|Author (Corporate)||European Council|
|Publisher||General Secretariat of the Council|
|Publication Date||March 2022|
|Content Type||Blog & Commentary, News, Overview, Policy-making|
EU National leaders were summoned for an informal summit on 10-11 March 2022. The Versailles Declaration was adopted at the meeting, covering Russia's aggression against Ukraine and outlining how the European Union (EU) can bolster defence capabilities, reduce energy dependencies and build a more robust economic base.
Leaders stressed that Russia's invasion of Ukraine violated international law and undermined European and global security and stability. Full responsibility of the consequences were placed on Russian authorities and their Belarusian counterparts. There was also determination to increase pressure on Russia and Belarus further and ensure the full implementation of sanctions. Leaders commended Ukrainian people and stated that the EU and its Member States would continue to provide coordinated political, financial, material and humanitarian support, as well as support for the reconstruction of a democratic Ukraine.
There was an acknowledgement of the European aspiration and choice made by Ukraine, and undertook to further strengthen the bonds and deepen the partnership with the Ukraine. The European Commission was invited to submit an opinion on Ukraine's EU membership application, as well as those put forward by Moldova and Georgia.
Leaders reaffirmed their commitment to take more responsibility for the EU's own security, pursue a strategic course of action in defence and increase its capacity to act autonomously. This understanding built on previous European Council conclusions. The importance of coordination with partners and allies, including EU-NATO cooperation, was also highlighted. Leaders argued for an investment boost in defence capabilities and innovation technologies.
A discussion was held on how to ensure security of energy supplies, in line with the situation in Ukraine as well as existing targets of climate neutrality. Leaders agreed to phase out EU dependence on Russian gas, oil and coal imports, and stated that the EU would continue to ensure sufficient levels of gas storage and coordinated refilling operations. Energy prices were also addressed.
EU Leaders stated the importance of reducing strategic dependencies in critical sectors. This should be complemented by fostering industrial initiatives and a robust trade policy, and by strengthening EU research and innovation capabilities.
Further guidance was agreed on financing and investments, which includes reforming procedures to authorise investment projects in the EU and creating a simple and predictable regulatory environment. Leaders also stressed the need to deepen the Capital Markets Union (CMU) and to complete the Banking Union.
|Subject Categories||Politics and International Relations|
|Subject Tags||European Council|
|Keywords||European Council Summits, War in Ukraine (2022)
|International Organisations||European Union [EU]|