European Council

On 19 June 2015, the Council approved recommendations and opinions on economic and fiscal policies planned by the member states. 

It also approved a specific draft recommendation on the economic policies of the euro area. 

Approval of the texts is a key stage in the "European Semester", an annual policy monitoring process. Recommendations coving economic and fiscal as well as employment policies will be referred to the European Council for endorsement at its meeting on 25 and 26 June. The Council will then adopt them in July 2015.

In March 2015, the European Council approved priorities for the 2015 European Semester. It endorsed the three main priorities of the Commission's annual growth survey, namely investment, structural reforms and growth-friendly fiscal consolidation. 

An annual process

The European Semester involves simultaneous monitoring by the Commission of the member states' economic and fiscal policies during a six-month period every year. 

In the light of policy guidance given by the European Council annually in March, the member states present each year in April: 

• National reform programmes for their economic policies. These set out a macroeconomic scenario for the medium term, national targets for implementing the "Europe 2020" strategy for jobs and growth, identification of the main obstacles to growth, and measures for growth-enhancing initiatives in the short term;
• Stability or convergence programmes for their fiscal policies. Euro area countries present stability programmes, whereas non-euro member states present convergence programmes. The programmes set out medium-term budgetary objectives, the main assumptions about expected economic developments, a description of fiscal and economic policy measures, and an analysis of how changes in assumptions will affect fiscal and debt positions. 

The Council then approves country-specific recommendations and opinions (CSRs), for endorsement by the European Council. It provides explanations in cases where the recommendations do not comply with those proposed by the Commission. 

The 2015 CSRs are addressed to 26 of the EU's 28 member states. To avoid duplication there are no CSRs for Cyprus and Greece, as they are subject to macroeconomic adjustment programmes. 

On 19 June 2015, the Council extended the EU restrictive measures in response to the illegal annexation of Crimea and Sevastopol until 23 June 2016. The sanctions include prohibitions on:

• imports of products originating in Crimea or Sevastopol into the EU;
• investment in Crimea or Sevastopol, meaning that no Europeans nor EU-based companies can buy real estate or entities in Crimea, finance Crimean companies or supply related services; 
•  tourism services in Crimea or Sevastopol, in particular, European cruise ships cannot call at ports in the Crimean peninsula, except in case of emergency;  
• exports of certain goods and technologies to Crimean companies or for use in Crimea in the transport, telecommunications and energy sectors and related to the prospection, exploration and production of oil, gas and mineral resources. Technical assistance, brokering, construction or engineering services related to infrastructure in these sectors must not be provided either.

 As stated by the European Council on 19 March 2015, the EU continues to condemn the illegal annexation of Crimea and Sevastopol by the Russian Federation and remain committed to fully implement its non-recognition policy. 

In light of the outcome of the Eurogroup meeting today, I have decided to convene a Euro Summit on Monday 22 June at 19h00. It is time to urgently discuss the situation of Greece at the highest political level.

Place:  European Convention Centre (KIRCHBERG building), Luxembourg
Time: Meeting starts at 10 am 

All times are approximate and subject to change

ttbc

Doorstep by Minister Reirs  

09.30 

Ministerial breakfast

10.00

Adoption of the agenda
Adoption of legislative A items (public session) 

10.15

Banking structural reform (public session)  

10.50

Investment plan for Europe (public session)

11.30

Press conference

12.00

Administrative cooperation (public session)

12.30

Interest and Royalties directive(public session) 

13.00

Any other business: Financial services (public session)

13.05

Adoption of non-legislative A items 

13.10

Any other business

Implementation of the Banking Union

Capital Markets Union

Contribution to the European Council meeting on 25-26 June 2015

Implementation of the Stability and Growth Pact 

16.30

Press conference

The Eurogroup welcomes the institutions' conclusion following the sixth review mission that Cyprus' adjustment programme has been brought back on track. The fiscal performance continues to be solid, the debt outlook has improved, and structural reforms are progressing in several areas. We note with satisfaction the signs that confidence is strengthening, the economy is emerging out of recession, and the stabilization in the labour market, although unemployment remains high.

