New EU rules on short-stay visas apply worldwide from 2 February 2020. They make it easier for legitimate travellers to apply for a visa to come to Europe, facilitating tourism, trade and business, while providing more resources for countering irregular migration risks and threats to internal security.
Which non-EU countries do the new rules apply to?
The changes apply to travellers from all countries which need visas to travel to the EU. Currently, citizens from 105 non-EU countries or entities are required to have a visa (full list available online). Nothing changes for countries benefitting from visa-free travel to the EU because the new rules do not apply to their citizens.
Which destination countries are covered by the update?
The rules cover short-stay visas for the 22 EU countries that are part of the Schengen area (Austria, Belgium, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain and Sweden), as well as for four associated countries: Iceland, Liechtenstein, Norway and Switzerland.A uniform short-stay visa issued by one of these countries covers travel throughout the 26 Schengen countries for up to 90 days in any 180-day period.
Why change the EU visa rules now?
The European Parliament and the Council agreed the changes in June 2019.
The tourism and travel industry plays a key role in the European economy. EU Member States are among the world’s leading tourist destinations – the number of visa applications processed has increased considerably over the last 9 years and continues to expand. Since 2009, the number of applications for EU visas has risen by 57% – from 10.2 million to over 16 million in 2018. At the same time, visa application procedures have not changed since 2010 and there was a need to make them less cumbersome, while maintaining the same level of security and control.
Visa fees have not been adapted since 2006 and a €60 fee no longer covers the costs of processing applications, in particular due to inflation.
Finally, by creating a link between visa procedures and cooperation on readmission, the revision gives the EU new tools for a dialogue with partner countries about migration. This possibility is part of the EU’s ongoing efforts in favour of a comprehensive and effective migration policy.
What are the main benefits for travellers?
With the new rules, travellers now benefit from a simpler and more user-friendly visa application procedure:
Visa applications can be submitted up to 6 months before the intended travel (9 months for seafarers), instead of 3 months previously, allowing travellers to better plan their trips;
Multiple-entry visas with long validity (from 1 to 5 years) are now easier to obtain, saving frequent travellers time and money, as they will have to apply for a new visa less often;
In most cases, an application can be submitted directly in the traveller’s country of residence, and where possible filled in and signed electronically (only hard copies were accepted until now), which will also save travellers time, money and hassle.
What are the new rules for issuing multiple-entry visas?
Frequent travellers with a positive visa history are to be granted multiple-entry visa with a gradually increasing validity period from 1 year to a maximum of 5 years.
Travellers’ fulfilment of entry conditions will be thoroughly and repeatedly verified in all cases, and only persons with a positive visa track record will be issued multiple-entry visas with a long validity.
Multiple-entry visas allow the holder to travel repeatedly to the EU during the period of validity of the visa.
How long will it take for the visa application to be processed?
The maximum time for visa applications to be processed remains unchanged at 15 days. The processing time may be longer only in individual cases, for instance where further scrutiny of the application is needed, and take up to maximum 45 days.
With which consulate should applicants lodge their visa application?
The rules remain the same. Applicants must lodge their application at the consulate of the country they intend to visit. Applicants planning to visit several Schengen states must apply at the consulate of the country where they will spend the longest period. Applicants planning on visiting several Schengen states for equal lengths of stay must apply at the consulate of the country whose external borders they will cross first when entering the Schengen area.In case the Schengen state of destination has no consulate in the country where the applicant resides, the applicant should check whether it is represented by another consulate.
Do visa applicants have to submit their application in person at a consulate?
In most cases, visa applications can be submitted in the applicant’s country of residence (either at a consulate or at the premises of an external service provider) and, where possible, the application form can be filled in and signed electronically. Under the new rules, applicants have to appear in person only when fingerprints are to be collected (i.e. every 59 months).
Can the application be submitted via an external service provider?
Most Member States use external service providers to collect visa applications and supporting documents. The large network of “visa application centres” means that applicants do not usually have to travel too far to lodge their application. Member States remain fully responsible for processing and deciding on visa applications.
What are the requirements for applying for a short stay visa?
The rules have not changed. In order to apply for a short stay visa to the EU, applicants must present:
A filled in and signed visa application form;
A passport issued in the last 10 years and valid for at least 3 months after the end of the stay;
An identity photograph;
Proof of possession of adequate and valid travel medical insurance;
Supporting documents relating to the purpose of the stay, evidence of means of support during the stay and accommodation.
Applicants must also pay the visa fee and, where applicable, have their fingerprints collected.
Do visa applicants need a travel medical insurance when travelling to the EU?
Yes, visa applicants must present a valid travel medical insurance when applying for a visa, as it was already the case under the previous rules.
