ATHENS — Greece’s parliament is expected to pass double-edged legislation on Wednesday that will help recruit tens of thousands more South Asian workers, while simultaneously penalizing migrants that the government says have entered the country illegally. Greece’s right-wing administration seeks to style itself as tough on migration but needs to pass Wednesday’s bill thanks to a crippling labor shortfall in vital sectors such as tourism, construction and agriculture. The central idea of the new legislation is to simplify bringing in workers through recruitment schemes agreed with countries such as India, Bangladesh and Egypt. There will be a special “fast track” for big public-works projects. The New Democracy government knows, however, that these measures to recruit more foreign workers will play badly with some core supporters. For that reason the bill includes strong measures against immigrants who have already entered Greece illegally, and also pledges to clamp down on the non-government organizations helping migrants. “We need workers, but we are tough on illegal immigration,” Greece’s Migration Minister Thanos Plevris told ERT television. The migration tensions in Greece reflect the extent to which it remains a hot button issue across Europe, even though numbers have dropped significantly since the massive flows of 2015, when the Greek Aegean islands were one of the main points of arrival. More than 80,000 positions for immigrants have been approved by the Greek state annually over the past two years. There are no official figures on labor shortages, but studies from industry associations indicate the country’s needs are more than double the state-approved number of spots, and that only half of those positions are filled. The migration bill is expected to pass because the government holds a majority in parliament. Opposition parties have condemned it, saying it ignores the need to integrate the migrants already in Greece and adopts the rhetoric of the far right. Under the new legislation, migrants who entered the country illegally will have no opportunity to acquire legal status. The bill also abolishes a provision granting residence permits to unaccompanied minors once they turn 18, provided they attend school in Greece. “Whoever is illegal right now will remain illegal, and when they are located they will be arrested, imprisoned for two to five years and repatriated,” Plevris told lawmakers. Human-rights groups also oppose the legislation, which they say criminalizes humanitarian NGOs by explicitly linking their migration-related activities to serious crimes.  The bill envisages severe penalties such as mandatory prison terms of at least 10 years and heavy fines for assisting irregular entry, providing transport for illegal migration, or helping those migrants stay. “Whoever is illegal right now will remain illegal,” Thanos Plevris told lawmakers. | Orestis Panagiotou/EPA Wednesday’s legislation also grants the migration minister broad powers to deregister NGOs based solely on criminal charges against one member, and will allow residence permits to be revoked on the basis of suspicion alone — undermining the presumption of innocence. Greece’s national ombudsman has expressed serious concerns about the bill, arguing that punishing people for entering the country illegally contravenes international conventions on the treatment of refugees. Lefteris Papagiannakis, director of the Greek Council for Refugees, was equally damning. “This binary political approach follows the global hostile and racist policy around migration,” he said.

The center-right European People’s Party is eyeing “better implementation” of the Lisbon Treaty to better prepare the EU for what it sees as historic shifts in the global balance of power involving the U.S., China and Russia, EPP leader Manfred Weber said on Saturday. Speaking at a press conference on the second day of an EPP Leaders Retreat in Zagreb, Weber highlighted the possibility of broadening the use of qualified majority voting in EU decision-making and developing a practical plan for military response if a member state is attacked. Currently EU leaders can use qualified majority voting on most legislative proposals, from energy and climate issues to research and innovation. But common foreign and security policy, EU finances and membership issues, among other areas, need a unified majority. This means that on issues such as sanctions against Russia, one country can block agreement, as happened last summer when Slovakian Prime Minister Robert Fico vetoed a package of EU measures against Moscow — a veto that was eventually lifted. Such power in one country’s hands is something that the EPP would like to change.  As for military solidarity, Article 42.7 of the Lisbon Treaty obliges countries to provide “aid and assistance by all the means in their power” if an EU country is attacked. For Weber, the formulation under European law is stronger than NATO’s Article 5 collective defense commitment. However, he stressed that the EU still lacks a clear operational plan for how the clause would work in practice. Article 42.7 was previously used when France requested that other EU countries make additional contributions to the fight against terrorism, following the Paris terrorist attacks in November 2015.  