Category: English

Source: European Central Bank

27 July 2026

Components of the broad monetary aggregate M3

The annual growth rate of the broad monetary aggregate M3 increased to 3.3% in June 2026 from 3.0% in May, averaging 3.0% in the three months up to June. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, decreased to 3.4% in June from 3.7% in May. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) increased to 2.8% in June from 1.4% in May. The annual growth rate of marketable instruments (M3-M2) increased to 4.5% in June from 3.2% in May.

Data for monetary aggregates

Looking at the components’ contributions to the annual growth rate of M3, the narrower aggregate M1 contributed 2.2 percentage points (down from 2.4 percentage points in May), short-term deposits other than overnight deposits (M2-M1) contributed 0.8 percentage points (up from 0.4 percentage points) and marketable instruments (M3-M2) contributed 0.3 percentage points (up from 0.2 percentage points).

Among the holding sectors of deposits in M3, the annual growth rate of deposits placed by households decreased to 2.6% in June from 2.8% in May, while the annual growth rate of deposits placed by non-financial corporations increased to 5.3% in June from 4.2% in May. Finally, the annual growth rate of deposits placed by investment funds other than money market funds increased to 1.6% in June from ‑0.6% in May.

Counterparts of the broad monetary aggregate M3

The annual growth rate of M3 in June 2026, as a reflection of changes in the items on the monetary financial institution (MFI) consolidated balance sheet other than M3 (counterparts of M3), can be broken down as follows: claims on the private sector contributed 3.1 percentage points (as in the previous month), net external assets contributed 2.2 percentage points (up from 1.9 percentage points), claims on general government contributed 0.1 percentage points (up from 0.0 percentage points), longer-term liabilities contributed -1.6 percentage points (down from -1.4 percentage points), and the remaining counterparts of M3 contributed -0.5 percentage points (up from -0.6 percentage points).

Data for contribution of the M3 counterparts to the annual growth rate of M3

Claims on euro area residents

The annual growth rate of total claims on euro area residents stood at 2.4% in June 2026, unchanged from the previous month. The annual growth rate of claims on general government increased to 0.3% in June from 0.1% in May, while the annual growth rate of claims on the private sector stood at 3.3% in June, unchanged from the previous month.

The annual growth rate of adjusted loans to the private sector (i.e. adjusted for loan transfers and notional cash pooling) stood at 3.9% in June, unchanged from the previous month. Within the non-financial private sector, the annual growth rate of adjusted loans to households stood at 3.0% in June, and the annual growth rate of adjusted loans to non-financial corporations stood at 4.0% in June, both unchanged from the previous month.

Data for adjusted loans to the private sector

Notes:

• Data in this press release are adjusted for seasonal and end-of-month calendar effects, unless stated otherwise.
• “Private sector” refers to euro area non-MFIs excluding general government.
• Hyperlinks lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.

Source: European Union 2

With around 3 000 hours of sunshine a year, Malta is ideally placed to harness the sun’s energy. But its scorching summers, salty sea air and occasional Saharan dust storms also make it one of Europe’s toughest environments for solar panels.

For Dr Brian Azzopardi, a renewable energy researcher from Malta, those challenging conditions present a unique opportunity. If solar panels can withstand the island’s climate, they should perform well almost anywhere in Europe. 

Azzopardi is the chair of the Foundation for Innovation and Research – Malta, an organisation he helped establish to bridge the gap between academic research and industry. 

For the past three years, he has been leading an EU-funded research initiative called PROMISE that looked at new ways to improve the monitoring, maintenance and reliability of photovoltaic (PV) systems in Malta, with potential lessons for the rest of Europe.

Malta’s solar expansion

Over the past decade, government grants and community schemes have helped solar power spread rapidly across the island, which is home to around 580 000 residents: a number that swells each summer with tourists.

“Since around 2010, we’ve gone from almost zero solar power uptake to around 20–22%,” said Azzopardi.

As solar power has expanded, however, a new challenge has emerged. Faults in PV systems often go unnoticed until electricity production has already fallen. By that point, the damage to the panels may already be significant.

To catch problems earlier, the researchers developed digital twins: digital replicas of real solar installations that allow different scenarios to be tested and potential faults to be identified before they affect the panels.

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These systems are being tested in very harsh conditions in Malta. If they survive here, they should survive anywhere in Europe.

They also developed AI tools that scan incoming data around the clock, flagging faults automatically rather than waiting for someone to notice a fall in performance.