What is the amount of the visa fee? What will the increased visa fee be used for?
The visa fee increases from €60 to €80. This increase is the first one since 2006 and it brings the fee broadly in line with the level where it would be today if it had been aligned to the general EU-wide inflation rate since 2006*.
The €60 fee no longer adequately covered the administrative costs (such as staffing, premises and equipment) for offering adequate service to the constantly growing numbers of applications. The increase in the visa fee will ensure there are sufficient financial resources to maintain a wide consular coverage worldwide and reinforce consular staff, speed up the application process and provide better quality service for travellers, upgrade IT equipment and software, and improve the capacity to detect potential security and irregular migration risks.
Importantly, for regular travellers, the fee increase will be partly offset by the new rules on long-validity visas: these travellers may actually save money under the new provisions, since they have to apply for visas less often.
Will the visa fee also increase for countries benefiting from lower fees under Visa Facilitation Agreements?
No. The increase of the general visa fee has no impact on the lower visa fee (€35) set in the Visa Facilitation Agreements concluded between the EU and a number of third countries, such as Armenia, Azerbaijan and Russia.
How does the revised visa fee compare to the fees charged by other countries?
By international standards, the €80 visa fee remains low. As a comparison, applying for a tourist visa to the United States costs €143 and €126 for China. Travellers to Australia have to pay €90 for their visa, while those going to New Zealand will be charged €146. A visa to Canada costs €68, to India €95, and to the UK €112 (January 2020).
Are there any visa fee waivers and reductions?
Yes, the visa fee is still waived for children below 6 years old, as was already the case under the previous rules. The visa fee for minors between the age of 6 and 12 years remains half of the general fee, and thus increases by €5 (to €40). In addition, it is now possible for Member States to waive the visa fee for minors between the age of 6 and 18 years.
How will the cooperation on readmission be linked to EU visa policy?
Over the past years, the EU has been stepping up activities to support Member States in returning people who have no right to stay in Europe. Even though readmission of own nationals is an obligation under international law, Member States have experienced difficulties in returning irregular migrants.
The revised visa rules introduce a new mechanism linking visa policy and cooperation on readmission. This will bring an important element into the EU’s discussions with partner countries.
Under the new rules, the Commission will conduct a regular assessment of how non-EU countries cooperate on readmission, taking into account indicators such as:
The number of return decisions issued to citizens of a given non-EU country;
The number of actual returns as a percentage of the number of return decisions issued;
The number of readmission requests accepted by the non-EU country as a percentage of the number of requests submitted to it; and
The level of practical cooperation in the different stages of the return procedure, including as regards the assistance provided in the identification of persons irregularly staying in the EU and the timely issuance of travel documents.
Member States which encounter substantial and persistent readmission problems with a given non-EU country may also notify the Commission of such a situation. In such cases, the Commission must assess the notification within one month.
On this basis, the Commission, together with Member States, can establish a more restrictive and temporary implementation of certain provisions of the Visa Code for the processing of visa applications from nationals of the country in question, such as the processing time, the length of validity of visas, the level of the visa fee and the fee waivers.
If a third country cooperates sufficiently on readmission, and taking account of the Union’s overall relations with the third country concerned, the Commission may also propose a more generous implementation of certain provisions of the Visa Code (lower visa fee, quicker processing times and multiple-entry visas with longer validity to be agreed upon by Member States in the Council).
Can nationals of non-EU countries which do not cooperate on readmission still apply for and obtain a visa to travel to the EU?
More restrictive implementation of certain procedural rules and the general rules on the issuing of multiple-entry visas will not call into question applicants’ basic right to submit an application for a visa or to be granted a visa.
When the Commission, together with the Member States, decides that the mechanism should be triggered, the restrictive implementation of certain rules will be adapted to the particular situation in each non EU-country. This could have an impact on the processing time, the length of validity of the visa to be issued, the level of the visa fee to be charged and the fee waivers.
Will the new rules affect the UK after the end of the transition period?
No. In 2019, the Visa Regulation was amended to grant UK nationals visa-free travel to the EU after the United Kingdom’s withdrawal from the European Union. This means that UK nationals will remain visa-free when travelling to the EU for short stays, so the revised visa rules will not apply to them.
Compliments of the Delegation of the European Union to the United States

The European Commission has today issued a recommendation to the Council to open negotiations on a new partnership with the United Kingdom.
This recommendation is based on the existing European Council guidelines and conclusions, as well as on the Political Declaration agreed between the EU and the United Kingdom in October 2019.