Reforms in the financial sector have progressed. After repeated delays, the legal framework establishing a new foreclosure procedure has entered into force. A comprehensive reform of corporate and personal insolvency laws has also been adopted. These developments have marked an essential step towards addressing the very high level of non-performing loans, which is a drag on restoring growth and job creation in Cyprus. To sustain the progress achieved so far, we reiterate the importance of ensuring a full, swift and effective implementation of these frameworks. Further action to effectively tackle the very high stock of arrears remains a key priority, with important ground to cover in the coming months, notably facilitating the sale of loans and ensuring that title deeds are transferred without delay to property buyers.

We call on the authorities to lend renewed momentum to the implementation of the fiscal-structural and structural reform agenda, including privatisation and public administration reform, in order to improve economic growth prospects and strengthen public finances, while safeguarding the protection of the most vulnerable groups.

The Eurogroup considers that Cyprus' overall positive track record since the beginning of the macro-financial programme has paved the way to the abolition of all capital controls on transactions earlier in the year.

In view of the above, the Eurogroup endorsed in principle the disbursement of the next tranche of financial assistance to Cyprus. Subject to national procedures and formal approval by the ESM governing bodies, the ESM is scheduled to disburse EUR 100 million in mid-July. Concurrently, the IMF Executive Board is expected to decide on the disbursement of about EUR 280 million.  

On 17 June 2015, the Council presidency and the European Parliament reached an agreement on a regulation to improve the transparency of securities lending and repurchase transactions.

The regulation will enhance financial stability by ensuring that information on so-called securities financing transactions is efficiently reported to trade repositories and investors in collective investment undertakings. Improved transparency will prevent banks and other financial intermediaries from attempting to circumvent regulation by shifting parts of their activities to the less-regulated shadow banking sector.

Securities financing transactions, often carried out by the shadow banking sector, consist of any transaction that uses assets belonging to the counterparty to generate financing. They mostly involve lending or borrowing of securities and commodities, repurchase (repo) or reverse repurchase transactions, or buy-back/sell-back transactions.

A package of measures

The Commission presented its proposal in January 2014, together with a draft regulation on structural reform of the EU banking sector. The regulation on securities financing transactions is in particular intended to counter the risk of trading activities based on securities financing transactions further developing without proper oversight, including outside the regulated banking system. To this end, it proposes binding transparency and reporting requirements for securities financing transactions.  

Transparency

The draft regulation introduces measures to improve transparency in three main areas:

• the monitoring of the build-up of systemic risks in the financial system related to securities financing transactions;
• the disclosure of information on such transactions to investors whose assets are employed in the transactions;
• rehypothecation activities, a practice by banks or brokers of reusing for their own purposes collateral pledged by their clients.

Next steps

The agreement was reached during a trilogue meeting in Brussels. Trilogues started  on 28 April 2015, after the Council and Parliament agreed their respective negotiating stances in December 2014 and March 2015.

The agreement will be confirmed within a few days by the Permanent Representatives Committee, on behalf of the Council. The regulation will then be submitted, following legal-linguistic revision, to the European Parliament for a vote at first reading, and to the Council for adoption.

On 17 June 2015, the Latvian presidency of the Council struck a provisional deal with the European Parliament on new rules to improve interoperability and safety authorisation procedures for European railways. The reform also gives new tasks to the European Railway Agency (ERA). Together, the two directives and a regulation make up the technical pillar of the fourth railway package.

For the Council, the agreement still has to be confirmed by member states. The presidency will present the agreed texts to member states' ambassadors at the Permanent Representatives Committee on 24 June.

The agreement was reached in the ninth trilogue meeting with the Parliament. The Council approved its position for these negotiations in June 2014.

On 13 March 2015, the Council adopted Council Decision (CFSP) 2015/432[1].

The Council Decision renews the existing measures until 15 September 2015, amends the entries for certain persons, and amends the list of persons, entities and bodies subject to restrictive measures as set out in the Annex to Decision 2014/145/CFSP

The Candidate Countries Montenegro* and Albania*, and the EFTA countries Iceland, Liechtenstein and Norway, members of the European Economic Area, as well as Ukraine align themselves with this Council Decision.

They will ensure that their national policies conform to this Council Decision.