Such ideas were presented as the party with a biggest grouping in the European Parliament — and therefore the power to shape EU political priorities — presented its strategic focus for 2026, with competitiveness as its main priority.  Keeping the pulse on what matters in 2026  The EPP wants to unleash the bloc’s competitiveness through further cutting red tape, “completing” the EU single market, diversifying supply chains, protecting economic independence and security and promoting innovation including in AI, chips and biotech, among other actions, according to its list 2026 priorities unveiled on Saturday. On defense, the EPP is pushing for a “360-degree” security approach to safeguard Europe against growing geopolitical threats, “addressing state and non-state threats from all directions,” according to the document. The EPP is calling for enhanced European defense capabilities, including a stronger defense market, joint procurement of military equipment, and new strategic initiatives to boost readiness. The party also stressed the need for better protection against cyberattacks and hybrid threats, and robust measures to counter disinformation campaigns targeting EU institutions and societies. On migration and border security, the EPP backs tougher asylum admissibility rules, faster returns, and strengthened external borders, including reinforced Frontex operations and improved digital systems like the Entry/Exit System.  The party also urged a Demographic Strategy for Europe amid the continent’s shrinking and aging population. The text, initiated by Croatian Democratic Union (HDZ), member of the EPP, wants to see demographic considerations integrated into EU economic governance, cohesion funds, and policymaking, while boosting family support, intergenerational solidarity, labor participation, skills development, mobility and managed immigration.  Demographic change is “the most important issue, which is not really intensively discussed in the public discourse,” Weber said. “That’s why we want to highlight this, we want to underline the importance.” 

German industrial giant Bosch on Friday confirmed plans to cut 20,000 jobs after profits nearly halved last year, underlining the mounting strain on Germany’s once-dominant manufacturing sector and increasing the pressure on politicians in Berlin to find a solution. Official data released Friday also showed Germany’s unemployment rate, unadjusted for seasonal factors, rising to 6.6 percent — the highest level in twelve years. The number of unemployed people surpassed three million in January. “Economic reality is also reflected in our results,” Bosch CEO Stefan Hartung said, describing 2025 as “a difficult and, in some cases, painful year” for the company, which is a leading supplier of parts for cars. The move lands amid a deepening slump in the country’s automotive industry, long the backbone of German manufacturing. The sector has been shedding jobs rapidly: A 2025 study by EY found that more than 50,000 automotive positions were cut in Germany last year alone. Germany’s automotive downturn has become a wider political test for the government in Berlin and Europe more widely. Once the economy’s crown jewel, the industry is now being challenged by current policy on electric vehicles, energy costs and aggressive competition from Chinese manufacturers. As suppliers weaken, the risk is shifting from lower profits to a lasting loss of competitiveness. With layoffs rising and investment decisions being delayed, Chancellor Friedrich Merz’s government is coming under growing pressure from workers, unions and industry leaders to rethink Germany’s industrial strategy — as doubts spread domestically and across Europe about the country’s ability to remain an economic powerhouse.

“Laws that exist only on paper achieve nothing.” This is not a slogan. It reflects the reality described by small-scale fishers and points to a wide gap between European Union commitments and delivery on the water. More than a decade after the last reform of the Common Fisheries Policy (CFP), the EU is once again debating whether to rewrite this policy, even though the CFP’s framework is fit for purpose and delivers sustainable fisheries — when properly applied. What continues to fail is its implementation. The clearest example is the legal commitment to end overfishing by 2020, a deadline still unmet. > If Europe delays action until after another lengthy reform, it risks losing > the next generation of fishers and hollowing out coastal economies. Nowhere is this gap more visible than in the Mediterranean, and particularly in Cyprus and Greece, where stocks are further weakened by the accelerating effects of the climate crisis and the spread of invasive species. The Mediterranean remains the most overfished sea in the world, and small-scale fishers feel these consequences directly. Yet, Cypriot fishers are not asking for weaker rules or a new policy. They are asking for effective enforcement of existing legislation, and support from national