Strengthening the transatlantic partnership between the EU and the U.S.
The EU seems to be doing a lot with the U.S. right now. What is the transatlantic partnership working on right now?
Last Friday when Joe Biden was in town for summits with NATO, the G7 and the EU, he announced that the United States will help the EU solve its energy problem by providing 15 billion cubic meters (bcm) of gas to the EU by the end of 2022. The two entities will establish a joint task force, overseen by the White House and the European Commission, to ensure energy security for both the U.S. and the EU. Part of the mandate of this Energy Security Task Force will be to facilitate the development of clean and renewable energy production within the EU.
The U.S. and the EU also agreed to a new Trans-Atlantic Data Privacy Framework last week. This program would put safeguards into place on the American side to ensure that any surveillance conducted by the U.S. has a definitive purpose that will affect national security. This decision puts into place independent oversight procedures to regulate how the EU and the U.S. share data. This announcement comes after the European Court of Justice decision Schrems II, which declared that it was illegal for the EU to send private data to the U.S. under their security agreements. The 2020 ruling declared it illegal, even though the company in question was an American company.
Today the Deputy Secretary of the Treasury Wally Adeyemo of the U.S. spoke with Commissioner Mairead McGuinness to address the impact of joint sanctions on the Russian economy. The U.S., the EU and other G7 actors have put into place harsh sanctions against Russia following the illegal invasion of Ukraine and the ongoing military campaign. The Deputy Secretary and the Commissioner discussed the impact of those sanctions as well as future actions the partnership can take to double down on those sanctions and mitigate their impact at home.