The European Union takes note of this commitment and welcomes it.

 

[1] Published on 14.3.2015 in the Official Journal of the European Union no. L 70, p.47.
* Montenegro and Albania continue to be part of the Stabilisation and Association Process.

On 20 March 2015, the Council adopted Council Decision (CFSP) 2015/487[1] amending Decision 2011/173/CFSP. The Council Decision renews existing measures until 31 March 2016.

The Candidate Countries Turkey, the former Yugoslav Republic of Macedonia*, Montenegro* and Albania*, and the EFTA countries Iceland and Liechtenstein, members of the European Economic Area, as well as Georgia align themselves with this Council Decision.

They will ensure that their national policies conform to this Council Decision.

The European Union takes note of this commitment and welcomes it.

 

 [1] Published on 21.3.2015  in the Official Journal of the European Union no. L 77, p. 17.
*The former Yugoslav Republic of Macedonia, Montenegro and Albania continue to be part of the Stabilisation and Association Process.

On 20 March 2015, the Council adopted Council Decision (CFSP) 2015/486[1] amending Decision 2011/172/CFSP. The Council Decision renews existing measures until 22 March 2016.

The Candidate Countries the former Yugoslav Republic of Macedonia*, Montenegro*, Serbia* and Albania*, the country of the Stabilisation and Association Process and potential candidate Bosnia and Herzegovina, and the EFTA countries Iceland and Liechtenstein, members of the European Economic Area, as well as the Republic of Moldova and Georgia align themselves with this Council Decision.

They will ensure that their national policies conform to this Council Decision. 

The European Union takes note of this commitment and welcomes it.

 

 [1]Published on 21.3.2015  in the Official Journal of the European Union no. L 77, p. 16.

*The former Yugoslav Republic of Macedonia, Montenegro, Serbia and Albania continue to be part of the Stabilisation and Association Process.

In cooperation with President Juncker and High Representative Mogherini, I have decided to appoint Ambassador Pierre Vimont as my personal envoy to lead preparations for the Valletta Conference between EU and African countries, called for by the special European Council of last April. His role will in particular be to ensure coherence in the EU's preparatory process in order to tackle the causes of illegal migration and combat the smuggling and trafficking of human beings.  

Ambassador Vimont is a former secretary general of the European External Action Service and former Permanent Representative to the EU.

 

 

Place: European Convention Centre (KIRCHBERG building), Luxembourg
Time: Meeting starts at 9.30 on 18 June and at 10.00 on 19 June

 All times are approximate and subject to change

All items are in public session, except for certain items under any other business

Thursday, 18 June (09.30) - Employment and Social Policy  

08.15

Doorstep by Uldis Augulis, Minister for Welfare

09.30

Adoption of the agenda
Adoption of non-legislative A Items
Adoption of legislative A Items

09:45

European Semester 2015: Contribution to the European Council (Brussels, 25-26 June 2015)

12.00

Proposal for a Council decision on the employment guidelines of the  member states 

12.10

Youth employment

12.30   

Closing the gender gap in pensions - Council conclusions

Proposal for a directive on improving the gender balance among non-executive directors of companies listed on stock exchanges and related measures 

Proposal for a Council Directive on implementing the principle of equal treatment between persons irrespective of religion or belief, disability, age or sexual orientation

13.00

AOB

13.15

Press conference

followed by Working lunch - Equality between women and men: strategic orientations up to 2020 

Friday, 19 June (10.00)  -  Health and Consumer Affairs

ttbc

Doorstep by Guntis Belēvičs, Minister for Health of Latvia

10.10

Medical and in-vitro diagnostic devices

12.00

AOB

13.00

Press conference

On 16 June 2015, the Latvian Presidency of the Council of the EU, the Council General Secretariat and the ECI Campaign gathered the opinions of stakeholders and the wider public in a conference on "The European Citizens' Initiative and the Promise of Participatory Democracy". The aim of the conference was to take stock of the three years since the creation of the European Citizens' Initiative (ECI), and to give impetus to discussions on how to make the instrument more efficient and user friendly.