authorities. Without these, the future of fisheries as a profession is at stake. If Europe delays action until after another lengthy reform, it risks losing the next generation of fishers and hollowing out coastal economies. Photo by A.S.S. The experience of Cypriot and Greek fishers mirrors a broader European issue. Before reopening the CFP, Europe should take stock of the real gap, which lies not in the law itself, but in its uneven implementation and enforcement. Calls for reform are driven by familiar pressures: environmental safeguards are increasingly framed as obstacles to economic viability and fleet renewal. Reform is presented as a way to modernize vessels and cut red tape. But this framing overlooks lessons from the past. Europe has been here before. Excess capacity and weak controls pushed fish stocks to the brink of collapse, forcing painful corrections that cost public money and livelihoods. For small-scale fishers in the Mediterranean, these impacts are not theoretical. They are experienced daily, through declining catches, rising costs and increasing uncertainty. The Common Fisheries Policy delivers when implemented Evidence shows that where the CFP has been implemented, it delivers. According to European Commission assessments, the share of stocks subject to overfishing in the North-East Atlantic fell from around 40 percent in 2013 to just over 22 percent by 2025. In the Mediterranean, the figure dropped from 70 percent to 51 percent over the same period. These improvements are closely linked to the application of science-based catch limits, effort restrictions and capacity controls under the CFP. > Europe has been here before. Excess capacity and weak controls pushed fish > stocks to the brink of collapse, forcing painful corrections that cost public > money and livelihoods. Economic and social data tell the same story. EU fishing fleets have become more efficient and more profitable over the past decade. Vessels now generate higher average incomes, with wages per full-time fisher rising by more than a quarter since 2013. In its 2023 policy communication, the Commission concluded that the CFP remains an adequate legal framework, with the real gap lying in its application and enforcement. Those involved in the 2013 reform understand why this matters. The revised policy marked a clear shift away from overcapacity and short-term decision-making toward a science-based approach. The European Commission’s own assessments show that this approach delivered results where it was applied. Parts of the EU fleet became more profitable, labor productivity improved and several fish stocks recovered. The CFP remains the EU’s strongest tool for reversing decline at sea. Implementation results in progress; reform leads to instability and uncertainty Strengthening the CPF’s implementation would deliver tangible benefits, including greater stability for fishers and coastal communities, avoiding years of legislative uncertainty, and allowing faster progress toward sustainability objectives. Firm and consistent implementation can enhance economic resilience while restoring ocean health, without the delays and risks that come with reopening the legislation. Given the time and resources required, another round of institutional reform is neither efficient nor necessary. Priority should instead be given to effectively delivering the agreed CFP commitments. Photo by A.S.S. Cypriot Presidency of the Council: a moment for delivery This debate unfolds as Cyprus assumes the EU Council Presidency, at a moment when choices made in Brussels carry immediate consequences at sea. Holding the Presidency brings responsibility as well as opportunity. It offers a chance to help frame the discussion toward making existing rules work in practice, while addressing current implementation challenges. This is where the credibility of the CFP will be tested. > Sustainability and livelihoods move together, or not at all. Reopening the CFP now may send the wrong signal. It may suggest that missed deadlines carry no consequence and that agreed-upon rules are optional. For fishers, it would prolong uncertainty at a time when stability is already fragile. For Europe, it would undermine trust in its ability to deliver. The EU was not conceived to generate endless processes or delay action through repeated legislative cycles. Its purpose is to deliver common solutions to shared problems, and to support people and communities where national action falls short. The last reform of the CFP was built on a simple principle: healthy fish stocks are the foundation of viable fisheries. Sustainability and livelihoods move together, or not at all. This principle is already reflected in Europe’s agreed framework. The task now is to act on it. Fisheries are a clear test of that promise. The law is already in place. The tools already exist. What Europe needs now is the political resolve to deliver on the commitments it has already made. -------------------------------------------------------------------------------- Disclaimer POLITICAL ADVERTISEMENT * The sponsor is OCEANA * The ultimate controlling entity is OCEANA More information here.