It includes a comprehensive proposal for negotiating directives, defining the scope and terms of the future partnership that the European Union envisages with the United Kingdom. These directives cover all areas of interest for the negotiations, including trade and economic cooperation, law enforcement and judicial cooperation in criminal matters, foreign policy, security and defence, participation in Union programmes and other thematic areas of cooperation. A dedicated chapter on governance provides an outline for an overall governance framework covering all areas of economic and security cooperation.
As EU negotiator, the Commission intends to continue work in close coordination with the Council and its preparatory bodies, as well as with the European Parliament, as was the case during the negotiations for the Withdrawal Agreement.
President of the European Commission Ursula von der Leyen said: “It’s now time to get down to work. Time is short. We will negotiate in a fair and transparent manner, but we will defend EU interests, and the interests of our citizens, right until the end.”
Michel Barnier,the European Commission’s Chief Negotiator,said: “We will negotiate in good faith. The Commission will continue working very closely with the European Parliament and the Council. Our task will be to defend and advance the interests of our citizens and of our Union, while trying to find solutions that respect the UK’s choices.”
Next steps
The Council will have to adopt the draft negotiating directives. This will formally authorise the Commission to open the negotiations as Union negotiator.
Background
On 31 January 2020, the United Kingdom withdrew from the European Union and the European Atomic Energy Community (Euratom).
The arrangements for the withdrawal are set out in the Withdrawal Agreement, which entered into force on 1 February 2020. It provides for a transition period during which EU law continues to apply to the United Kingdom until at least 31 December 2020, unless the Joint Committee established under the Withdrawal Agreement adopts, before 1 July 2020, a single decision extending the transition period for up to 1 or 2 years.
In the guidelines of 23 March 2018, the European Council restated the Union’s determination to have as close as possible a partnership with the United Kingdom in the future. According to these guidelines, such a partnership should cover trade and economic cooperation as well as other areas, in particular the fight against terrorism and international crime, as well as security, defence and foreign policy.
The framework for this future partnership between the European Union and the United Kingdom is set out in the Political Declaration.
Today’s recommendation by the European Commission is the first step in the negotiation process, as the Council is invited to authorise the Commission to formally open the negotiations for a new partnership with the United Kingdom.
Compliments of the European Commission

As the night draws in this evening, the sun will set on more than 45 years of the United Kingdom’s membership of the European Union. For us, as Presidents of the three main EU institutions, today will inevitably be a day of reflection and mixed emotions – as it will for so many people.
Our thoughts are with all of those who have helped to make the European Union what it is today. Those who are concerned about their future or disappointed to see the UK leave. Those British members of our institutions who helped shape policies that made lives better for millions of Europeans. We will think of the UK and its people, their creativity, ingenuity, culture, and traditions, that have been a vital part of our Union’s tapestry.
These emotions reflect our fondness for the United Kingdom – something which goes far beyond membership of our Union. We have always deeply regretted the UK’s decision to leave but we have always fully respected it, too.  The agreement we reached is fair for both sides and ensures that millions of EU and UK citizens will continue to have their rights protected in the place they call home.
At the same time, we need to look to the future and build a new partnership between enduring friends. Together, our three institutions will do everything in their power to make it a success. We are ready to be ambitious.
How close that partnership will be depends on decisions that are still to be taken. Because every choice has a consequence. Without the free movement of people, there can be no free movement of capital, goods and services. Without a level playing field on environment, labour, taxation and state aid, there cannot be the highest quality access to the single market. Without being a member, you cannot retain the benefits of membership.
Over the next weeks, months and years we will have to loosen some of the threads carefully stitched together between the EU and the UK over five decades. And as we do so, we will have to work hard to weave together a new way forward as allies, partners and friends.
Whilst the UK will cease to be an EU member, it will remain part of Europe. Our shared geography, history and ties in so many areas inevitably bind us and make us natural allies.  We will continue to work together on foreign affairs, security and defence with a common purpose and shared mutual interests. But we will do it in different ways.  
We do not underestimate the task that lies before us but we are confident that with goodwill and determination we can build a lasting, positive and meaningful partnership.    
But tomorrow will also mark a new dawn for Europe.
The last few years have brought us closer together – as nations, as institutions and as people. They have reminded us all that the European Union is more than a market or economic power but stands for values that we all share and defend. How much stronger we are when we are together.
This is why the Member States of the European Union will continue to join forces and build a common future. In an age of great power competition and turbulent geopolitics, size matters. No country alone can hold back the tide of climate change, find the solutions to the digital future or have a strong voice in the ever-louder cacophony of the world.
But together, the European Union can.
