On 5 April 2022, the Council of the EU adopted conclusions on strategic autonomy of the European economic and financial sector.
The Council’s conclusions focus on:
- Strengthening the international role of the euro.
- A strong, competitive and resilient European financial sector servicing the real economy, avoiding risks arising from excessive reliance on third-country financial institutions and infrastructures.
- Shielding and strengthening the resilience of financial-market infrastructure.
- Developing an effective mechanism for managing sanctions.
- Cooperation with partners.
The conclusions come after the Versailles Declaration of 10 and 11 March 2022, in which EU Heads of State or Government agreed to take more responsibility for the EU’s security and build European sovereignty, reducing dependencies and designing a new growth and investment model for 2030.
The conclusions also further develop elements contained in the Commission’s communication of January 2021 on “The European economic and financial system: fostering openness, strength and resilience”.