Market Watch: Special Meeting of the European Council

Market Watch: Special Meeting of the European Council


The leaders of the European Union's (EU) 27 member states met for the first time under Covid-19 restrictions and held the special meeting. At the meeting, issues such as the Coronavirus outbreak, UK-Russian relations, tensions in the Middle East and the coup in Mali were discussed.
 

First Issue: Ryanair Flight

The first issue was the Ryanair flight. European Council strongly condemned the forced landing of a Ryanair flight in Minsk, Belarus, on 23 May 2021 and the detention by Belarusian authorities of journalist Raman Pratasevich and Sofia Sapega.

European Commission President Ursula von der Leyen described the incident as piracy. "The hijacking of the Ryanair plane by the Belarus regime is an attack on democracy. An attack on freedom of expression. An attack on European sovereignty. Roman Pratasevich & Sofia Sapega must be released immediately." she noted. In addition, Leyen added: "The outrageous and illegal behaviour of the regime in Belarus will have consequences.  Those responsible for the Ryanair hijacking must be sanctioned."

Also, "What happened yesterday is an international scandal. Lives of European civilians were put at risk. This is not acceptable." said Charles Michel, President of the European Council.

 

EU-UK relations after Brexit

The European Council welcomed the entry into force of the EU-UK trade and cooperation agreement. In December 2020, UK withdrew from the European Union. But negotiations on a trade agreement between the two continued. As for the EU-UK relationship, Michel said they had a brief conversation about it, saying they wanted a fruitful relationship with the UK.

EU leaders stressed that relations with the UK should remain mutually beneficial and can under no circumstances undermine the integrity of the single market, the customs union or the EU’s decision-making autonomy. The European Council invited the Commission to continue its efforts to ensure full implementation of the agreements, including in the areas of EU citizens’ rights, fisheries and a level playing field.

 

Russia

EU leaders held strategic talks on the Russia issue, while sharing messages of solidarity with partners in the East and support for Czechia in the diplomatic crisis between Czechia and Russia.

The European Council reaffirmed its commitment to the five principles governing EU policy vis-à-vis Russia: Full implementation of the Minsk agreements, strengthened relations with the Eastern Partnership countries, strengthening EU resilience in areas such as energy security, hybrid threats and strategic communication, selective engagement with Russia on issues of clear EU interest.

In a statement, the leaders asked EU High Representative for Foreign Relations and Security Policy Josep Borrel to prepare a report covering policy options for EU-Russia relations by the June meeting.

 

Rising tensions in the Middle East and the coup in Mali

Israel's attacks on Gaza and the Palestinians and kidnapping of the President of the Transition of Mali and the Prime Minister were also discussed in the meeting.

Reaching a ceasefire between Israel and Hamas was welcomed and it was noted that the EU will continue to work with international partners on the permanence of peace between the two countries, and a solution between the two states will be supported.

Leaders condemned the kidnapping of the President of the Transition of Mali and the Prime Minister and called for their immediate release. The EU is ready to consider sanctions against political and military leaders who obstruct the Malian transition.

 

Second Day of the Meeting

Foreign policy was discussed on the first day of the meeting in Brussels, Belgium, while issues such as the coronavirus and the climate crisis were raised in the session held yesterday.

After the end of the meeting, EU Commission President Ursula von der Leyen and European Council President Charles Michel held a joint press conference. They said they wanted the EU Digital coronavirus certification to be implemented quickly. In order to facilitate free movement in the EU, the Council's recommendation on travel within the EU should be reviewed by mid-June, they said.

In addition, European Council called for stepping up work to ensure equitable access to COVID-19 vaccines, supporting COVAX's leading role in that respect. The EU and its member states are committed to accelerating vaccine sharing to support countries in need. The aim is to donate at least 100 million doses by the end of the year,

 

Climate Crisis

Leaders welcomed the United States’ renewed commitment to the Paris Agreement and called on international partners, in particular G20 members, to increase their ambition ahead of the United Nations climate conference COP26 in Glasgow.