urope has spent the last week rummaging around for leverage that would force U.S. President Donald Trump to back off his threats to seize Greenland from Denmark. While Trump now says he will not be imposing planned tariffs on European allies, some politicians think they’ve found the answer if he changes his mind again: boycott the 2026 FIFA World Cup. The quadrennial soccer jamboree, which will be hosted in the U.S., Mexico and Canada this summer, is a major soft-power asset for Trump — and an unprecedented European boycott would diminish the tournament beyond repair. “Leverage is currency with Trump, and he clearly covets the World Cup,” said Adam Hodge, a former National Security Council official during the Biden administration. “Europe’s participation is a piece of leverage Trump would respect and something they could consider using if the transatlantic relationship continues to swirl down the drain.” With Trump’s Greenland ambitions putting the world on edge, key political figures who’ve raised the idea say that any decision on a boycott would — for now, at least — rest with national sport authorities rather than governments. “Decisions on participation in or boycott of major sport events are the sole responsibility of the relevant sports associations, not politicians,” Christiane Schenderlein, Germany’s state secretary for sport, told AFP on Tuesday. The French sport ministry said there are “currently” no government plans for France to boycott. That means, for the moment, a dozen soccer bureaucrats around Europe — representing the countries that have so far qualified for the tournament — have the power to torpedo Trump’s World Cup, a pillar of his second term in office like the 2028 Olympics in Los Angeles. (Another four European countries will be added in spring after the European playoffs are completed.) While they may not be household names, people like Spain’s Rafael Louzán, England’s Debbie Hewitt and the Netherlands’ Frank Paauw may now have more leverage over Trump than the European Commission with its so-called trade bazooka. “I think it is obvious that a World Cup without the European teams would be irrelevant in sports terms — with the exceptions of Brazil and Argentina all the other candidates in a virtual top 10 will be European — and, as a consequence, it would also be a major financial blow to FIFA,” said Miguel Maduro, former chair of FIFA’s Governance Committee. Several of the European soccer chiefs have already shown their willingness to enter the political fray. Norwegian Football Federation president Lise Klaveness has been outspoken on LGBTQ+ issues and the use of migrant labor in preparations for the 2022 World Cup. The Football Association of Ireland pushed to exclude Israel from international competition before the country signed the Gaza peace plan in October. “Football has always been far more than a sport,” Turkish Football Federation President Ibrahim Haciosmanoglu, whose team is still competing for one of the four remaining spots, wrote in an open letter to his fellow federation presidents in September calling for Israel’s removal. Trump attempted Wednesday in Davos to cool tensions over Greenland by denying he would use military force to capture the massive, mineral-rich Arctic island. But during the same speech he firmly reiterated his desire to obtain it and demanded “immediate negotiations” with relevant European leaders toward that goal. Later in the day, in a social media post, Trump said he reached an agreement with NATO on a Greenland framework. His Davos remarks are unlikely to pacify European politicians across the political spectrum who want to see a tougher stance against the White House. “Seriously, can we imagine going to play the World Cup in a country that attacks its ‘neighbors,’ threatens to invade Greenland, destroys international law, wants to torpedo the UN, establishes a fascist and racist militia in its country, attacks the opposition, bans supporters from about 15 countries from attending the tournament, plans to ban all LGBT symbols from stadiums, etc.?” wondered left-wing French lawmaker Eric Coquerel on social media. Influential German conservative Roderich Kiesewetter also told the Augsburger Allgemeine news outlet: “If Donald Trump carries out his threats regarding Greenland and starts a trade war with the EU, I find it hard to imagine European countries participating in the World Cup.” Russia’s World Cup in 2018 faced similar calls for a boycott over the Kremlin’s illegal annexation of Ukraine’s Crimean peninsula, as did Qatar’s 2022 tournament over the Gulf petromonarchy’s dismal human rights record. While neither mooted boycott came to pass — indeed, the World Cup and the Olympics haven’t faced a major diplomatic cold shoulder since retaliatory snubs by countries for the Moscow 1980 and Los Angeles 1984 Summer Olympics — Trump’s seizure of Greenland would put Europe in a position with no recent historical parallel. Neither FIFA, the world governing body that organizes the tournament, nor four national associations contacted by POLITICO immediately responded to requests for comment. Tom Schmidtgen and Ferdinand Knapp contributed to this report.

