Brussels Live · EC midday briefing 2026-10-29
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[12:11:21] Speaker 2 [EN]
Good afternoon and welcome to our midday briefing before taking your questions. We have a couple of announcements. For you and to start with, I would like to ask Tomás to join me. For some safe-related announcements. Tomás.

[12:11:43] Speaker 3 [EN]
Thank you, Paula. Good afternoon. So today the Commission invites all member states to use the remaining 21.3 billion euro leftovers under SAFE. This will further support our member states to address urgent defense needs and we encourage them to use these remaining funds in ways that can help meet Ukraine's urgent needs. Some figures about SAFE's success so far: 19 member states have requested more than 130 billion euro so far. All national plans have been approved by the Commission. We have already signed 16 loan agreements out of these 19 plans and 11 member states have already received pre-financing worth more than 13 billion euro. And you will find more information in the daily news.

[12:12:31] Speaker 2 [EN]
Thank you very much, Tomás. We know this was a much-awaited development. And let me then recall regarding President von der Leyen's agenda, that the President, as you know, is in Canada today and tomorrow for the summit with Canada. And she will deliver a speech at around 3:00 p. m. Brussels time, on EU-Canada relations. From Montréal, and you can follow it in EBS. And now to conclude our announcements, let me wish a very warm welcome to our group of visitors. And I understand you are a group of 20 journalists from Finland and 18 young leaders. I hope you enjoy your time with us. It's great to have you here in the press room. And have a wonderful time. Now, that's it for our announcements. And we can take your questions. Luke, please.

[12:13:43] Speaker 3 [EN]
Thank you, Paula. A question about the EU-Canada summit. As anyone knows by now, the term Associate Membership has been removed from the Joint Declaration that should be adopted tomorrow. Nevertheless, the Commission President has tweeted when landing in Montréal including the term Associate Membership. So can you clarify for us if this Associate Membership is still on the table for Canada? Thank you.

[12:14:15] Speaker 2 [EN]
Yes. Let me clarify. With pleasure. The Associate Membership of Canada is, as you know, the ambitious idea that President von der Leyen had put forward in her speech, her State of the Union speech in September, in the presence of Prime Minister McCartney. Mark Carney. And this week's summit is the first meaningful opportunity to develop this concept and the alliance for the future with our partners. It's also important to recall at this instance that the EU and Canada are partners of choice. And at the time of rising global uncertainty, both sides are seeking to come closer together, to strengthen prosperity, resilience, security, and sovereignty with this mutually beneficial partnership. And high on the summit agenda will be bringing Canada closer to us than ever before, as Associate Member of the EU. This is precisely an ever closer association of Canada to the European Union, short of full membership itself. And following the discussions at the summit this week, we will continue to work with the European Parliament, with member states, and our Canadian friends and counterparts to achieve these common objectives. Yes, Luke. A follow-up.

[12:16:10] Speaker 3 [EN]
Yes. Thank you. From what I understand from your reply, the Commission is pressing ahead with this concept of Associated Membership, which is nowhere in the EU treaties and which EU member states must not only Germany have made very clear they don't want to pursue. So how can the Commission keep on pressing on this without having a mandate from the member states?

[12:16:39] Speaker 2 [EN]
As said earlier, we are fully on board with our member states on the approach, on the objective, on the ambition of pursuing an ever closer association with Canada. Fully agreed there. And we continue to work intensely with our member states on the basis for Associate Membership. As it is also foreseen in the summit text. It would have been much better to have unity from member states on the initial wording, but we have a strong basis that is agreed. And we are, as I said, fleshing out the details but most importantly we have a common approach in terms of what is the objective that we want to pursue.

[12:17:41] Speaker 2 [ES]
Jorge.

[12:17:45] Speaker 3 [EN]
Hello, Paula. Following up on Luka's question, how do you respond to the criticism that you copy-pasted the name from the non-paper that the German Chancellor put earlier this year of Associate Membership but in this case for Ukraine? Thank you.

