Latest news with #EasternEuropean
UPI
5 hours ago
- Business
- UPI
Eurogroup paves way for Bulgaria to adopt euro
June 19 (UPI) -- European finance ministers on Thursday recommended that Bulgaria become the 21st member of the Eurogroup, paving the way for the Eastern European nation to adopt the euro currency. The Eurogroup finance ministers agreed to Bulgaria's accession based on earlier positive assessments by the European Commission, the executive arm of the European Union, and the European Central Bank. "This is a well-deserved achievement for Bulgaria, Paschal Donohoe, president of the Eurogroup, said during a press conference following Thursday's Eurogroup meeting. "It is an acknowledgment of the commitment, the significant convergence process that has been undertaken and the enormous work by the Bulgarian authorities. It's also a really good signal for the strength of our monetary union." The recommendation proposes that Bulgaria introduce the euro as its currency on Jan. 1. The acceptance of the recommendation is the first step toward achieving that goal, with the EU Council now needing to adopt additional legal acts to enable Bulgaria to become a Eurogroup member. The recommendation is now set for adoption by all 27 EU finance ministers on Friday, followed by all EU leaders on June 27. Then, the European Council is expected adopt the three legal acts necessary to enable Bulgaria to introduce the euro by next month.
The Hill
12 hours ago
- Business
- The Hill
Spain asks for break on NATO contribution: Report
Leaders in Madrid urged NATO Secretary-General Mark Rutte to exempt them from a proposed defense spending goal set at 5 percent of gross domestic product (GDP) ahead of next week's summit at The Hague. 'Committing to a 5% target would not only be unreasonable, but also counterproductive, as it would move Spain further away from optimal spending and would hinder the EU's ongoing efforts to strengthen its security and defence ecosystem,' Prime Minister Pedro Sánchez wrote in a letter to Rutte, according to a copy reviewed by Reuters. 'It is the legitimate right of every government to decide whether or not they are willing to make those sacrifices. As a sovereign Ally, we choose not to,' he added. Spain currently has the lowest military spending among member nations, devoting 1.3 percent of its GDP to defense spending last year, according to reports from Politico EU. Member nations agreed to commit 2 percent of their GDP to defense spending in 2014, with the hope of ensuring NATO can sustain continued military readiness. The Russia-Ukraine conflict has sparked concerns about the possibility of a wider war involving Europe amid Russian President Vladimir Putin's push to obtain more land. However, Spain said the Kremlin poses no current threat to its borders but did not oppose heightened security for other NATO member nations. 'Of course, it is not our intention to limit the spending ambitions of other allies or to obstruct the outcome of the upcoming summit,' Sanchez wrote in the letter. Rutte has suggested that an increase in defense spending levels should ensure that 3.5 percent of GDP is allocated to military expenditures, while 1.5 percent is allocated for defense-related items, such as military mobility and cybersecurity, Politico EU reported. However, Sanchez said the policy would force Spain to purchase off-the-shelf equipment instead of cultivating its own industrial base as recorded in his letter. President Trump has encouraged Rutte's push for growth, citing a mounting concern for the United States' dominant support of the war in Ukraine, a non-member nation designated as a NATO partner country. Although his administration signed a minerals agreement with the country to recoup the financial commitment seeped in weapons packages and the purchase of military equipment, the president has urged other nations to help back the Eastern European ally. 'I didn't see Spain's comments, I'll make sure the president sees them and I can assure you he wants to see all European countries pay their fair share and meet that 5 percent threshold,' White House press secretary Karoline Leavitt said during Thursday's press briefing. 'It's only fair considering the American taxpayers have given a significant chunk of money to the tune of billions of dollars to support our mutual interests and our assured defense.' The NATO summit is set to take place from June 24-25 and would require all 32 member nations to approve the increase in defense spending to solidify the objective. 'The NATO Summit is coming at a very precarious moment for the transatlantic relationship, marked by uncertainty about the US commitment to Europe, a relative stalemate in peace negotiations between Russia, and Ukraine and ongoing tensions over transatlantic trade,' Lauren Speranza, a fellow at the Center for European Progress said in a statement. 'As the first NATO summit of President Trump's second term, I do think The meeting will offer us some insight into how the administration will approach the Alliance going forward, following some of the previous criticisms we've heard of NATO and calls for Europe to do more to take greater responsibility for its own defense.'
