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EU
Scandinavian Airlines has cancelled around 1,000 flights, while Lufthansa has eliminated 20,000 routes amid soaring jet fuel prices, attributed to the closure of the Strait of Hormuz. The European Commission contends these cancellations stem from airline profitability issues, not fuel shortages.
EU DEVELOPMENTS
This morning, Europe addresses economic strategies amid rising geopolitical tensions
German Defence Minister Boris Pistorius has unveiled a new military strategy for the Bundeswehr aimed at enhancing operational readiness in response to evolving threats, particularly following Russia’s invasion of Ukraine. Key elements include a focus on capabilities over numbers and increased emphasis on “deep strike” capabilities, such as long-range precision weapons.
European Union defence ministers have approved the national investment plans of eight member states, enabling the first disbursements under the €150 billion Security Action for Europe scheme. Cyprus Defence Minister Vasilis Palmas emphasised the EU’s commitment to strengthening security amid rising defence needs.
Industry leaders, including EUROFER President Henrik Adam, demanded urgent EU action to lower high electricity prices, which threaten competitiveness and investment in energy-intensive sectors. They seek costs around €50/MWh to support decarbonisation and restore industrial capacity amid rising global competition.
Ursula von der Leyen, President of the European Commission, emphasized the need for careful implementation of a “Made in Europe” preference in public contracts, highlighting its potential to boost European production amidst rising concerns over US tariffs and Chinese trade practices.
Greens/EFA group Member of the European Parliament (MEP) Saskia Bricmont described the EU-US trade agreement as a “total capitulation,” urging for increased investments and a decoupling from Washington amid ongoing trade negotiations.
French President Emmanuel Macron has initiated a debate on EU common debt, or eurobonds, as reported by EU news editor Maria Tadeo in Strasbourg. This discussion is significant as it addresses ongoing financial challenges faced by the bloc.
The European Union’s anti-corruption efforts have stalled, with Hungary and Bulgaria scoring the lowest in Transparency International’s 2025 Corruption Perceptions Index, said Flora Cresswell, regional advisor for Europe. The findings are crucial as the EU prepares to adopt a new Anti-Corruption Directive.
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