[12:18:01] Speaker 2 [EN]
I think that what I replied earlier is also the reply to you, Jorge. As said, we fully agree with the member states that we want to pursue an ever closer association of Canada to the European Union, short of a full membership itself, which is precisely one of the characteristics of Canada, not being a European. Country, cannot pursue membership. So this is as close as we can come in a relationship with a country which is not in the in Europe. Yes, Gerardo.

[12:18:44] Speaker 3 [EN]
Thanks, Paula. Gerardo from Politico. In the wording that has been picked up yesterday by member states and that you repeated and that I guess the Commission interpret as an. Endorsement of the concept of Associate Membership. At the same time, the original wording was Associate Membership and we move toward something different. And then it might be considered as a signal from member states that they don't want that branding because, as you said, there's a common goals, there's an agreement of common goals of this what is ever closer association would mean. It's mostly about the branding. And then the first thing that the President does once landing in Montreal is using Associate Membership. So is it some sort of snubbing toward what the member states told the Commission just one day earlier?

[12:19:46] Speaker 2 [EN]
I said we're working very closely with the member states. And as I said, an Associate Member of the EU is precisely an ever closer association of Canada to the European Union, short of full membership itself. And the discussions will continue. And I won't go further into it because, of course, the summit is coming. Today, tomorrow, and as said, you will be able to hear more about it during the summit. Other questions on different topics? Razia.

[12:20:25] Razia Akoch (AFP News Agency) [EN]
Thank you. Razia Akoch, AFP News Agency. Tomas had told us that we would get a response as in we would find out the Commission's opinion on Austria's social media law. So I wanted to know has the European Commission told Austria it cannot ban social media for children until the EU-wide law enters into force? And I just want to know if that's the case does this then mean that you're going to stop other countries in their tracks because they notified the Commission of their laws after or there's a timing issue I'm not quite sure of but those that did it earlier are okay say Greece. Thank you.

[12:21:06] Speaker 3 [EN]
Thanks, Razia. So let's start with the Kids Act. So we have a very clear proposal that we have put on the table whereby we're introducing a gradual approach and safety by design obligations for all online services. Now our proposal harmonizes the rules to make sure that all children across the EU receive equal levels of protection. Because a European problem requires a united European response. This is why I can confirm today that the Commission has decided to postpone for 12 months any draft national laws overlapping with the future harmonized rules why is this important this is absolutely crucial to avoid a fragmentation of our internal market to preserve the work of our co-legislators we need to now focus on the negotiations of the EU Kids Act and to ensure an effective enforcement of our rules. So this is our position on this matter.

[12:22:08] Speaker 2 [EN]
Razia, a follow-up.

[12:22:10] Speaker 4 [EN]
Can you clarify for us which other countries' laws the European Commission is due to give opinions on and if I'm right in understanding that if you're still due to give opinions that those laws also have this postponement that you speak of and I specifically want to touch upon France because France had been told that it needed to amend its law so are you going to tell France that it also can't ban social media for children despite the fact that France has been leading on this subject and I just want to ask do you not worry that you're essentially saying Austrian children maybe Portuguese children if I'm naming the right countries that it's fine it doesn't matter for 12 months they don't they can go on social media as they wish you not suggesting that it doesn't matter kind of contradicting your own positions from before thank you.

[12:23:04] Speaker 2 [EN]
All children in the EU deserve the same level of safety online we absolutely do not question that quite on the contrary that's what is our aim and our aim is precisely to have a harmonized approach which applies across the EU without any distinction anything to add Tomas?

