euros ($2.7-$3.3 billion) a year.

In a press conference before the meeting, Yellen welcomed this plan but added: "We must also continue our collective work on more ambitious options, considering all relevant risks and acting together."

She said she wanted "concrete options" to present to G7 leaders, adding: "Failure to take additional action is not an option -- not for Ukraine's future and not for the stability of our own economies and the security of our peoples."

The United States has proposed granting Ukraine, which has been fighting a Russian invasion for more than two years, up to $50 billion in loans secured by this interest.

The details of the US plan have not yet been finalised, including who would issue the debt -- the US alone or G7 countries as a whole.

But it will serve as a basis for G7 discussions, according to a Treasury source in Italy, which as G7 president this year is hosting the Stresa talks.

The US proposal is an "interesting way forward" but "any decision must have a solid legal basis", the source said.

Time is of the essence, as the slow speed of European material reaching Kyiv and the near-halt in US aid for months during wrangling in Washington have strained Ukraine's capabilities just as Russia has regained the initiative on the ground.

In addition to the United States and Italy, the G7 includes Britain, Canada, France, Germany and Japan.

- Legal issues -

Yellen had initially advocated a more radical solution -- the confiscation of the Russian assets themselves.

But European countries worried about creating a precedent in international law and the risk of serious legal disputes with Moscow.

Stresa host Giancarlo Giorgetti, Italy's economy minister, has made no secret of the complexity of the issue.

He said Rome would be an "honest mediator" in discussions but said the task was "very delicate".

In April, Moscow sent a thinly veiled warning to Italy in its capacity as G7 chair, taking "temporary" control of the Russian subsidiary of the Italian heating equipment group Ariston in retaliation for what it called "hostile actions" by Washington and its allies.

Experts warn that any further G7 action against Russia could lead to similar reprisals hitting other European companies still operating in the country.

John Kirton, director of the University of Toronto's G7 Research Group, said that tapping just the interest on Russian assets "would considerably reduce the legal problems".

"Legally, it would not be confiscating the 'assets'," he told AFP.

France on Wednesday welcomed the US plan, saying it was hoping the G7 finance ministers would reach a deal this week.

"The Americans have made proposals that fall within the framework of international law, and we are going to work on them openly and constructively," Economy Minister Bruno Le Maire said.

- China overproduction -

Yellen said the Stresa meeting would consider "additional action" against Moscow for its war in Ukraine, including to restrict its access to critical goods that support its military.

She also said the G7 ministers would discuss responses to what she called China's "overcapacity" of key green technologies such as electric vehicles, batteries and solar panels.

The US is concerned that Chinese government support is leading to more production capacity than global markets can absorb, driving cheap exports and stifling growth elsewhere.

"Overcapacity threatens the viability of firms around the world, including in emerging markets," she said.

She added: "It's critical that we and the growing numbers of countries who have identified this as a concern present a clear and united front."

Spearheading the implementation of the world's first comprehensive legislation on Artificial Intelligence (AI), the AI Office requires robust leadership and an innovative structure that mirrors the dynamism of AI, write Philipp Hacker, Sebastian Hallensleben, and Kai Zenner.

Five years after the last election, Europe faces crises and extremism. Liberals are still the antidote against divisive populism damaging our EU, but only if you use your voice on 6-9 June: reject the negativity to embrace hope and unity.

‘The European Health Union: Acting together for people’s health’ is how the Commission summed up its last five years of actions in health. The EU went "from firefighter to architect", in the words of Commission Vice President Margaritis Schinas, but not everyone is convinced the current architecture is optimal.

The UN General Assembly will vote Thursday (23 May) on establishing an annual day of remembrance for the 1995 Srebrenica genocide, despite furious opposition from Bosnian Serbs and Serbia.

The European Commission identifies buildings in the EU as the primary energy consumer, accounting for 40% of our energy consumption and 36% of greenhouse gas emissions.

Norway will further restrict access for Russian tourist travellers due to the ongoing war in Ukraine, blocking almost all entry, the Nordic country's justice ministry said on Thursday (23 May).

President Emmanuel Macron said police reinforcements in New Caledonia would remain as long as required, after viewing areas worst hit by deadly riots in the French-ruled Pacific island triggered by a contested electoral reform.

In today’s edition of the Capitals, find out more about story 1, story 2, and so much more.

The EU socialist party (PES) has reacted strongly to statement of German CDU lawmaker Jens Spahn, who hinted that the centre-right European People’s Party (EPP) could work with hard-right Italian Prime Minister Giorgia Meloni.

France's Sophie Adenot and Belgium's Raphael Liégeois will be the first two from a new class of European astronauts to blast off to the International Space Station, the European Space Agency said Wednesday (22 May).

President Klaus Iohannis urged Romanians on Wednesday not to panic following recent remarks by the Army’s Chief of Staff, General Gheorghiţă Vlad, who warned of the likelihood of escalation, including military, with Russia

The Bulgarian prosecutor's office has filed a lawsuit seeking to shut down two pro-Russian paramilitary groups that have been particularly active on social media, with calls to change the country's constitutional order.

G7 finance ministers gather in Italy on Thursday (23 May) for a three-day meeting dominated by plans to use Russian assets to help Ukraine, as well as new sanctions on Moscow and the commercial threat posed by China.