We can because we have the largest internal market in the world. We can because we are the top trading partner for 80 countries. We can because we are a Union of vibrant democracies. We can because our peoples are determined to promote European interests and values on the world stage. We can because EU member states will leverage their considerable, collective economic power in discussions with allies and partners – the United States, Africa, China or India.
All of this gives us a renewed sense of shared purpose. We have a common vision of where we want to go and a commitment to be ambitious on the defining issues of our times. As set out in the European Green Deal, we want to be the first climate neutral continent by 2050, creating new jobs and opportunities for people in the process. We want to take the lead on the next generation of digital technologies and we want a just transition so that we can support the people most affected by change.
We believe only the European Union can do this. But we know we can only do it together: people, nations, institutions. And we, as Presidents of the three institutions, are committed to playing our part.  
That work continues as soon as the sun rises tomorrow.
Ursula von der Leyen
Pres. of the European Commission                      
Charles Michel
Pres. of the European Council                      
David Maria Sassoli
Pres. of the European Parliament
Compliments of the European Commission.
The article appeared among others in 24 Chasa, Alithia, De Volkskrant, Dnevnik, Frankfurter Allgemeine, Gazeta Wyborcza, In-Nazzion, Jutarnji List, Kronen Zeitung, La Repubblica, Latvijas Avize, Le Parisien, Le Quotidien, Le Soir, Lidové noviny, Maaseudun Tulevaisuus, Magyar Nemzet, Politiken, Publico, Svenska Dagbladet, The Times.

In June 2016, the ECB launched its corporate sector purchase programme, through which it purchased corporate bonds in an effort to improve the financing conditions of euro area firms. In this article, I argue that the programme was successful. In particular, by increasing prices and reducing yields in the targeted bond market segment, the programme encouraged investors to shift their investments towards similar but somewhat riskier bonds. This reduced borrowing costs for many firms, including those whose bonds were not eligible for direct purchase by the ECB.
The corporate arm of the ECB’s quantitative easing
When interest rates are already so low that conventional rate cuts cannot further stimulate the economy, central banks may directly intervene in financial markets by buying assets from both the sovereign and the corporate sectors. That is exactly what the ECB started doing in March 2015. In that month, the ECB began purchasing assets issued by euro area central governments, agencies and European institutions. Then, in June 2016, it expanded the purchases to the corporate sector via the corporate sector purchase programme, or CSPP.
The aims of the CSPP were twofold. The first was straightforward: to signal that the ECB was committed to providing further stimulus to the economy. The second was somewhat more complex. Through the CSPP, the ECB wanted to lower the yield on the bonds that were targeted for purchase. However, mainly through the working of the so-called portfolio rebalancing channel, it also wanted to influence other asset prices, in particular those of corporate bonds not eligible for its own purchases. In this way, the ECB could support the financing conditions of all firms borrowing in the bond market (Draghi 2015, ECB 2017).
The portfolio rebalancing channel mainly works through investors shifting their investments away from the segment in which the ECB is making purchases. The idea is that investors, facing a scarcity of eligible bonds due to the ECB’s asset purchases, are encouraged to reallocate their holdings to other, riskier, bonds. This portfolio “rebalancing” in turn leads to higher prices and lower yields also for bonds in non-eligible market segments (Vayanos and Vila 2009, Krishnamurthy and Vissing-Jorgensen 2011, Hancock and Passmore 2011).[2]
While we know in theory how the rebalancing channel works, do we have any indication that it works in practice? In a recent research paper, I address this question through an empirical analysis (Zaghini, 2019). In particular, I analyse the evolution of the prices and quantities of bonds in three different market segments after the implementation of the CSPP: bonds actually purchased, eligible bonds not purchased, and bonds that were not eligible. Below I describe the article’s main findings. The main conclusion is that the CSPP, through the portfolio rebalancing channel, significantly reduced the cost of borrowing for euro area firms.
Portfolio rebalancing at work
In a nutshell, under the CSPP the Eurosystem purchases bonds issued by non-bank corporations registered in the euro area, denominated in euro, and that have at least an investment-grade rating. It purchases them both in the primary market (i.e. upon issuance) and in the secondary market.[3] I examine the effect of the CSPP by looking at changes in corporate bond spreads (the difference between the actual bond yield and an equivalent risk-free rate): if the implementation of the programme leads to a decline in such spreads, it will have succeeded in reducing borrowing costs for firms.
A first look at the evidence seems encouraging. Immediately after the announcement of the CSPP in March 2016, spreads on secondary market trades declined in both eligible and non-eligible market segments (see Chart 1). Initially, spreads on eligible bonds declined faster than those on non-eligible bonds, suggesting a larger improvement in the funding conditions for investment-grade firms. However, by June 2017 the gap had narrowed significantly, to the point of disappearance, thus hinting at better funding conditions also for lower rated firms.