[12:23:25] Speaker 3 [EN]
Yes. On the latter this is precisely why we have always said from this podium and during press conferences at political level that our Kids Act proposal will in any case go hand in hand with strong DSA enforcement where we're making sure that platforms and they're the ones who are harming our kids play the role and we will hold them accountable to make sure that in the meantime all kids are of course protected. That's one point. On the other point I will not go into detail of which national law is at which stage indeed you have other national laws that have been notified to the European Commission work is ongoing on these but this will not change our baseline position which is we will not fragment our internal market. If you do that you have different ages different laws in different member states this becomes almost impossible to enforce platforms will not be able to comply with such a fragmented market and in the end we will all end up with no level of protection and this is precisely why we come up with a harmonized proposal to protect all kids as Paula has just recalled. Now on the French law because you refer to that one and you refer to the Greek ones there are some slight nuances again I will not go into details but there are some slight nuances and these are legal judicial nuances these laws have been notified to us and the standstill period elapsed before our Kids Act proposal was made and here there is a slight difference with the Austrian law and the subsequent notifications from other member states.

[12:25:01] Speaker 2 [EN]
Razia, final follow-up.

[12:25:04] Speaker 4 [EN]
I just want to clarify though assuming. Everything goes fast there's a six-month enforcement whatever the ban at the European level won't be until 2028 tell me if I'm wrong on my timeline and I I just want to really insist upon the fact that you can't just say you won't give the details it's kind of unfair you're expecting me to write an article saying the EU says they have to postpone to Austria and then I have to say to my readers who include European countries oh by the way there are some other countries but like I don't the European Commission refuses to tell me thank you.

[12:25:41] Speaker 3 [EN]
So on the last part of your questions you have Slovenia Italy Belgium France you have other member states that have of course notified to us this is publicly available I'm very happy to send you the link after midday when it comes to the first question I mean again we cannot afford a fragmentation of our internal market this will not work now in terms of the timeline we of course urge our co-legislators and we look forward to working with all these member states who have done of course solid work and who have taken initiatives to protect their kids in the online world we look forward precisely to working with them to find a harmonized solutions with our co-legislators this is precisely why this postponement is crucial to preserve the work that is now crucial we need to speed up the work with the co-legislators because the top priority is to pass the Kids Act on which our member states can now agree.

[12:26:43] Speaker 2 [EN]
Thank you. Tomas other questions to Tomas. No I see some online. For instance Verena. Verena Mayer.

[12:27:00] Speaker 5 [EN]
Hi. Can you hear me? Yeah I can hear myself. Thank you. I had to follow up actually for Tomas on the social media law of Austria did the Commission now not form a legal assessment of the Austrian law at all or just tell Austria to postpone it and a clarification Austria notified in July if I'm not wrong so that was too late because the Kids Act was proposed in September.

[12:27:32] Speaker 3 [EN]
Yes. Absolutely I can confirm that the notification was in July this is why in the legal detail is really that what matters is when the standstill period elapses and when the standstill period is over and we give an opinion to our member state and this happens after our Kids Act proposal which is the case here for the Austrian draft law we come to the conclusion that indeed let's not fragment the market let's postpone this for 12 months and give our co-legislators the time to find an agreement. Now on our discussions with the Austrian government I can confirm that definitely executive vice president Hannah Wirkkunen had yesterday already a discussion with the Austrian government to inform about today's decision and the notification the formal assessment of the draft law has also been sent to the Austrian authorities so again it's a very good cooperation let's bring this cooperation now to the council to the parliament to find an agreement on the Kids Act.

[12:28:30] Speaker 2 [EN]
Thank you. I don't see more questions in the room for Tomas. Lucas that for Tomas let me first take this request here on the front.

[12:28:44] Speaker 1 [FR]
Yes, hello Pascal Anzens for Investigate Europe and also as a member of the API. Yesterday, European Commission President Ursula von der Leyen received a letter from around fifteen press freedom organisations and investigative media calling for a review of these practices regarding access to documents, in particular the rules adopted in December 2024, which raise questions, particularly about the general principle of non-disclosure. And my question is quite simple: does the Commission have an initial reaction to this letter, and does it intend to follow up on some of the recommendations made in this letter? Thank you.