The research also focused on developing the next generation of solar specialists. Malta’s rapidly growing solar sector still lacks enough technicians and researchers with the expertise needed to keep systems operating efficiently. 

By training people locally and sharing what they learn internationally, the team hopes Malta’s experience can benefit the rest of Europe.

To achieve this, the researchers combined high-tech monitoring across 10 Living Labs – real-world test sites – with new approaches to PV reliability, education and training, including international summer schools that attract students from around the world.

Maintenance matters

Solar uptake, Azzopardi warned, is only half the story. “You see solar panels on rooftops, but whether they are working properly is still a question mark. Maintenance matters too.”

Most solar systems in Malta are small and privately owned, so their owners cannot rely on large maintenance contracts or sophisticated monitoring systems. Many assumed that once the panels were installed, little further attention would be needed.

“It’s true there are few moving parts, but maintenance is still needed. Bird droppings and environmental conditions such as shade from new buildings or damage to the panels can all affect performance,” he said.

The researchers installed commercially available sensors to measure electricity production, sunlight, wind and temperature.

The data fed into monitoring software capable of predicting when maintenance was likely to be needed, allowing repairs to be planned before faults caused significant losses in performance. Along the way, the team built valuable expertise that can now be applied in future research.

“Technically speaking, these systems are being tested in very harsh conditions in Malta,” said Azzopardi. “If they survive here, they should survive anywhere in Europe.”

Sharpening skills

The Living Labs became even more valuable once their data started feeding directly into the training schools, giving students hands-on experience with real solar installations.

Participants visited the sites and worked alongside researchers using advanced diagnostic techniques such as electroluminescence testing, where electricity is fed back into a solar panel, causing the cells to emit faint infrared light invisible to the human eye. 

Specialised cameras then reveal tiny cracks and hidden defects that would otherwise remain undetected.

Students also developed practical inspection skills, learning how to assess panels visually and document faults using photographs and structured inspection checklists, a straightforward process that can still identify a surprising number of problems.

Learning by playing

Teaching these diverse skills effectively, however, is no simple task, said Melodie de l’Epine, who leads research and innovation activities at the Becquerel Institute in France – a specialist PV research and consulting centre and a key member of the PROMISE team.

“Operations and maintenance for photovoltaics is a huge subject,” she said. To keep such a mixed group of trainees engaged, the team turned to games and role play.

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We need a strong, well-trained workforce that knows how to carry out maintenance and ensure longer system lifetimes.

“In the real world, operations and maintenance isn’t something you do in isolation. You’re receiving data, analysing problems, discussing budgets with management, and coordinating with maintenance teams – so I thought, let’s make them play the role,” de l’Epine said. 

The researchers developed three board games, matching exercises and simulation challenges, including a Monopoly-style game in which students take on the role of a technician troubleshooting a solar installation. Each activity focuses on different skills, from diagnosing faults to managing maintenance budgets.

For younger audiences, they also created Dance of the Photon, a live performance in which dancers demonstrate how sunlight is converted into electricity inside a solar cell, bringing an invisible process vividly to life.

The lessons could prove valuable far beyond Malta. Small-scale installations account for around half of Europe’s total PV capacity, and many face exactly the same maintenance challenges.

Training the fixers 

Developing smarter technology is only part of the challenge. Ensuring there are enough people with the skills to install, monitor and maintain solar systems will be just as important if Europe is to make the most of its growing investment in renewable energy.

“We need a strong, well-trained workforce that knows how to carry out maintenance and ensure longer system lifetimes,” said de l’Epine. “This requires a lot of training, but also for individual owners to acknowledge that maintenance is something they need to invest in.”

The research has shown that improving solar power is about much more than installing new panels. For Malta, one of Europe’s sunniest countries, harsh conditions have become an unexpected advantage. 

By testing technologies in some of Europe’s most demanding environments, the researchers are helping to develop solutions that could keep solar panels performing reliably across the continent for years to come.

Research in this article was funded by the EU’s Horizon Programme. The views of the interviewees don’t necessarily reflect those of the European Commission. If you liked this article, please consider sharing it on social media.

Source: European Union 2

Democracy is under threat in the EU, but the evidence needed to respond effectively is lacking. “Despite a lot of empirical research, clear findings that can guide policymakers remain limited,” says project coordinator Michael Kaeding, professor of European Integration and European Policy at the University of Duisburg-Essen in Germany.