While the evidence in Chart 1 is telling, bond spreads depend on many factors, such as the riskiness of the issuer, the amount placed and the maturity of the bond. Thus, in order to isolate the spread component due to the CSPP, I rely on a model proposed by Sironi (2003) and Zaghini (2016) for the euro area primary bond market. The model takes into account a large number of bond features and firm characteristics. In addition, it also considers the market conditions on the exact issuance date of every single bond. This makes it possible to isolate the effects of the CSPP on the bonds’ spreads quite precisely.
The empirical analysis shows that after a large signalling effect upon announcement (which saw spreads decrease by 36 basis points), the effect of the CSPP purchases on bond yields strengthened over time. In the first six months of the programme, from July to December 2016, eligible bonds enjoyed a spread (around 70 basis points) significantly lower than that on non-eligible bonds. This applied to all eligible bonds, regardless of whether or not they were purchased on the primary market by the ECB. By contrast, non-eligible bonds recorded a slight deterioration of their financing conditions. However, the difference between the two sets of bond spreads vanished in 2017. Indeed, in the first two quarters of that year non-eligible bonds caught up significantly, their spreads decreasing by around 50 basis points.
The spread dynamics estimated by the model are fully consistent with the theory on how the portfolio rebalancing channel works. In the first six months of the CSPP, the ECB purchased a great deal of eligible bonds. Doing so drove up prices (and accordingly reduced the spreads) in that market segment, crowding out other investors. Those investors then reached for the non-eligible bonds which are close substitutes, but have higher expected returns. Due to the higher demand for non-eligible bonds, that segment also saw prices increase and yields decrease.
In addition to price dynamics, the changes over time in the quantities of bonds issued in the two market segments suggest that the portfolio rebalancing channel was working. First there was a significant rise in both the number of bonds and the total volume issued in the eligible market segment in the second half of 2016. Then this was followed by a similar increase in the non-eligible segment in the first half of 2017. While the former increase was entirely driven by the additional demand from the ECB, the latter was purely market-driven and so due to the working of the rebalancing channel, since it only involved bonds which were not targeted by the ECB.
Concluding remarks
The announcement and actual deployment of the CSPP provide a good case study of the effects of large-scale asset purchase programmes. This analysis of developments in estimated bond spreads and amounts issued in the primary market shows that the programme eventually influenced the whole corporate bond market.
Indeed, in a first phase the CSPP only had an effect on the bonds directly targeted – immediately improving the funding conditions of eligible corporations, and gradually crowding out the other investors in that segment. Six months into the programme, the effect spilled over to non-eligible bonds. This was possible because the scarcity brought about in the eligible bond segment pressed investors to rebalance their portfolios towards other similar, but riskier, segments – in particular towards non-eligible corporate bonds. In this way the programme had an effect on both market segments. As a result, it achieved a more far-reaching improvement in the borrowing conditions of euro area corporations.
Compliments of the European Central Bank

The Governing Council of the European Central Bank (ECB) today launched a review of its monetary policy strategy. The monetary policy strategy was adopted in 1998 and some of its elements were clarified in 2003.
Since 2003 the euro area and the world economy have been undergoing profound structural changes. Declining trend growth, on the back of slowing productivity and an ageing population, as well as the legacy of the financial crisis, have driven interest rates down, reducing the scope for the ECB and other central banks to ease monetary policy by conventional instruments in the face of adverse cyclical developments. In addition, addressing low inflation is different from the historical challenge of addressing high inflation. The threat to environmental sustainability, rapid digitalisation, globalisation and evolving financial structures have further transformed the environment in which monetary policy operates, including the dynamics of inflation.
In the light of these challenges, the Governing Council has decided to launch a review of its monetary policy strategy, in full respect of the ECB’s price stability mandate as enshrined in the Treaty.
“As our economies are undergoing profound changes, it is the time for a strategy review to ensure we deliver on our mandate in the best interest of Europeans,” said ECB President Christine Lagarde.
The Governing Council will take stock of how the monetary policy strategy has supported the fulfilment of the ECB’s mandate under the Treaty over the years and consider whether any elements of the strategy need to be adjusted. The quantitative formulation of price stability, together with the approaches and instruments by which price stability is achieved, will figure prominently in this exercise. The review will also take into account how other considerations, such as financial stability, employment and environmental sustainability, can be relevant in pursuing the ECB’s mandate. The Governing Council will review the effectiveness and the potential side effects of the monetary policy toolkit developed over the past decade. It will examine how the economic and monetary analyses through which the ECB assesses the risks to price stability should be updated, also in view of ongoing and new trends. Finally, it will review its communication practices.