[12:29:32] Speaker 2 [FR]
Yes, thank you Pascal. Yes, that is another matter. Go ahead, Tomas.

[12:29:37] Speaker 3 [FR]
Hello Pascal. So first of all, I will start with one of the most important points. The Commission is the most transparent organisation in the world. And we, of course, take this responsibility extremely seriously; in terms of figures, we receive more 7,000 requests per year, which is roughly 30 requests per day. All of these requests are are systematically processed. We do this with a system that is extremely rigorous in order to be able to process this enormous influx of requests, which is by the way the largest of all the European institutions. and we do this, of course, always in compliance with the guidelines, the legal framework and, of course, the recommendations that are sometimes made by the Court of Justice of the European Union. The processing time for requests, of course, depends on various factors, including the scope of the request and, of course, the type of documents involved. requested, or indeed any potential internal consultations that need to be carried out in order to retrieve these documents. But once again, we are the most transparent organisation in the world; we take this extremely seriously and we will, of course, continue to do so.

[12:30:51] Speaker 2 [FR]
Thank you, Tomas. Any further questions for Tomas? Pascal has a follow-up question.

[12:30:58] Speaker 1 [FR]
Yes. A follow-up question. On the follow-up envisaged by the European Commission regarding this letter.

[12:31:06] Speaker 3 [FR]
So we can therefore confirm that we have indeed received this letter. We will now analyse it in detail and then I cannot prejudge what follow-up we will give to this letter.

[12:31:16] Speaker 2 [FR]
There we go. And I still have a few hands raised online. So, Tomas.

[12:31:29] Speaker 3 [EN]
Yes. Good afternoon. Tomas Gallavotti Edin Kronos Italy. It's just a question I think it's for Tomas because it's on the draft budgetary program of plan of Italy it contains the they extend the threshold to exceed to the flat tax for self-employed to 100,000 euros. I wonder if this measure is in line with the recommendations of the Commission or not and if you have any comment about this measure. Many thanks.

[12:32:05] Speaker 4 [EN]
Thanks Tomas so I will not prejudge the upcoming semester package we are definitely assessing it and you can expect definitely some developments later this year.

[12:32:14] Speaker 2 [EN]
Good. Thank you. Alexandra Voudouri online.

[12:32:23] Speaker 6 [EN]
Yes thank you Paula. For the floor do you hear me well.

[12:32:26] Speaker 2 [EN]
Yes.

[12:32:27] Speaker 6 [EN]
It's unsafe. Hi Tomas. Greece has already expressed interest in participating in the second round of SAFE funding. First of all can the Commission confirm whether it has received any indication of the additional amount Greece intends to request and if demand exceeds the available 21. 3 billion what criteria will determine the final allocations and last one if I may can member states use the second SAFE call to expand projects already included in their approved investment plans or will they be required to submit entirely new proposals. Thank you so much.

[12:33:12] Speaker 4 [EN]
Thanks Alexandra. On the first question I will not go into bilateral discussions we're currently having with our member states I can definitely confirm that we have sent Commissioner Kubilius has just sent a letter on behalf of the Commission to all member states including Greece Greece can now like all other member states express their interest and we will take it from there. Now on the amount let's make sure first that the 21. 3 billion will be taken. This is our first priority. We hope definitely that there will be need interest from our member states given the need to increase Europe's security also of course in close coordination with Ukraine as also announced by the President during the State of the Union address. Now on the new plans or expand existing plans I'm not in full details of the exact criteria set out in the regulation. I don't think we have changed them. What would happen after the expression of interest will of course in a very fair way as always reallocate tentatively the amount to our member states. They can then submit additional SAFE plans to the Commission and we would then take it from there and have to reassess them.

[12:34:14] Speaker 2 [EN]
Okay. Still for Tomas in the room. Luca.