Opening the conference, the Latvian Parliamentary State Secretary for EU Affairs Zanda Kalniņa-Lukaševica set out the situation: "The past three years have shown that the European Citizens' Initiative is part and parcel of the EU's democratic structures. However the experience of stakeholders and the recent report from the Commission have clearly highlighted that there are still issues which need to be addressed quickly if the ECI is to continue to be seen as a viable instrument". 

"The European Citizens' Initiative is a real force for mobilising and inspiring public opinion. Six million people have demonstrated this through their signatures", said Zanda Kalniņa-Lukaševica. 

Kalniņa-Lukaševica underlined the importance which Latvia attaches to participatory democracy, having one of the most innovative and successful e-petition platforms in Europe, ManaBalss.lv. 

The ECI is the world's first tool of transnational, participatory and digital democracy. Nevertheless, none of the three initiatives, which secured the required one million signatures, have resulted in a legislative proposal, raising a number of questions. 

The conference was the first public debate on the ECI in the Council, bringing together those from the institutions, stakeholders, and the wider public with the twin aim of reviewing the role of participatory democracy in the EU and refining a set of joint recommendations for improving the instrument. 

The discussions at the conference highlighted that some progress can be achieved through immediate action, without legislative changes, by means of raising public awareness about the initiative and its procedures. Another suggestion is to provide greater assistance to the organisers of initiatives.

More political impetus and possible legislative changes are needed to address the structural problems, such as the too tight deadlines for collecting signatures. Measures should also be taken in simplifying or digitalising the signature collection procedures. The conference conclusions will be published on 18 June ECI campaign website.

Good evening. We can start this press conference from today's Eurogroup meeting in which we have a number of issues. I will start by Greece given the urgency of its situation.

Greece

The Eurogroup today took stock of the situation regarding the programme of Greece. Regrettable to say that too little progress has been made in the talks between the institutions and Greece  That is no agreement has yet is in sight.  

Let me recall that at the basis of which we work is the agreement of the Eurogroup of 20th Feb and the statement that we agreed upon in February. In that agreement, there were two kinds of flexibility. One, we said we would allow the institutions to take into account the current economic situation in Greece and if necessary, adjust the fiscal targets and timelines considering the economic situation and the deterioration of this economic situation in Greece.

Second flexibility which we allowed was to replace measures both  fiscal measures and reforms by other measures being put forward by the greeks after having been being assessed by the institutions. So there was also flexibility within the current MoU to replace measures.

The institutions have made used of those two kind of flexibilities during their talks with the Greek authorities. But as we stand now, too little measures that have been put forward and been assessed are to be credible and serious and to be put in a new agreement. Therefore, the talks of the last weeks have not progressed.  

Today in our meeting, we sent a strong signal to the Greek authorities that it's really up to them to submit new, additional proposals in the coming days to fully engage with the institutions, within the framework of the Eurogroup statement of 20th Feb.

As of today, it is still possible to find an agreement and extend the current programme before the end of this month. But the ball is clearly in the Greek court to seize that last opportunity. We feel that an agreement must be credible. It has to be credible from the perspective of sustainable finances and economic recovery in Greece. But also it has to be credible from the point of view of the credibility of our monetary union and the eurozone as a whole. We think that it is still possible but if such an agreement is sent to the Eurogroup in the coming days we will judge it on that: the credibility both of Greece and for the eurozone as a whole.

Finally, let me again stress that time is really running out. The current programme expires by the end of this month, There are of course parliamentary procedures to consider. Therefore, very little time remains.

Cyprus and Portugal

Today we also discussed the situation in Cyprus.

We welcomed that the Cyprus programme has been brought back on track, and the prior actions have been complied with. As we have adopted a statement, which will be distributed, and I do not need to go into great detail. Let me just emphasise that we welcomed the progress and reforms in the financial sector, including the new foreclosure framework, which is an essential step towards addressing the very high level of non-performing loans in the financial sector.

Important challenges remain for the remainder of the Cypriot programme, notably to reduce the stock of arrears. This must remain a key priority.

Given the overall positive picture, we endorsed in principle the updated MoU and the next ESM disbursement). National parliamentary procedures are now underway.

