Netherlands pushes to anchor EU chip supply chain and deepen Asia ties
Dirk Beljaarts, the Dutch Minister of Economic Affairs, says Europe is accelerating efforts to build strategic autonomy in semiconductors, expanding its chip coalition from 9 to 15 nations. Speaking at SEMICON Southeast Asia, he emphasized the importance of shifting more of the chip value chain onto EU soil, while strengthening ties with key Asian partners like Singapore and Japan to keep global supply chains resilient.
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Ukraine allies pledge continued support despite US minister's absence
Defence ministers from the Ukraine Defence Contact Group pledged further support for Ukraine on Wednesday despite the absence of US Secretary of Defense Pete Hegseth from the meeting. The talks, once led by the United States, are chaired by German Defence Minister Boris Pistorius and UK Defence Secretary John Healey and aim to coordinate and raise further military support for Kiev. The format, also dubbed the Ramstein Group, comprises around 50 countries and was initiated by former US secretary of defense Lloyd Austin to help Ukraine defend itself from a full-scale Russian attack. Dutch Defence Minister Ruben Brekelmans announced a new support package for maritime security worth €400 million ($457 million). The package will include over 100 vessels, like patrol boats, transport boats, interceptors, special operations craft, over 50 sea drones, weapon systems, reserve parts and training, Brekelmans said. Ukraine's European allies are under increased pressure to step up aid to Ukraine after Washington suspended US military aid to Kiev and put its commitment to safeguarding Europe into question. Hegseth did not attend the meeting in Brussels, after Washington had previously made clear that it no longer wants to lead the pledging meetings. Instead, it aims to push Kiev and Moscow towards reaching a ceasefire agreement as quickly as possible. Other countries fear that such an agreement could come at Ukraine's expense. Pistorius said that so far there was no indication that Washington's decision to suspend military aid to Ukraine was final. "But the Europeans are ready, and Germany is ready to take responsibility," he stressed. "What we can compensate for remains to be seen. But we are making it very clear that we are determined not to leave Ukraine alone and to do what is necessary and possible to support Ukraine in its defence," Pistorius said. "The important thing is that we remain in discussion, and that's what we're doing," Pistorius said of Hegseth's absence. Brekelmans also suggested that the US position on military aid for Ukraine might change in the near future. "We see that Russia and [Russian President Vladimir] Putin are not willing to truly negotiate. And I think the United States is also starting to realize that," he said. For the time being, Ukraine's allies should increase pressure on Russia and keep supporting Ukraine, Brekelmans said.
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EU Eyes Capital Relief for Insurers to Spur Asset-Backed Market
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European Commission gives fiscal verdicts for member states, with defence looming large
The European Commission delivered its Spring Package on Wednesday, an economic update that feeds into its five-year plan to boost the EU's resilience and includes country-specific recommendations. While fiscal responsibility remains important, the Commission underlined a need to boost defence capabilities. This comes not only in the wake of Russia's invasion of Ukraine, but also increased hostility from Washington. US President Donald Trump has continually warned Europe that it needs to increase financial contributions to guarantee its own security. 'Amid rising security challenges, the national escape clause (NEC) under the Stability and Growth Pact is also drawn upon for the first time,' said the Commission. The NEC allows member states to temporarily exceed maximum growth rates of net expenditure to boost defence financing. A total of 16 countries asked the Commission to implement this mechanism, specifically: Belgium, Bulgaria, Croatia, Czechia, Denmark, Estonia, Finland, Germany, Greece, Hungary, Latvia, Lithuania, Poland, Portugal, Slovakia and Slovenia. Related MEPs oppose Commission's overhaul of EU budget after 2027 'Choices need to be made': EU Commission to propose simpler, more focused long-term budget Wednesday's Package also outlined country-specific recommendations to ensure that EU members are on track to boost their economic standing. 'Member States are encouraged to boost their competitiveness by closing the innovation gap, advancing decarbonisation in line with the Clean Industrial Deal, reducing excessive dependencies, increasing security and resilience, including by building up defence capabilities and promoting skills and quality jobs while ensuring social fairness,' said the Commission. While 12 member states are considered to be 'compliant' in terms of medium-term spending plans, the Commission flagged Cyprus, Ireland, Luxembourg and the Netherlands as countries that could overshoot fiscal limits. Portugal and Spain were considered to be 'broadly compliant'. The Commission noted that Austria, on the other hand, will face a formal procedure to bring its deficit back under control. Romania was another member state rebuked in the report. 'Romania's net expenditure growth is significantly above the ceiling set by its corrective path, posing clear risks to correcting its excessive deficit by 2030,' said the Commission. 'The Commission is therefore recommending that the Council adopt a decision that establishes Romania has not taken effective action.'