[12:34:24] Speaker 3 [EN]
Thank you. So reading your news item I understand the Commission is encouraging member states to use these second round of SAFE to do joint ventures with Ukraine and to take Ukraine's needs into accounts. The. Language is very soft these are loans member states are taking how can the Commission encourage them to use them together with the Ukrainians and not just to give contracts for the national industry.

[12:35:05] Speaker 4 [EN]
Thank you. You have a very good first point we haven't changed the regulation in the meantime it's just a new call meaning that the criteria remain the same. You're right member states will have to be taking the loans and this is and this has been the entire idea behind SAFE since the very beginning. This is about joint procurement and given the current context and I don't have to elaborate on this we have obviously associated Ukraine from day one to SAFE the war is intensifying we are definitely encouraging our member states to do whatever they can to do joint projects as also announced again by the President during the State of the Union address to see how these leftovers can potentially benefit definitely national defense industries but also Ukraine in the current context. So I think we can align both interests but again these loans are taken by the member states.

[12:35:58] Speaker 2 [EN]
Good. And I see still online Maximilian.

[12:36:06] Speaker 5 [EN]
Hello thank you. Can you hear me well. Hi. Perfect. Thank you. I have a question on AI. There was a video call yesterday organized by Finland and Norway on the safety of frontier AI models. I wanted to ask if the Commission took part in this call and if yes who took part what was the Commission's perspective and what was the outcome of the call. Thank you.

[12:36:33] Speaker 4 [EN]
Thank you Maximilian. We definitely welcome the steps taken at this level. We have always been clear we cannot tackle AI risks in isolation. We have to do it with our like-minded partners and definitely with our EU member states. So work is ongoing. On the call itself I will have to double check but many college members including the President are traveling so there may be a logistics issue to be able to join such a call.

[12:36:59] Speaker 2 [EN]
Thank you. But we'll check. Good. I see no further questions. In the room we change topic. Yes please.

[12:37:14] Speaker 7 [EN]
Hello Nicholas Pichler Austrian Press Agency. I have a question regarding the Hungarian special taxes for retailers there are reports about a letter from the chief of the Austrian retailer Spar to the Commission. So what's the position of the Commission to this letter in this letter the chief of Spar calls for. I don't know how. Do I say yeah he calls for a case to the European Court of Justice because of the special taxes so yeah what's the position of the Commission on that.

[12:37:56] Speaker 2 [EN]
Good. I have I'm looking at the Teams to see first of all if we are aware of such a letter. Luisa is approaching so I. Let's see what we can tell you about it.

[12:38:22] Speaker 6 [EN]
Hi thank you and good afternoon. So we are not aware of this letter. We would have to check and we can come back to you. However we're aware of this this case there's been several infringement cases regarding this tax framework which discourage investments by resident investors in government securities of other EA states. The Hungarian infringement case is only one case that is part of an ongoing broader horizontal assessment of member states legal frameworks and based on the outcome of the overall assessment we'll the Commission will determine appropriate follow-up actions but so on the specific letter we'll come back to you.

[12:39:06] Speaker 2 [EN]
Yeah. Nicholas you have a follow-up.

[12:39:12] Speaker 7 [EN]
But excuse me you said you are not aware of this letter because Austrian newspaper Daily Newspaper depressed today reports about it. This letter went to Stefan Sejun on 21th of October. 21st of October. So yeah I'm interested.

[12:39:34] Speaker 2 [EN]
Yes Nicholas. So we will check precisely whether this letter did arrive and thank you also for specifying the addressee so EVP Sejourné was the addressee of this letter we will check with him and the team to indeed see if the letter has been received and we will follow up with you. Okay. Good. Other questions to Luisa? No. Other topics that you'd like to raise today and yes please. Here in the room.

