European Union

On 4 August 2015, the Council approved a regulation amending the European Financial Stabilisation Mechanism (EFSM) in order to protect non-euro area member states from any risk arising from financial assistance given to a euro area country. 

This principle was endorsed on 17 July 2015 by a joint statement of the Commission and the Council. It was agreed along with a decision to grant €7.16bn in short term financial assistance to Greece under the EFSM. 

Specifically, the regulation ensures that financial assistance from the EFSM to a euro area member state will only be granted if legally binding provisions are in place guaranteeing that non-euro area member states are immediately and fully compensated for any liability they may incur as a result of a failure by the beneficiary to repay the financial assistance in accordance with its terms. 

The regulation was adopted by written procedure. 

EFSM 

The EFSM provides financial assistance to EU member states in financial difficulties. It relies on funds raised by the Commission on the financial markets under an implicit EU budget guarantee. 

AMENDMENTS 1 - 41 - Draft opinion Towards a new international climate agreement in Paris
Committee on Foreign Affairs

Source : © European Union, 2015 - EP

General : As the first half of the year is behind us, we take a look at some of the key moments which marked the European Parliament in 2015 so far, from political figures visiting the Parliament to legislative accomplishments.

Source : © European Union, 2015 - EP

General : As the first half of the year is behind us, we take a look at some of the key moments which marked the European Parliament in 2015 so far, from political figures visiting the Parliament to legislative accomplishments.

Source : © European Union, 2015 - EP

The Council adopted the first legal acts implementing the Joint Comprehensive Plan of Action (JCPOA), the agreement reached on 14 July 2015 in Vienna on the Iranian nuclear issue.

On 20 July 2015, the United Nations Security Council adopted a resolution endorsing the JCPOA. This resolution provides for certain derogations from restrictions currently in place so as to allow: 

- the shipment of certain nuclear-related equipment out of Iran, the modification of two cascades in Fordow and the modernization of the Arak reactor;
- transfers and activities necessary to implement certain nuclear-related commitments specified in the JCPOA or required for the preparation for the implementation of the JCPOA. 

The legal acts adopted by the Council translate into EU law these provisions. 

The legal acts are available in the Official Journal dated 1 August. They were adopted by the Council by written procedure.