The process is expected to be concluded by the end of the year. The Governing Council will be guided by two principles: thorough analysis and open minds. Accordingly, the Eurosystem will engage with all stakeholders.
Compliments of the European Central Bank

The Presidents of the three main EU institutions will meet on Thursday in Bazoches to debate the future of the EU as well as current geopolitical challenges.

European Parliament President David Sassoli, European Council President Charles Michel and European Commission President Ursula von der Leyen will meet in Bazoches-sur-Guyonne (France) at the Jean Monnet House, a symbolic place for the history of European integration.
They will discuss the future of the EU, including the upcoming Conference on the Future of Europe, current geopolitical challenges as well as the climate and digital transitions.
President Sassoli said: “We stand at a new departure for Europe. The internal and external challenges facing us remind us all that the European Union is more than a market or economic power, but stands for values that we all share and defend. Our reflections should not forget how much stronger we can be when we act together.”
The three Presidents will wind up the discussions with a joint statement, to be delivered in the European Parliament in Brussels on the morning of Friday 31 January at 11:00. More details will follow.
Compliments of the European Commission

Ahead of 1 February 2020, the day on which the UK will leave the EU in accordance with the Withdrawal Agreement  concluded between the EU and the UK (read the latest news here), the EUIPO has updated the Brexit section on its website.
The Withdrawal Agreement stipulates that during a transition period that will last until 31 December 2020, EU law remains applicable to and in the UK. This extends to the EUTM and RCD Regulations and their implementing instruments.
This continued application of the EUTM Regulations and the RCD Regulations during the transition period includes, in particular, all substantive and procedural provisions as well as the rules concerning representation in proceedings before the EUIPO.
In consequence, all proceedings before the Office that involve grounds of refusal pertaining to the territory of the UK, earlier rights originating from the UK, or parties/representatives domiciled in the UK will run as they did previously, until the end of the transition period.  
For more information, please consult the relevant section on our website.
Compliments of the European Commission

The Constitutional Affairs Committee agreed on Thursday to recommend that the EP plenary should approve the UK withdrawal terms.

After parliamentary ratification in the UK was concluded earlier today, with Royal Assent granted for the European Union (Withdrawal Agreement) Bill, Constitutional Affairs Committee MEPs voted in favour of a positive recommendation regarding the EU-UK Withdrawal Agreement, with 23 votes for, three against and no abstentions.
The vote took place after a statement by Committee Chair Antonio Tajani (EPP, IT) and a discussion between the Parliament’s Brexit coordinator Guy Verhofstadt (Renew Europe, BE) and political group coordinators.
The debate in the Committee focussed on Parliament’s contribution to protecting citizens’ rights in the context of Brexit (with the majority of speakers during the first round commending the EU’s negotiating team), as well as the steps that should be taken by the UK and EU27 governments to continue protecting these rights during the transition period and beyond. The discussion also addressed the overall impact of Brexit and the future relationship between the EU and the UK, which is going to be the objective of the future negotiations.
You can watch the debate on EP Live. Click on the links below for specific parts of the meeting.
Opening statement by Chair Antonio Tajani
Statement by the rapporteur Guy Verhofstadt
Statements by the shadow rapporteurs
Interventions by MEPs on behalf of political groups
Recording of the vote
Statements by MEPs after the vote: part one and part two
Next steps
The UK’s withdrawal from the EU is set for midnight CET on 31 January 2020, with Parliament scheduled to vote on the Agreement next Wednesday, 29 January. To enter into force, any withdrawal agreement between the EU and the UK needs to be approved by the European Parliament by a simple majority of votes cast (Article 50 (2) of the Treaty on European Union). The Council will then conclude the process on the EU side by a qualified majority vote, foreseen for 30 January.
Compliments of the European Parliament

Christine Lagarde, President of the ECB,Luis de Guindos, Vice-President of the ECB,Frankfurt am Main, 23 January 2020
Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council.
Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. We expect them to remain at their present or lower levels until we have seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2% within our projection horizon, and such convergence has been consistently reflected in underlying inflation dynamics.
We will continue to make net purchases under our asset purchase programme (APP) at a monthly pace of €20 billion. We expect them to run for as long as necessary to reinforce the accommodative impact of our policy rates, and to end shortly before we start raising the key ECB interest rates.
We also intend to continue reinvesting, in full, the principal payments from maturing securities purchased under the APP for an extended period of time past the date when we start raising the key ECB interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation.
Today the Governing Council also decided to launch a review of the ECB’s monetary policy strategy. Further details about the scope and timetable of the review will be published in a press release today at 15:30 CET.