In a continent of SPAs and GmbHs, what’s the value of an Inc.? A “freedom fries”-style linguistic argument has broken out over the naming of a corporate law proposal for startups, highlighting anti-American sentiment in Europe amid Donald Trump’s threats against Greenland. European Commission President Ursula von der Leyen, during a speech in Davos, suggested using the name “EU Inc.” instead of the somewhat dry “28th regime.” Her suggestion has drawn disdain from the lead lawmaker on the proposal. An American abbreviation like “Inc.” — short for the U.S.-specific “incorporated” legal entity — is “maybe not the right way to call this one” in the current geopolitical context, said René Repasi, a German Social Democrat. The row reflects deeper resistance to the Americanization of language and culture in Europe. In a continent of French Sociétés Anonymes and German GmbHs, Brussels’ embrace of U.S. corporate terminology may be a bridge too far. Some lawmakers have been rankled by the rise of “Acts” — from the Digital Markets Act to the AI Act — which mirror the punchy legislative branding of Capitol Hill, abandoning traditional European “directives” and “regulations” when used in the EU executive’s primary communication method, English. Von der Leyen has also come under fire for rolling back her green agenda during her current, second mandate. Critics have said her drive to cut red tape is a poorly disguised attempt to appease President Donald Trump, who has criticized EU regulation for discriminating against U.S. business. This latest geopolitically flavored semantic squabble summons memories of 2003, when an American lawmaker — upset with France’s refusal to join the invasion of Iraq — renamed “French fries” as “freedom fries” in three congressional cafeterias. Repasi’s proposal for the 28th regime rebrand? Societas Europaea Unificata (S.EU), a Latin-derived term that translates to “unified European company.” Parliament voted in favor of his choice of name, which echoes past proposals like the 2008 Societas Privata Europaea. “We go back to the roots of our continent’s languages,” said Repasi, explaining Parliament’s choice of a Latin-derived term rather than an American abbreviation. “I cannot be the only one who struggles to pronounce the proposed name of the new corporate form,” Kim van Sparrentak said in Monday’s debate on the proposal. (The Dutch Greens MEP still voted for the proposal with the Latin-rooted name.) COVERING THE BASIS Beyond the naming spat, there are more profound ideological splits over the regime to create a single EU window for registering companies, which Commissioner Michael McGrath is expected to unveil in late March. The idea is to create a flourishing startup landscape, and stem a flight of talent and ideas across the Atlantic. Repasi warned that the regime must not become a vehicle for “charlatans” to escape labor standards, echoing a complaint from Lukas Mandl, of the European People’s Party, that the proposal should not give rise to a “gold digger mentality” that could destabilize the European social partnership model. “If there is no credible solution how employee participation … can be secured, I see difficulties that the progressive side of the House can support such a 28th regime,” he said, citing the failure of previous attempts like the SPE and SUP due to the same issue. Another substantive issue may prove to be its legal basis, on which lawmakers haven’t yet agreed. It’s on this issue that the creators of the “EU Inc.” naming proposal — who were delighted to see von der Leyen endorse it — are really hoping to make an impact. The “EU Inc.” movement, led by founders who have taken their roadshow to capitals across the bloc, is pushing for a regulation to ensure a single, directly applicable rulebook that prevents member states from “gold-plating” the law with national quirks. If von der Leyen “chooses a title that’s very dear to pressure groups, that guarantees applause,” said Repasi, worrying that the Commission may put forward a proposal that would impinge on national labor rules. The new name in particular “sends a wrong signal,” said Repasi. The Parliament’s report steers towards what Repasi describes as a more pragmatic directive, a choice rooted in what he says is Council arithmetic. A regulation on corporate law would require the unanimous consent of all 27 member countries, a high bar that Repasi fears would create a “Frankenstein’s monster” as each capital demands its own specific national carve-outs .  By opting for a directive, the EU can move forward via qualified majority voting, bypassing the “unanimity trap” that famously saw previous attempts at corporate law harmonization languish for decades. “If we want to have a regulation which ends up in unanimity … we can wait for Godot,” said Repasi.