To accurately measure the shape and scale of the legitimacy crisis facing European politics, ActEU created a unique approach to capture the drivers of trust and mistrust in a complex, multilayered political environment.

“We found that while trust actually remains fairly stable overall, there are short-term fluctuations, especially driven by factors such as economic security, immigration and perceptions of fairness,” explains the project’s scientific lead Daniela Braun, professor of Political Science at Saarland University in Germany.

The hierarchy of trust

The ActEU team contend that trust between citizens and state institutions is not an output of democratic systems, but a precondition of them.

“Without the trust of a critical mass of people – where citizens feel heard, represented and able to participate in political life – democratic governments lose legitimacy. This is even more precarious in times of crisis,” remarks researcher Alex Hartland, also at Saarland University.

Existing studies typically examined ideas around political legitimacy through the lens of attitudes or behaviours. ActEU integrated both and added a third dimension, that of representation.

“These categories are interlinked, evolving and influencing one another depending on context. For example, strong representation can lead to increased participation and changing attitudes,” adds Zoe Lefkofridi, an expert in political representation at the University of Salzburg in Austria.

To explore this dynamic, the researchers mapped declining trust in the EU’s multilevel governance system using public opinion surveys, focus groups and data scraped from online sources.

While Europeans’ political trust in and perceptions of legitimacy are not declining in general, this depends on the level of governance in question.

“We found a hierarchy of trust. Citizens trust most those politics closest to daily life – local and regional. Trust is lower at the national level, and varies for the EU level,” says Braun.

However, this pattern is not consistent across all countries. Trust in higher-level institutions was found to have steadily decreased since the early 2000s in many countries, albeit with some partial and full recoveries.

Croatia, Denmark, Finland and Sweden showed a clear linear increase in trust over time, while citizens in Bulgaria, Cyprus, France and Poland are losing faith in politics.

“EU policymakers must remember that citizens live in a multilevel system. When rebuilding trust and legitimacy, it would be unwise to only focus initiatives on the supranational level,” notes political scientist Ann-Kathrin Reinl, a member of ActEU’s advisory board. “If citizens lose trust in local and regional politics, this can escalate.”

While electoral turnout was found to be declining overall, any increases were associated with extremes of trust and distrust, evidenced by increased vote share for radical right parties, with nota­ble exceptions in central and eastern Europe.

Reinvigorating democracy

To boost political engagement and skills among young European citizens, ActEU set up 17 Youth Democracy Labs with over 300 school and university students, resulting in two toolkits to support a more cohesive, inclusive and resilient society.

“One is targeted at the educational sector, and uses engaging features such as videos, podcasts, infographics and cartoons to translate ActEU’s findings without simplifying the issues,” adds Alex Hoppe, a postdoctoral researcher at the University of Duisburg-Essen. “The other is aimed at policy­makers, and hosts resources to help expert audiences rebuild public trust, guided by concise evidence-based recommendations.”

Both toolkits continue to be used in the team’s teaching and outreach activities, garnering positive feedback.

The project’s wide-ranging data and analysis can be explored in a recently published book, ‘Activating European Citizens’ Trust in Times of Crisis and Polarization: Towards a New Era of Representative Democracy’.

With journal publications under review or in progress, ActEU’s researchers continue to work on quantifying political and societal polarisation, as part of Saarland University’s SOUNDS project co-led by Braun.