The incoming data since our last meeting are in line with our baseline scenario of ongoing, but moderate, growth of the euro area economy. In particular, the weakness in the manufacturing sector remains a drag on euro area growth momentum. However, ongoing, albeit decelerating, employment growth and increasing wages continue to support the resilience of the euro area economy. While inflation developments remain subdued overall, there are some signs of a moderate increase in underlying inflation in line with expectations.
The unfolding monetary policy measures are underpinning favourable financing conditions for all sectors of the economy. In particular, easier borrowing conditions for firms and households are supporting consumer spending and business investment. This will sustain the euro area expansion, the build-up of domestic price pressures and, thus, the robust convergence of inflation to our medium-term aim.
At the same time, in the light of the continued subdued inflation outlook, monetary policy has to remain highly accommodative for a prolonged period of time to support underlying inflation pressures and headline inflation developments over the medium term. We will, therefore, closely monitor inflation developments and the impact of the unfolding monetary policy measures on the economy. Our forward guidance will ensure that financial conditions adjust in accordance with changes to the inflation outlook. In any case, the Governing Council continues to stand ready to adjust all of its instruments, as appropriate, to ensure that inflation moves towards its aim in a sustained manner, in line with its commitment to symmetry.
Let me now explain our assessment in greater detail, starting with the economic analysis. Euro area real GDP increased by 0.3%, quarter on quarter, in the third quarter of 2019, following growth of 0.2% in the second quarter. This pattern of moderate growth reflects the ongoing weakness of international trade in an environment of continued global uncertainties, which has particularly affected the euro area manufacturing sector and has also dampened investment growth. At the same time, the services and construction sectors remain more resilient, despite some moderation in the latter half of 2019. Incoming economic data and survey information point to some stabilisation in euro area growth dynamics, with near-term growth expected to be similar to rates observed in previous quarters. Looking ahead, the euro area expansion will continue to be supported by favourable financing conditions, further employment gains in conjunction with rising wages, the mildly expansionary euro area fiscal stance and the ongoing – albeit somewhat slower – growth in global activity.
The risks surrounding the euro area growth outlook, related to geopolitical factors, rising protectionism and vulnerabilities in emerging markets, remain tilted to the downside, but have become less pronounced as some of the uncertainty surrounding international trade is receding.
Euro area annual HICP inflation increased to 1.3% in December 2019, from 1.0% in November, reflecting mainly higher energy price inflation. On the basis of current futures prices for oil, headline inflation is likely to hover around current levels in the coming months. While indicators of inflation expectations remain at low levels, recently they have either stabilised or ticked up slightly. Measures of underlying inflation have remained generally muted, although there are further indications of a moderate increase in line with previous expectations. While labour cost pressures have strengthened amid tighter labour markets, the weaker growth momentum is delaying their pass-through to inflation. Over the medium term, inflation is expected to increase, supported by our monetary policy measures, the ongoing economic expansion and solid wage growth.
Turning to the monetary analysis, broad money (M3) growth stood at 5.6% in November 2019, broadly unchanged since August. Sustained rates of broad money growth reflect ongoing bank credit creation for the private sector and low opportunity costs of holding M3 relative to other financial instruments. The narrow monetary aggregate M1 continues to be the main contributor to broad money growth on the components side.
The growth of loans to firms and households remained solid, benefiting from the ongoing support provided by our accommodative monetary policy stance, which is reflected in very low bank lending rates. While the annual growth rate of loans to households remained unchanged from October, at 3.5% in November, the annual growth rate of loans to non-financial corporations moderated to 3.4% in November, from 3.8% in October, likely reflecting some lagged reaction to the past weakening in the economy. These developments are also visible in the results of the euro area bank lending survey for the fourth quarter of 2019, which indicate weakening demand for loans to firms, while demand for loans to households for house purchase continued to increase. However, credit standards for both loans to firms and loans to households for house purchase remained broadly unchanged, pointing to still favourable credit supply conditions. Overall, our accommodative monetary policy stance will help to safeguard very favourable bank lending conditions and will continue to support access to financing across all economic sectors and in particular for small and medium-sized enterprises.
To sum up, a cross-check of the outcome of the economic analysis with the signals coming from the monetary analysis confirmed that an ample degree of monetary accommodation is still necessary for the continued robust convergence of inflation to levels that are below, but close to, 2% over the medium term.
In order to reap the full benefits from our monetary policy measures, other policy areas must contribute more decisively to raising the longer-term growth potential, supporting aggregate demand at the current juncture and reducing vulnerabilities. The implementation of structural policies in euro area countries needs to be substantially stepped up to boost euro area productivity and growth potential, reduce structural unemployment and increase resilience. The 2019 country-specific recommendations should serve as the relevant signpost.