One trillion US dollars of gross domestic product (GDP) has been surpassed. Poland has entered the ranks of the world’s 20 largest economies, symbolically ending a phase of chasing the West that has lasted more than three decades. The Polish Development Fund’s (PFR) new strategy seeks to address the challenge of avoiding the medium-level development trap and transitioning from the role of subcontractor to that of investor. This year marks a turning point in Polish economic history. After years of transformation, reforms and overcoming civilizational deficits, Poland has reached a point that the generation of ‘89 could only dream of. GDP crossed the symbolic barrier of US$1 trillion, and we proudly enter the exclusive club of the world’s 20 largest economies. Diversified Polish exports are breaking records, and innovative companies are conquering global markets. Sound like a happy ending? Not necessarily. Via PFR Investing for future generations Poland’s past success invites tougher challenges in a brutal world. The cheap labor growth model is dead; demographics are relentless. PFR analyses highlight declining employment as a core issue — without bold changes, stagnation looms. Piotr Matczuk, PFR president, says Poland needs an impetus for resilience, innovation and growth. PFR’s 2026-2030 strategy is that roadmap, urging a shift to high gear. On Dec. 10, it unveiled investments for future generations. Geopolitics enters the balance sheet PFR’s strategy marks a paradigm shift: integrating economics with security. Business now anchors state security, with “economic and defence resilience” as a core pillar — viewing security spending as essential insurance, not cost. > The PFR’s strategy is clear: the competitiveness of the Polish economy depends > directly on access to cheap and clean energy. PFR has invested in WB Electronics, Poland’s defense leader in command systems and drones. It expands beyond arms via dual-use tech: algorithms, encrypted communications and autonomous drones often from civilian startups. This spring’s PFR Deep Tech program backs venture capital (VC) for scaling these firms; IDA targets innovations for logistics, cybersecurity and future defense. The focus is Poland’s technological sovereignty. Controlling key security links — from ammo to artificial intelligence — ensures economic maturity resilient to geopolitical shocks. > Poland needs a boost to our resilience, innovation and growth rate. That is > why the new strategy emphasizes investment in new technologies, infrastructure > and the financial security of Poles. We want the PFR to be a catalyst for > change and a partner of choice — an institution that invests for future > generations, sets quality standards in development financing and supports > Polish entrepreneurs in boosting their international presence. > > Piotr Matczuk, President, PFR Piotr Matczuk, President, PFR / Via PFR Energy: to be or not to be for the industry If defense is the shield, then energy is the bloodstream. The PFR’s strategy is clear: the competitiveness of the Polish economy depends directly on access to cheap and clean energy. Without accelerating the transformation, Polish companies, instead of increasing their share in foreign markets, may lose their position. This is why the fund wants to enter the game as an investor where the risks are high, but the stakes are even higher — into an investment gap that the commercial market alone will not fill.  The concept of local content, in other words the participation of domestic companies in the supply chain, is key to the new strategy. This is where the circle closes. The Baltic Hub is not just a container terminal. Investment in the T5 installation terminal is the foundation, as the Polish offshore will not be built with the appropriate participation of a domestic port. This is a classic example of how the PFR works: building ‘hard’ infrastructure that becomes a springboard for a whole new sector of the economy.  The end of being a subcontractor: capital emancipation Taking inspiration from, among others, France’s Tibi Initiative, in mid-November 2025 the Polish minister of finance and economy, Andrzej Domański, announced the Innovate Poland program. The PFR plays a leading role in what will be the largest initiative in the history of the Polish economy to invest in innovative projects. Thanks to cooperation with Bank Gospodarstwa Krajowego (BGK), PZU and the European Investment Fund, Innovate Poland is already worth 4 billion złoty, and the program multiplier may reach as much as 3-4. The combined development and private capital will be invested by experienced VC and private equity funds. The aim is to further Poland’s economic development — driven by innovative companies that make a profit. In the first phase, it is expected to finance up to 250 companies at various stages of development. Via PFR The expansion of Polish companies abroad is also part of the effort for advancement in the global hierarchy. Their support is one of the pillars of the new PFR strategy. For three decades, Poland has played the role of the assembly plant of Europe — solid, cheap and hard-working. However, the highest margins, flowing from having a global brand and market control, went overseas. Polish companies need to stop being anonymous subcontractors and become owners of assets in foreign markets.  