[12:40:16] Speaker 6 [EN]
Thank. You Paula. Olena Abramovich Radio Free Europe. I have a question on peace negotiations between Russia Ukraine US and participation of EU. I know that it was commented a bit yesterday but since then there were some new statements from Russia for example that EU is not part of trilateral talks and also Ukrainian President said that if US will insist it should be only three participators it's fine for Ukraine because Ukraine wants it to happen could you share with us the latest information about possible participation of the EU did EU reach to I don't know US Ukraine and since EU participated in previous two technical rounds what could go wrong since then. Thank you.

[12:41:13] Speaker 2 [EN]
For. Of all I don't think anything went wrong but as we've said a number of times also from this podium these negotiations are happening in different formats at different places at different levels involving sometimes heads of state and governments sometimes ministers sometimes senior officials and we have been involved and we continue to pursue an. End to this terrible war and to achieve peace that is lasting that is sustainable. Now on the next possible meetings we have no further information to share at this point it could change any moment. Good. I have a question I think still on foreign affairs from Momchil.

[12:42:11] Speaker 7 [EN]
Yes. Hello. Yes. Yesterday there was another drone attack in the Black Sea very near very nearly to the Bulgarian coast. So my question is first is the what is the comment of the Commission about this attack and second has Bulgaria requested any help from the Commission in connection with this accident.

[12:42:37] Speaker 2 [EN]
Yes. Thank you. Momchil indeed. Another strike yesterday. Christian.

[12:42:44] Speaker 4 [EN]
Thank you Momchil for your question. Well first of all let me say that we stand in full solidarity with Bulgaria. In the context of this latest attack. Drone attacks on commercial ships are unfortunately part of a wider pattern of increased attacks that we have seen recently. They represent a dangerous and unacceptable escalation. These are threats to regional maritime security to EU interests and those of the broader international community which of course relies as you know on Black Sea supply chains. And they are the result of Russia's war of aggression against Ukraine. So civilian lives global trade food security and critical infrastructure are at stake and this is why the EU calls for a safe and open Black Sea for Ukraine for the EU member states and for the world. On a specific context to to request support I'm I'm at the moment not aware if I if I find out more I'm happy to tell you but of course as I said we stand by Bulgaria and also stand ready to work with the member states Bulgaria Romania in this in this context of course also in the context of the maritime security hub that we have discussed here before.

[12:44:11] Speaker 2 [EN]
Thank you. Other questions to Christian. I don't see any. On the other hand we may have one for Anwar. Nicholas. Nicholas Nielsen.

[12:44:33] Speaker 5 [EN]
Yes. Can you hear me?

[12:44:34] Speaker 2 [EN]
Yeah.

[12:44:36] Speaker 5 [EN]
Yeah. There's a strange echo. Okay. Oh Nicholas Nielsen EU observer. Yeah. I had a so yes indeed I have a question on Egypt. I I saw your statement on Egypt's crackdown against independent media organization Madame Asf. But there's still two things that are a bit unclear to me. So for one first thing is will you ask Egypt to drop its case charges and conviction against journalist Lina Atala? So that's the first question. And then the second question I mean your multi-billion euro macro financial assistance to Egypt is also preconditioned on Egypt taking and I quote concrete incredible steps towards human rights. Democracy and the rule of law. So the question is would you qualify Egypt's crackdown against this particular media independent media outlet and the journalist as a concrete and credible step? Thank you.

[12:45:39] Speaker 2 [EN]
Thank you Nicholas. So indeed for Anwar also following a. A spoke statement by Anwar on the topic of Egypt and media.

[12:45:53] Speaker 3 [EN]
Yes indeed. Thank you. Thank you for your question. Look I will not go further than what we have already put out there in terms of our position on the matter that I will recall from here and that my colleague Guillaume can maybe come to the stage in terms of your second angle on this strategic comprehensive partnership itself. But let me recall here that freedom of expression is a fundamental right for both the European Union and for Egypt. Our association agreement together with our strategic and comprehensive partnership as you pointed to entail a shared commitment to the universal values of democracy the rule of law and respect for human rights and fundamental freedoms. And in light of such as we have been vocal on the preservation and the protection of independent media outlets including the one that you have mentioned and that we have been also vocal on in our statement Madame Asf are essential.

