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Luís Montenegro announced new economic measures for Portugal following a Council of Ministers meeting, targeting professional sectors in crisis, including fuel and housing. The initiatives, costing approximately €150 million monthly, aim to alleviate pressures while maintaining fiscal stability and include support for agriculture and exemptions on capital gains tax for rental properties.

Cinco Jotas, a prestigious producer of “Pata Negra” ham in Seville, continues to thrive, employing around 700 workers during peak seasons. Their 100% Iberian pigs, fed on acorns, contribute to the iconic delicacy, with exports reaching 35% of production, valued at €130 million last year.

EU officials warn that rising energy prices could mirror the 2022 crisis, driven by geopolitical tensions and supply disruptions. Despite improvements in clean energy production and infrastructure, uncertainty remains high as the conflict’s duration impacts market stability. Coordinated EU measures are underway to mitigate risks.

The European Commission has finalised trade agreements with Australia, India, and Mercosur, facing farmer discontent over the latter due to concerns about beef imports. While Australia secured 30,600 tonnes of annual beef access with conditions, tensions remain regarding competitive pressures on EU agriculture.

Häkkänen stated Helsinki will ensure the US honours contracts with NATO nations supplying weapons for Ukraine amid concerns of potential diversion of military equipment to Iran. He emphasised Finland’s focus on maintaining readiness given its extensive border with Russia, rejecting involvement in the Iran conflict.

Foreign ministers of the Group of Seven have made securing the Strait of Hormuz conditional on the cessation of hostilities in the Middle East, emphasising the need for stability in a region critical to global energy supply and maritime security.

Secretary of State Marco Rubio accused Ukrainian President Volodymyr Zelenskyy of dishonesty regarding US demands, asserting Zelenskyy misrepresented discussions about territorial concessions related to security guarantees. Rubio also indicated potential shifts in American military support, citing future needs related to Iran.

The European Parliament’s rapporteurs have reached an agreement on the digital euro’s design, facilitating both online and offline payments. This development addresses growing economic tensions with the US and aims to reduce dependence on American payment systems, advancing the legislative process following months of impasse.

The EU has enacted a comprehensive customs reform to manage increasing trade volumes and streamline standards enforcement. The agreement, deemed the most significant since 1968, introduces a customs data hub for efficient monitoring and simplified procedures for compliant traders, while enhancing controls on non-compliant goods.

Valérie Hayer, MEP and President of Renew Europe, discussed key policy directions and strategies for enhancing the bloc’s economic resilience. She emphasised the importance of innovation and collaboration among EU member states to address current challenges and strengthen economic stability across Europe.