Here, the PFR acts as financial leverage. The support for the Trend Group is a prime example of this maturing process. This is a transaction with a symbolic dimension: it reverses the investment vector of the 1990s, when German capital was consolidating Polish assets. Today, it is Polish entities that are increasingly becoming leaders in offering industrial solutions in the European Union. > Polish companies need to stop being anonymous subcontractors and become owners > of assets in foreign markets. However, these ambitions extend beyond the Western direction. The strategy strongly emphasizes Poland’s role in the future reconstruction of Ukraine and the consolidation of the Central and Eastern European region. The involvement of the PFR in the operations of the Euvic Group on the Ukrainian IT market is a good example. In the digital world, big players have more power, and the PFR strives to ensure that the decision-making centers of those growing giants remain in Poland. Most importantly, Polish businesses are no longer alone in this struggle. The strategy institutionalizes the concept of ‘Team Poland’. In this initiative, the PFR provides capital; BGK, a state development bank, offers debt solutions; the KUKE, an insurance company, insures the risk; and the Polish Investment and Trade Agency provides promotional support. Acting like a one-stop shop, all these institutions enable Polish capital to compete as a partner in the global league. This is part of the Polish government’s modern economic diplomacy strategy, led by Domański. Capital for generations. From an employee to a stakeholder in the economy  All grand plans need fuel. Mature economies like the Netherlands and the United Kingdom harness citizens’ savings via capital markets. PFR’s strategy boldly demands Poland’s success create generational wealth: turning the average Kowalski from an employee into a stakeholder. Diagnosis is brutal: Poles save little (6.38 percent compared with the EU’s 14.32 percent in Q1 2024) and inefficiently, favoring low-interest deposits. Employee Capital Plans (PPK) drive cultural change. Hard data demonstrate this: 67 percent average returns over five years crush traditional savings. It’s a virtuous cycle — PPK capital feeds stock markets, finances company growth and loops profits back to future pensioners. An architect, not a firefighter  The new PFR strategy for 2026-30 is a clear signal of a paradigm shift. The company, which many Polish entrepreneurs still see as a firefighter extinguishing the flames of the pandemic with billions from the Anti-Covid Financial Shields, is definitively taking off its helmet and putting on an engineer’s hard hat. It is shifting from interventionist to creator mode, abandoning the role of ‘night watchman’ of the Polish economy to that of its ‘chief architect’. This is an ambitious attempt to establish an institution in Poland that not only provides capital, but also actively shapes the country’s economic landscape, setting the direction for development for decades to come.

The Bank of England is set to cut interest rates on Thursday, after lower-than-expected inflation figures and signs of a weakening jobs market. Headline inflation slowed to 3.2 percent in November, from 3.6 in October, the Office for National Statistics said on Wednesday. That was the lowest since March and a much clearer drop than predicted by analysts, who had forecast a rate of 3.5 percent. “A cut tomorrow should be a no-brainer, with another to follow in February,” Peel Hunt chief economist Kallum Pickering said via social media, pointing to “No growth since summer, a labor market that is rapidly cooling, and a big downside surprise to inflation across the board in November.” The news comes only a day after labor market data from the ONS showed the unemployment rate rising to its highest level in over four years in October. The economy has struggled for growth in the second half of this year, after a sugar rush in the first quarter in which exporters rushed to get their goods to the U.S. before President Donald Trump could impose trade tariffs. The hangover from that — and the lingering uncertainty over the global economic outlook caused by Trump’s trade policy — has been severe. But at the same time, an unwelcome rise in inflation has stopped the Bank of England from cutting interest rates more quickly to support the economy. A raft of hikes in government- controlled prices such as energy bills and rail fares meant that inflation was rising for much of the year, leading it to peak at 3.8 percent in September. That was also partly due to companies passing on increases in labor costs due to a 6.7 percent hike in the National Living Wage and an increase in employers’ National Insurance contributions. Panmure Liberum chief economist Simon French said the wide range of goods and services now showing softening price trends showed that demand is now so weak that companies are having to absorb those price increases themselves instead. The government will be particularly relieved to have seen politically sensitive food prices, which have been a constant bugbear for the last couple of years, making the biggest contribution to the slowdown in inflation in November. Prices for clothing and footwear and for discretionary services such as restaurants and hotels also fell slightly. “As Christmas gifts go, this is a most welcome one,” said Danni Hewson, head of financial analysis at AJ Bell. “It’s the time of year when people put a few more things in their supermarket trolley, so news that food and alcohol inflation has fallen will be a boon for cash-strapped families.” The Bank has consistently said that inflation would fall once those factors passed out of the annual calculations, given that the underlying weakness of the economy. However, with the worst bout of inflation in half a century still fresh in everyone’s minds, it has been forced to keep the pace of policy easing “gradual and cautious”. Peel Hunt’s Pickering said that the scale of the slowdown could be enough to have some members of the Monetary Policy Committee voting for a half-point cut in the Bank Rate to 3.5 percent on Thursday. However, the consensus remains for a quarter-point cut to 3.75 percent. The pound still fell over half a cent against the dollar in response to the numbers, as traders penciled in more scope for easing next year, while the government’s borrowing costs in the bond market also fell.