[12:46:52] Speaker 2 [EN]
Thank you Anwar. Other questions to Anwar on foreign affairs. No. Then we can change subject. Other questions today for us in the room. No. I see an. Uber. Yes. Hello thank you for the floor. Je vais poser ma question en français si c'est possible. C'est une question pour Ricardo je pense une partie de la classe politique française s'est insurgée en début de semaine contre les exigences supposées de la Commission dans les négociations sur l'aide d'État française au nouveau nucléaire. Est-ce que vous confirmez que la Commission pousse pour plus d'interconnexion en France en échange du feu vert pour l'aide d'État au nouveau nucléaire? Et que répond la Commission à ces représentants politiques qui en France vous accusent de je cite dicter à la France sa politique énergétique d'interférer en fait dans la politique énergétique française à travers des supposées exigences de la DGCOMP? Merci.

[12:48:02] Speaker 4 [EN]
Bonjour. Alain et merci pour ta question. Je pense que je vais commencer par dire que je ne vais je ne vais pas briser un des principes sacrés de cette salle de presse et faire des commentaires sur des commentaires. Maintenant ce que je peux vous dire c'est que la Commission continue à être en contact étroit avec les autorités françaises sur ce projet d'aide d'État. Nous avons bien conscience de l'importance du projet y compris de de l'objectif de prendre une décision finale sur ceci sur une finale d'investissement sur ceci avant la fin de 2026. Maintenant la Commission mène son évaluation le plus rapidement possible de forme à pouvoir prendre une décision. Maintenant ce qui est important de savoir aussi c'est qu'une une enquête approfondie est une étape courante quand il s'agit de plan de plan d'aide d'État complexe comme c'est le cas ici. C'est une enquête qui implique également les parties prenantes et exige une coopération étroite entre la Commission et les autorités françaises sur plusieurs sujets. Sur les points de détail de ce qui est dans la discussion ça par contre c'est un point sur lequel nous ne pouvons pas mener avoir des des commentaires en plus sur ceci.

[12:49:12] Speaker 2 [EN]
Il faut juste rappeler que la législation communautaire qui est d'application par les États membres la Commission en tant que gardienne du traité c'est son rôle d'assurer son application. Et toute législation communautaire est le résultat d'un accord entre les États membres. Il faut toujours le rappeler. D'autres questions pour Ricardo. Ce n'est pas le cas. D'autres questions? Max Ramsey.

[12:49:53] Max Ramsey (Bloomberg) [EN]
Hi. Thank you. Max Ramsey from Bloomberg. Sorry I'm not sure who it's for. It's about the ECB following President Lagarde saying she would step down in February. I saw that President Von der Leyen made a comment on social media. Thanking her. But I just wondered if the Commission has any more to add about the process. Is this just with the Council now? Will the does the Commission have any I guess hopes for how the process should go? But obviously it's coming at a time when there's been a certain amount of concerns over fiscal sustainability. A certain amount of volatility in European bond markets. Are there any concerns around there. It's a drawn out or contentious process. Thank you.

[12:50:36] Speaker 2 [EN]
Thank you Max. As you rightly indicated President Von der Leyen posted earlier this morning on the stepping down of Mrs. Lagarde. She wanted to thank her for everything she has done for Europe for the euro and I quote the President also posted saying that Mrs. Lagarde has championed deeper financial integration at home and she embodies trust and authority. And she further praised Mrs. Lagarde by saying that the world leads needs more leaders alike her and that the President hopes that many more women will follow in her footsteps. Now the race for her successor is open for the moment. We do not have further comments to make on it but we look forward to having somebody who is as strong and has delivered so much as Mrs. Lagarde has done in her mandate. Other questions for us today? Not the case. So we wish you a very good afternoon. Thank you all. Thank you to our interpreters. And we will see you tomorrow.