Markets Await Comment from ECB's Lagarde on Euro's Reserve Currency Role This Week
The euro rose to a six-week high against the dollar and MUFG said any comments by Christine Lagarde on the euro in the context of its future reserve currency status would be watched closely at Thursday's meeting.
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June 4 (UPI) -- The European Union's Internal Affairs and Migration Commissioner Magnus Brunner spoke Wednesday in Brussels, Belgium to announce the EU has extended its deadline in regard to the unchallenged, but temporary, provision of asylum to displaced Ukrainians by an extra year. The EU had already put in action a decree that Ukrainians do not need to apply for asylum to enter EU member states, which was also rolled out to avoid potentially overwhelming national asylum systems. That decree, originally set to expire in March 2026, will now continue until March 2027. "Temporary protection was part of our commitment to Ukraine, an unprecedented measure to show solidarity with the millions of people uprooted by Russia's illegal aggression," Brunner said. He stressed that this protection is designed to be temporary, and that the EU has begun to create an exit strategy to send displaced people back to Ukraine "once they are able to, or when temporary protection ends." The EU also proclaimed it has added more than $4.5 billion in funds related to migration and asylum in addition to the over $17 billion provided to member states who are involved with those who seek asylum. "After all, hosting 4.3 million people creates challenges, and some member states have been under particular pressure," Brunner said. He further explained that should Russia's war on Ukraine end before the 2027 deadline, the temporary protection could also end earlier than that point. As for Ukrainians now located in EU countries, they are welcome to apply for work and student visas. Ukrainians are also allowed to return to their home country now, as it is facing worker shortages, so EU member states will provide what Brunner describes as "go-and-see" visits in order to explore if a return to Ukraine is workable, then come back to the EU member country if need be. "As Russia's attacks against Ukraine intensify, we will extend protection for another year, while also preparing for various scenarios to support Ukrainians' decision to remain or return," Brunner later posted Wednesday to X that. Ukrainian Deputy Prime Minister of Ukraine Oleksiy Chernyshov also publicly spoke with Brunner in Brussels, and later posted to social media Wednesday that, in conjunction with its international partners "we are also developing mechanisms for the voluntary return of Ukrainians. Our goal is to jointly create the conditions for Ukrainians to return home safely, with dignity, and at the right time."