a day ago
- Politics
Former US ambassador to Ukraine who resigned in protest launches run for Congress in Michigan
LANSING, Mich. -- Bridget Brink, who stepped down as U.S. ambassador to Ukraine this year in protest of what she said was President Donald Trump's unfair treatment of the the war-torn country, announced Wednesday that she's running for Congress in one of Michigan's most competitive districts. The longtime diplomat, who previously held high-ranking State Department roles in other former Soviet and Eastern European countries, is casting herself as a public servant as she runs in next year's midterm elections, when her Democrats hope to win control of the House. 'My next mission: to fight for what's right here at home,' she said. Trump picked Brink to be the country's ambassador to Slovakia in 2019 and Biden tapped her to be ambassador to Ukraine shortly after Russia invaded the country in 2022. She resigned in April, saying in an op-ed published in the Detroit Free Press that Trump continues to pressure Ukraine and not Russia. 'Appeasing a dictator never has and never will achieve lasting peace,' she said in a video announcing her candidacy. 'And it's just not who we are.' Having worked as a diplomat under five presidents, Brink said that if elected, she would take on 'extremists' and powerful influences such as Elon Musk. She criticized Republicans for cutting government funding and programs. Brink, who grew up in Grand Rapids, is running in the 7th District, which covers a swath of southern and central Michigan that includes the capital, Lansing, and is one of the state's most competitive. Last year, Army veteran Tom Barrett flipped the district for Republicans, delivering a key win for the party as it kept its House majority. He defeated Democrat Curtis Hill by almost four percentage points in the open race. The seat was previously held by centrist Democrat Elissa Slotkin, a former CIA analyst who successfully ran for U.S. Senate in 2024.
Yahoo
2 days ago
- Politics
- Yahoo
Former US ambassador to Ukraine who resigned in protest launches run for Congress in Michigan
LANSING, Mich. (AP) — Bridget Brink, who stepped down as U.S. ambassador to Ukraine this year in protest of what she said was President Donald Trump's unfair treatment of the the war-torn country, announced Wednesday that she's running for Congress in one of Michigan's most competitive districts. The longtime diplomat, who previously held high-ranking State Department roles in other former Soviet and Eastern European countries, is casting herself as a public servant as she runs in next year's midterm elections, when her Democrats hope to win control of the House. 'My next mission: to fight for what's right here at home,' she said. Trump picked Brink to be the country's ambassador to Slovakia in 2019 and Biden tapped her to be ambassador to Ukraine shortly after Russia invaded the country in 2022. She resigned in April, saying in an op-ed published in the Detroit Free Press that Trump continues to pressure Ukraine and not Russia. 'Appeasing a dictator never has and never will achieve lasting peace,' she said in a video announcing her candidacy. 'And it's just not who we are.' Having worked as a diplomat under five presidents, Brink said that if elected, she would take on 'extremists' and powerful influences such as Elon Musk. She criticized Republicans for cutting government funding and programs. Brink, who grew up in Grand Rapids, is running in the 7th District, which covers a swath of southern and central Michigan that includes the capital, Lansing, and is one of the state's most competitive. Last year, Army veteran Tom Barrett flipped the district for Republicans, delivering a key win for the party as it kept its House majority. He defeated Democrat Curtis Hill by almost four percentage points in the open race. The seat was previously held by centrist Democrat Elissa Slotkin, a former CIA analyst who successfully ran for U.S. Senate in 2024.
Washington Post
2 days ago
- Politics
- Washington Post
Former US ambassador to Ukraine who resigned in protest launches run for Congress in Michigan
LANSING, Mich. — Bridget Brink, who stepped down as U.S. ambassador to Ukraine this year in protest of what she said was President Donald Trump's unfair treatment of the the war-torn country, announced Wednesday that she's running for Congress in one of Michigan's most competitive districts. The longtime diplomat, who previously held high-ranking State Department roles in other former Soviet and Eastern European countries, is casting herself as a public servant as she runs in next year's midterm elections , when her Democrats hope to win control of the House.