Source: Agenzia Fides – MIL OSI

www.house.gov

by Cosimo GrazianiWashington (Fides News Agency) – The US House of Representatives has passed a bill that aims to halt US aid to Nigeria in the next fiscal year, justifying this measure as a response to anti-Christian violence in the African country.The bill was approved in mid-July with a majority of 217 votes in favor and 209 against. The proposal calls for foreign governments and “bad actors to be held accountable for the persecution of people of faith” and proposes reducing assistance to Nigeria “until effective action is taken to protect Christian communities suffering from religious violence.”The proposal also lists the objectives of the measures it intends to introduce, namely, offering “support for religious freedom programs abroad and the protection of religious freedom for faith-based organizations engaged in cooperation.”The proposal to tie US financial aid to Nigeria to the situation of Christians in the country was spearheaded by two Republican congressmen: Representative Riley Moore of West Virginia and Representative Jeff Steube of Florida. Moore had long advocated cutting aid to Nigeria, arguing that such action is necessary to defend the country’s Christian population. In recent months, he had repeatedly claimed that Christians in Nigeria are facing genocide and accused the federal government of failing to take adequate action against Fulani extremists. He also proposed a bilateral security agreement between the United States and Nigeria aimed at protecting Christian communities.Moore initially proposed a 50% reduction in US assistance to Africa’s most populous nation, while Steube introduced an amendment calling for a complete suspension of aid to Abuja. The House ultimately approved the amendment. Following the vote, Steube announced the bill’s approval in a post on X: “American taxpayers should never bankroll governments that turn a blind eye while Christians are abducted, tortured and murdered”It should be noted that this is the first approval of a bill, and has not yet become law. For the 2027 federal budget to become legally binding, the bill must also be approved by the Senate and signed by President Donald Trump.In February, the current US administration released a report describing Nigeria as the most dangerous country in the world for Christians. Following that report, Washington designated Nigeria a “Country of particular concern,” a label rejected by the government in Abuja as well as by local and international organizations, which have stressed that violence in Nigeria affects Christians and members of other religions.In recent months, the United States and Nigeria have continued to strengthen security cooperation. The US has deployed military personnel to the country, describing the move as support for the fight against several terrorist groups. The collaboration prompted expressions of appreciation from President Trump, as reflected in a letter he sent to the Nigerian government in recent weeks.According to the authorities in Abuja, Trump also commended President Bola Tinubu’s administration for its efforts to address the problems “afflicting Christian communities.” Those statements appear to contrast with the House of Representatives vote, though they are unlikely to prevent the proposal’s final approval.(Fides News Agency, 26/7/2026)
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Source: Agenzia Fides – MIL OSI

Phhoto. FABC

Jakarta (Fides News Agency) – Pope Leo XIV has urged the Churches of Asia to recognize that ecclesial communion “finds its source in the mystery of Christ” and encouraged them to “continue to promote a Eucharistic spirituality within your local Churches.” Pope Leo XIV delivered simple and direct exhortations in a video message to the bishops and other delegates participating in the XII Plenary Assembly of the Federation of Asian Bishops’ Conferences (FABC), gathered in Jakarta since Monday, July 20, “to discuss,” as the Pontiff himself emphasized, “the important issues affecting the life and future of the Catholic Church in Asia.”In the message, delivered in a video address shown on the afternoon of Saturday, July 25 at the Vanda Room of Hotel Mulia, the Pope recalled that the theme chosen for their Assembly comes from Jesus telling Nathanael in the Gospel of John: “You will see greater things than these.”In calling Philip and Nathanael to follow him and become his disciples, the Pope said that “the Lord alludes to himself as the unique mediator between God and humanity.”Addressing the Assembly, the Bishop of Rome continued: “As His disciples today, we know that Jesus is not only the source of our communion with God, but also with one another.” Quoting the Encyclical Magnifica humanitas, he stressed that Christian solidarity “finds its source in the mystery of Christ and emerges from our communion in the sacraments, particularly the Eucharist.” For this reason, he added, “I would like to encourage you to continue to promote a Eucharistic spirituality within your local Churches, that is, a spirituality of ecclesial unity grounded in the charity that flows from the gift of our Lord in the Eucharist.”Pope Leo expressed the hope that “the bonds of communion within and between the local Churches will be strengthened and become an ever greater sign of God’s presence in your various countries, which in turn will help you be bridge-builders together throughout Asia.”Concluding his video message, and before imparting his blessing, the Pope entrusted the Assembly participants and their deliberations “to the intercession of the Blessed Virgin Mary, Mother of the Church,” invoking upon them “the Lord’s gifts of wisdom and fortitude.” (GV) (Fides News Agency, 25/7/2026)
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Source: The Holy See

Video Message of the Holy Father on the occasion of the Plenary Assembly of the Federation of Asian Bishops’ Conferences (FABC), 25.07.2026
The following is the text of the Video Message sent by the Holy Father Leo XIV to bishops and members of the Federation of Asian Bishops’ Conferences (FABC), on the occasion of the Plenary Assembly taking place from 20 to 26 July 2026 in Jakarta, Indonesia:

Video Message of the Holy Father
Dear brothers and sisters in Christ,
I send cordial greetings to all of you participating in the Plenary Assembly of the Federation of Asian Bishops’ Conferences in Jakarta. As you gather to discuss the important issues affecting the life and future of the Catholic Church in Asia, I assure you of my spiritual closeness, praying that the Holy Spirit will inspire and guide your time together.
The theme chosen for your Plenary Assembly comes from the words of Jesus telling Nathanael: “You will see greater things” (Jn 1:50). In calling Philip and Nathanael to follow him and become his disciples, our Lord alludes to himself as the unique mediator between God and humanity (cf. Jn 1:51). 
As his disciples today, we know that Jesus is not only the source of our communion with God, but also with one another. Indeed, in the recently published Encyclical Letter, Magnifica Humanitas, I wrote that Christian solidarity finds its source in the mystery of Christ and emerges from our communion in the sacraments, particularly the Eucharist (cf. n. 88). For this reason, I would like to encourage you to continue to promote a Eucharistic spirituality within your local Churches, that is, a spirituality of ecclesial unity grounded in the charity that flows from the gift of our Lord in the Eucharist. In this way, it is my hope that the bonds of communion within and between the local Churches will be strengthened and become an ever greater sign of God’s presence in your various countries, which in turn will help you be bridge-builders together throughout Asia.
Dear friends, in commending all of you and your deliberations to the intercession of the Blessed Virgin Mary, Mother of the Church, I gladly invoke upon you the Lord’s gifts of wisdom and fortitude.
And may the blessing of Almighty God, the Father, and the Son, and the Holy Spirit come down on you and remain with you for ever. Amen.

Source: European Union 2

24 July 2026

European Commission Daily news Brussels, 24 Jul 2026 Commission preliminary finds TikTok in breach of Digital Services Act for failing to ensure safe accounts for minors Today, the European Commission sent TikTok…

Source: Agenzia Fides – MIL OSI

Friday, 24 July 2026

Kinshasa (Fides News Agency) – As the national dialogue launched by President Félix Tshisekedi continues (see Fides, 23/7/2026), one of the central issues remains the persistent insecurity in the eastern Democratic Republic of the Congo, particularly in the provinces of North and South Kivu, where numerous armed groups continue to operate. The most significant among them is the M23 movement, which has taken control of large areas of both provinces.The M23 receives support from Rwanda, which justifies its presence in the region as a defensive measure against the Democratic Forces for the Liberation of Rwanda (FDLR), an armed Rwandan group founded more than three decades ago by former Hutu fighters linked to the 1994 genocide.To address the FDLR issue, the Congolese government committed itself—first within the framework of the Luanda Process and later under the Washington agreements signed in 2025 with the mediation of the United States and Qatar (see Fides, 27/6/2025)—to their “irreversible and verifiable neutralization,” in parallel with Rwanda’s disengagement and the opening of negotiations with the M23.However, no effective neutralization of the FDLR has yet taken place. The mid-July deadline set for achieving significant progress passed without any substantial developments on the ground.Faced with this impasse, President Félix Tshisekedi’s government appears to be placing increasing emphasis on the diplomatic track, promoting an alternative approach: a memorandum of understanding on the demobilization of the FDLR, presented to international partners as a practical path forward.The strategy was outlined by the Minister for Regional Integration Floribert Anzuluni, who in mid-July embarked on an intensive diplomatic mission that took him to Uganda, Togo, Burundi, Tanzania, Brussels on July 20, and Paris on July 21–22. The objective was to present the proposed demobilization protocol and secure the international support needed for its implementation.In the background remains the Trump administration’s strategic interest in ending instability in eastern DR Congo in order to facilitate large-scale exploitation of the region’s vast reserves of strategic minerals, regarded as essential for the United States’ high-technology and defense industries.Against this backdrop, Washington is expected to increase pressure on the Rwandan government, which has maintained significant influence in eastern Congo for more than three decades. It is within this context that the appointment of the new U.S. ambassador to Kigali should be understood: rather than a career diplomat, the administration has chosen a former CIA official with extensive experience in conflict zones, considered well equipped to navigate the complex dynamics and strategies of the region’s many actors.(L.M.) (Fides News Agency, 24/7/2026)
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Source: European Union 2

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Source: EuroStat – European Statistics

European Commission Press release Brussels, 24 Jul 2026 The European Commission has launched a public consultation on the draft of new Guidelines on State aid for rescuing and restructuring non-financial undertakings in difficulty (‘Rescue and Restructuring Guidelines’). The new version will align the existing Guidelines with current social, market and technological conditions. The Commission invites Member States and all other interested parties to comment on the draft by 4 September 2026.