Regarding fiscal policies, the euro area fiscal stance is expected to continue to provide some support to economic activity. In view of the weak economic outlook, the Governing Council welcomes the Eurogroup’s call in December for differentiated fiscal responses and its readiness to coordinate. Governments with fiscal space should be ready to act in an effective and timely manner. In countries where public debt is high, governments need to pursue prudent policies and meet structural balance targets, which will create the conditions for automatic stabilisers to operate freely. All countries should intensify their efforts to achieve a more growth-friendly composition of public finances.
Likewise, the transparent and consistent implementation of the European Union’s fiscal and economic governance framework over time and across countries remains essential to bolster the resilience of the euro area economy. Improving the functioning of Economic and Monetary Union remains a priority. The Governing Council welcomes the ongoing work and urges further specific and decisive steps to complete the banking union and the capital markets union.
We are now ready to take your questions.
Compliments of the European Central Bank

Today, the European Commission set out its ideas for shaping the Conference on the Future of Europe, which should be launched on Europe Day, 9 May 2020 and run for two years. The Communication adopted is the Commission’s contribution to the already lively debate around the Conference on the Future of Europe – a project announced by President Ursula von der Leyen in her Political Guidelines, to give Europeans a greater say on what the European Union does and how it works for them. The Conference will build on past experiences, such as citizens’ dialogues, while introducing a wide range of new elements to increase outreach and strengthen ways for people to shape future EU action. The Conference will allow for an open, inclusive, transparent and structured debate with citizens of diverse backgrounds and from all walks of life. The Commission is committed to follow up on the outcome.
The Commission proposes two parallel work strands for the debates. The first should focus on EU priorities and what the Union should seek to achieve: including on the fight against climate change and environmental challenges, an economy that works for people, social fairness and equality, Europe’s digital transformation, promoting our European values, strengthening the EU’s voice in the world, as well as shoring up the Union’s democratic foundations. The second strand should focus on addressing topics specifically related to democratic processes and institutional matters: notably the lead candidate system and transnational lists for elections to the European Parliament.
Ursula von der Leyen, President of the European Commission, commented: “People need to be at the very centre of all our policies. My wish is therefore that all Europeans will actively contribute to the Conference on the Future of Europe and play a leading role in setting the European Union’s priorities. It is only together that we can build our Union of tomorrow.”
Dubravka Šuica, Vice-President for Democracy and Demography, stated: “We must seize the momentum of the high turnout at the last European elections and the call for action which that brings. The Conference on the Future of Europe is a unique opportunity to reflect with citizens, listen to them, engage, answer and explain. We will strengthen trust and confidence between the EU institutions and the people we serve. This is our chance to show people that their voice counts in Europe.”
A new public forum for an open, inclusive and transparent debate
The Commission sees the Conference as a bottom-up forum accessible to people well beyond Europe’s capitals, from all corners of the Union. Other EU institutions, national Parliaments, social partners, regional and local authorities and civil society are invited to join. A multilingual online platform will ensure transparency of debate and support wider participation. The Commission is committed to taking the most effective actions, with the other EU institutions, to integrate citizens’ ideas and feedback into EU policy-making.
Background
All Members of the College will play their part in helping to make the Conference a success, with Vice-President Šuica leading the Commission’s work on the Conference, supported by Vice-President Jourová on the institutional strand, as well as Vice-President Šefčovič on the foresight and inter-institutional side.  
The European Parliament and the Council are also working on their contributions to the Conference on the Future of Europe. The European Parliament resolution of 15 January 2020 called for an open and transparent process which takes an inclusive, participatory and well-balanced approach towards citizens and stakeholders. Meanwhile, the European Council conclusions of 12 December 2019 called on the Croatian Presidency to begin work on the Council’s position. The Croatian Presidency has itself listed the Conference among its Presidency Priorities.
After this, it is of crucial importance that the three institutions work together towards a Joint Declaration to define the concept, structure, scope and timing of the Conference on the Future of Europe, as well as setting down its jointly agreed principles and objectives. This Declaration will later be open to other signatories including institutions, organisations and stakeholders. National and regional Parliaments and actors have an important role to play in the Conference and should be encouraged to hold Conference-related events The Commission underlines in its contribution today that it is commited to follow up on the outcomes and recommendations of the different debates.
The Commission proposes to officially launch the Conference on Europe Day, 9 May 2020 – 70 years after the signing of the Schuman Declaration and 75 years after the end of the Second World War.
Compliments of the European Commission