We also reviewed the situation in Portugal on the basis of a debrief by the institutions on the main findings of their second post-programme surveillance mission. The IMF participated and they call it 'post-programme monitoring'. The ESM also participated it and the name is the 'early warning surveillance'. We welcomed the progress made and the expected strengthening of the economic recovery in Portugal. At the same time, fiscal and structural challenges remain, but we are confident that Portuguese efforts will be maintained,

The developments in Portugal and Cyprus, taken together with our discussions earlier this year on post-programme surveillances in Spain and Ireland, demonstrate a clear pattern of countries taking the necessary measures to turn around their economies and sparking growth. I think the success of the programme has been proven in all of these countries.

Once again I would like to commend the authorities and the people of Portugal and Cyprus for their continued efforts, in which they show ownership and commitment to reforms can clearly pay off.

Euro area economy

We had discussions on a broad range of important issues for the euro area economy.

To start off, Christine Lagarde debriefed us on the IMF's recently concluded Article IV review of the euro area. The IMF sees as we do a strengthening of the cyclical recovery underway, but this is for a large part driven by temporary factors, so we need to keep focusing on ways to increase our growth potential and to push forward structural reforms that are needed in that sense

There is broad agreement within the Eurogroup on the policy priorities identified by the Fund, namely structural reforms, appropriate fiscal policies and making sure the financial sector can fund their economies. In particular, one of the messages of the Fund is to use wisely the yields savings stemming from unusual low interest rates.  We had a discussion on this topic being prepared by the Commission and agreed that low interest rates open up a window of opportunity to consolidate public finances, invest, for example, in infrastructure and reform our economies. It is an opportunity that we must use well. We will return to this topic later in the year.

 There is substantial overlap between the Fund's priorities for the eurozone and the draft 2015 euro area recommendations proposed by the Commission - which is part of the European Semester. We endorsed these draft recommendations and we are committed to monitor their implementation over the coming years so they will be put into our working programme in the Eurogroup. We must keep the reform momentum and the Eurogroup intends to keep on pushing on concrete progress and greater ownership in this area.

Brigadier General Franz Xaver Pfrengle has been appointed as new Mission Commander for the EU Training Mission in Mali (EUTM Mali). General Pfrengle, from Germany, takes up his duties on 28 July  2015. He will succeed Brigadier General Alfonso García-Vaquero Pradal, who had been in the position since October 2014. 

EUTM Mali assists in the reconstruction of effective and accountable Malian Armed Forces so that they are capable of ensuring the long-term security of Mali and, under civilian authority, restoring of the country's territorial integrity. To this effect, EUTM Mali delivers training to units of the Malian Armed Forces and develops autonomous training capability. The mission also  provides advice to the Malian authorities in reforming the army. 

The decision was taken by the EU's Political and Security Committee. 

On 15 June 2015, the Council reached a general approach on the general data protection regulation that establishes rules adapted to the digital era. The twin  aims of this regulation are to enhance the level of personal data protection for individuals and to increase business opportunities in the Digital Single Market. 

Latvia's minister for justice Dzintars Rasnačs said: "Today we have moved a great step closer to modernised and harmonised data protection framework for the European Union. I am very content that after more than 3 years of negotiations we have finally found a compromise on the text. The new data protection regulation, adapted to the needs of the digital age, will strengthen individual rights of our citizens and ensure a high standard of protection." 

A general approach means that the Council has a political agreement on the basis of which it can  now begin negotiations with the European Parliament with a view to reaching overall agreement on  new EU data protection rules. A first trilogue with the Parliament is planned for 24 June 2015. 

"I salute the readiness of the European Parliament to start the trilogue negotiations already next week. Hopefully we will come to the final agreement rapidly so that our citizens can enjoy the benefits of the reform as soon as possible", said Latvia's minister for justice Dzintars Rasnačs. 

The incoming Luxembourg Presidency indicated that, in parallel to the negotiations on the regulation, works on the data protection directive in the law enforcement area would be accelerated with the aim to find a general approach in October. Luxembourg Justice minister Felix Braz said: "This reform is a package and we have the firm intention to conclude by the end of this year".

Main elements of the agreement An enhanced level of data protection 

Personal data must be collected and processed lawfully under strict conditions and for a legitimate purpose. Data controllers (those responsible for the processing of data) must respect specific rules, such as the requirement for unambiguous consent by the data subject (the individual whose personal data is being processed), in order to be allowed to process personal data. 

