Welcome to Better Europe's weekly update on EU Affairs. MAYBE COMING SOON: THE EUROPEAN INVESTMENT ACCOUNT How do Europeans see the impact of the EU in their daily life? A single currency, free roaming, and -in theory- open borders. Perhaps the Ecolabel if you buy sustainable products and services. And in 2013, the Commission even proposed to protect consumers against fraudulent refills of olive oil bottles in restaurants. But soon you might see another EU product in your household: the European Savings and Investment Account. Because Europe needs your money, to invest in the digital transition, green competitiveness, and, why not, the defence industry. The Commission's plans for the Savings and Investment Union in terms of retail investments will soon become more concrete, following a consultation that closed earlier this…

Welcome to Better Europe's weekly update on EU Affairs COMMISSION UNVEILS LOOPHOLE-FILLED 2040 CLIMATE TARGET While Brussels was in the midst of a record-breaking heatwave, the Commission finally unveiled its 2040 Climate target. Dragging its feet since February, the target confirms the EU’s continued retreat on green policies, to no one’s surprise. Although the EU plans a 90% reduction of greenhouse gas emissions (compared to 1990 levels!), the means of achieving this are ridiculed by loopholes sold as ‘flexibilities’. These include departing from a domestic-only climate target and allowing for the outsourcing of climate effort responsibility. As of 2036 emission reduction can be met through Member State-funded climate projects in developing countries. The target also grants sectoral leeway, by letting governments shift their efforts between sectors, which increases the likelihood…