Strengthened data protection rights give data subjects more control over their personal data: 

• easier access to their data.
• more detailed information about what happens to their personal data once they decide to share it: data controllers must be more transparent about how personal data is handled, for example by informing individuals about their privacy policy in clear and plain language.
• a right to erasure of personal data and "to be forgotten", enabling anyone for example to require that a service provider remove, without delay, personal data collected when that individual was a child.
• a right to portability enabling easier transmission of personal data from one service provider, for instance a social network, to another. This will also increase competition among service providers.
• limits to the use of 'profiling', i.e. automated processing of personal data to assess personal aspects, such as performance at work, economic situation, health, personal preferences etc.

 To ensure improved legal redress, data subjects will be able to  have any decision of their data protection authority reviewed by their national court, irrespective of the member state in which the data controller is established. 

Increased business opportunities in the Digital Single Market 

A single set of rules, valid across the EU and applicable both to European and non European companies offering their on-line services in the EU will prevent conflicting national data protection rules from disrupting  cross-border exchanges of data. Moreover, increased cooperation between the supervisory authorities in the member states will ensure coherent application of those rules throughout the EU. This will create fair competition and encourage companies, especially small and medium-sized enterprises, to get the most out of the Digital Single Market. 

To reduce costs and provide legal certainty, in important transnational cases where several national supervisory authorities are involved, a single supervisory decision will be taken. This one-stop-shop mechanism will allow a company with subsidiaries in several member states to limit its contacts to  the data protection authority in the member state where it is established. 

In order to reduce compliance costs, data controllers can, on the basis of an assessment of the risk involved in their processing of personal data, define risk levels and put in place measures in line with  those levels. 

More and better tools to enforce compliance with the data protection rules 

Increasing responsibility and accountability of data controllers will improve compliance with the new data protection rules. Data controllers must implement appropriate security measures and provide, without undue delay, notification of personal data breaches to the supervisory authority as well as to those significantly affected by the breach. Controllers and processors may designate data protection officers in their organisation. Moreover, Union or national law can require them to do so. 

Data  subjects, as well as,  under certain conditions, data protection organisations can lodge a complaint with a supervisory authority or seek judicial remedy in cases where data protection rules are not respected. Furthermore, when such cases are confirmed, data controllers face fines of up to €1 million or 2% of their global annual turnover. 

Guarantees regarding transfers of personal data outside the EU 

The protection of transfers of personal data to third countries and international organisations is ensured through adequacy decisions. The Commission, with the involvement of member states and the European Parliament, is competent to decide whether the level of data protection offered by a third country or an international organization is adequate. In cases where no such decision has been taken, the transfer of personal data may only take place if the appropriate safeguards (standard data protection clauses, binding corporate rules, contractual clauses) are in place.

Place:        European Convention Centre (KIRCHBERG building), Luxembourg

All times are approximate and subject to change

Monday, 15 June (10.00)  -  JUSTICE 

+/- 07.50     Doorstep by Dzintars RASNAČS, Latvian Minister for Justice
+/- 10.00     Beginning of Justice Council meeting (in public session)
                     Adoption of the agenda
                     Adoption of legislative A Items
                     Protection of individuals with regard to the processing of personal data and on the free movement of
                     such data (General data protection regulation)
                     Promoting the free movement of citizens and businesses by simplifying the acceptance of certain public
                     documents in the European Union           
+/- 13.30     Lunch discussion: "Judicial dimension of the new Digital Single Market Strategy"
+/- 15.10     Establishment of the European Public Prosecutor's Office
                     Any other business          
+/- 17.10     Adoption of non-legislative A Items
+/- 18.00     Press conference (Justice)

Tuesday, 16 june (10.00)  -  HOME AFFAIRS 

+/- 09.40     Doorstep by Rihards KOZLOVSKIS, Latvian Minister for the Interior
+/- 10.00     Meeting of the MIXED COMMITTEE
                     Migratory issues
                     Any other business
+/- 13.40     Lunch discussion: "A European Agenda on Migration"
+/- 15.15     Beginning of Home Affairs Council meeting
                     Fight against terrorism
+/- 17.00     Mixed Committee related issues:
                     Any other business
+/- 18.00     Press conference (Home Affairs)

The Community of Latin American and Caribbean States (CELAC) and the European Union (EU) follow with attention the current situation in Guatemala and call on all political, economic and social actors to exercise a constructive and balanced role in order to strengthen democracy in the country.

The CELAC and the EU reject any threats of constitutional order rupture and reiterate its firm commitment with the full respect of the democratic and constitutional framework, the rule of law and of all human rights and value the commitment of the Guatemalan government for implementing a free and transparent electoral process.

Good afternoon. We have just concluded our second EU-CELAC summit. Let me first thank all the heads of state and government who attended. The high rate of participation from both sides of the Atlantic is a sign of the importance we attach to our partnership. And I also want to thank President Correa, who has co-chaired with me. I think it is a great sign of the vitality of this relationship that this summit was also accompanied by a number of parallel events, organised and promoted by civil society, academics, businesspeople, trade unions, youth and parliamentarians. This partnership is not just a political one: it is much more than that.

The European Union and CELAC jointly account for one third of the world's countries. Together we can have a decisive impact on - just to bring a few examples - the global climate talks, the post-2015 development agenda and the fight against drugs. That is why we need to keep talking, keep getting closer together on the issues and aligning our approaches. That is why the European Union and the CELAC countries intend to take forward our political dialogue from here. From now on, we have decided that our foreign ministers will meet between summits to ensure swift follow up of decisions made by leaders. And they will bring forward recommendations for how we deepen the relationship and how we can work together more substantively.

To give you one example: climate change matters to us both: Latin American and Caribbean countries are very vulnerable to this threat. That's one reason that the Paris talks later this year have to succeed and why the EU will continue providing support to the region through its EUROCLIMA programme.

We also discussed international and regional security. Chile and Colombia have already signed agreements with the EU to participate in crisis management operations and we welcome other interested countries in the region to talk to us about this as well. The European Union supports the peace negotiations in Colombia and will back a future peace deal through the creation of an EU trust fund to support peace implementation. We are also supporting the process of modernisation in Cuba, which we hope will be reinforced when we finish talks on our Political Dialogue and Cooperation Agreement. I warmly welcome the steps towards full normalisation of the relations between Cuba and the United States.

The visa waiver agreements recently signed with five Caribbean States and just initialed with Colombia and Peru show our eagerness to bring our peoples closer together. After the entry into force of these agreements, more than 80 per cent of citizens in the CELAC region will be able to enter the Schengen area without a visa. These openings are possible thanks to the good cooperation we have on security of documents and immigration. We will continue developing this in the weeks and months ahead.

The CELAC region is very large and very diverse. For our partnership to be fully effective, we need to pay attention to sub-regional issues too. Today, we will hold two high-level meetings, one with the Heads of state and government of Central America and the other with the Heads of state and government of the Caribbean countries.

Finally, and importantly,  just before the summit, we initialed an agreement that will transform the EU-LAC Foundation into an international body, so that it can expand its work in promoting our partnership to our citizens. The EU will also continue its financial support to the Foundation, with €3 million over the next two years. Latin America and the Caribbean have become more prosperous and more confident and CELAC embodies the region's ambition to achieve closer integration - this is something we have strongly supported from the very beginning.

We can now confidently say - I am sure that President Correa agrees - that we are building a partnership of equals, based on mutual benefit and mutual respect. The direct fibre-optic cable that we agreed to build between our two continents is perhaps a simple but nonetheless strong symbol of our ever closer connection.

We, the Heads of State and Government of the European Union (EU) and of the Community of Latin American and Caribbean States (CELAC), and the Presidents of the European Council and the European Commission, met in Brussels, on 10 and 11 June 2015, for the II EU-CELAC Summit, our eighth bi-regional meeting, under the theme "Shaping our common future: working together for prosperous, cohesive and sustainable societies for our citizens".

As an expression of our shared determination to further strengthen our relationship, deepen our dialogue and given the importance we attach to the bi-regional strategic association, we have adopted a Declaration on a 'Partnership for the next generation'.