BERLIN — German Chancellor Friedrich Merz’s conservative-led coalition received an unsolicited political lifeline from an unlikely place — but it comes at a cost. Germany’s far-left Die Linke ― The Left ― party on Wednesday announced that its lawmakers will abstain from a vote on a pension package set for Friday, a move that effectively assures the package will pass and potentially saves Merz from a humiliation that would have further undermined his already-weak coalition government. The announcement from far-left leaders came as Merz was attempting to quell a rebellion by 18 young lawmakers inside his own conservative bloc who argue that current pension benefits aren’t sustainable. Because Merz’s coalition has a narrow parliamentary majority of only 12 votes, passage of the pension package had remained in doubt. The Left’s leaders said they were acting not to help the coalition, but rather to protect pensioners from cuts. Conservatives “have been playing power games at the expense of millions of pensioners across the country,” The Left’s parliamentary group leader Heidi Reichinnek said in a statement. “It is absolutely disgraceful that the conservative bloc does not even allow pensioners to have butter on their bread.” The Left’s decision to abstain bails Merz out of an immediate political mess that casted doubt on the ability of his coalition — an ideologically divergent alliance between Merz’s conservatives and the center-left Social Democratic Party (SPD) — to pass key legislation just several months after taking office. Johannes Winkel, a young conservative lawmaker, said in an online post that he intended to vote against the pension package on Friday. | John Macdougal/Getty Images At the same time, The Left’s unsolicited help is an embarrassment of its own kind, creating the politically damaging impression that Merz’s coalition required the support of far-left foes his party views as too radical to work with. Should The Left’s 64 lawmakers follow through on the vow to abstain in the Bundestag on Friday, it will bring down overall number of votes coalition lawmakers need to pass the pension legislation, providing indirect help. In a kind of face-saving measure, conservative leaders continue to try to secure support of the young conservative rebels for the pension package. Yet, on Wednesday, it was still unclear whether the effort would bear fruit. Coalition leaders last Friday announced a compromise on pensions — agreeing to weigh far more sweeping reforms as early as next year — that they had hoped would assuage the concerns of young conservatives. But many continue to reject the immediate pension package. Johannes Winkel, a young conservative lawmaker, said in an online post that he intended to vote against the pension package on Friday. “Germany urgently needs reforms because demographic change will have an unprecedented impact on public finances,” he said. “Intergenerational justice finally requires practical decisions instead of symbolic politics.” Rasmus Buchsteiner contributed reporting.

Heidi Kingstone is a journalist and author covering human rights issues, conflict and politics. Her most recent book is “Genocide: Personal Stories, Big Questions.” Slavery is alive and thriving, and it’s wrapped inside shiny chocolate bars that promise to be “fair trade,” “child-labor free” and “sustainable.” In West Africa, which produces more than 60 percent of the world’s cocoa, over 1.5 million children still work under hazardous conditions. Kids, some as young as five, use machetes to crack pods open in their hands, carry loads that weigh more than they do and spray toxic pesticides without protection. Meanwhile, of the roughly 2 million metric tons of cocoa the Ivory Coast produces each year, between 20 percent and 30 percent is grown illegally in protected forests. And satellite data from Global Forest Watch shows an increase in deforestation across key cocoa-growing regions as farmers, desperate for income, push deeper into forest reserves. The bitter truth is that despite decades of pledges, certification schemes and packaging glowing with virtue — of forests saved, farmers empowered and consciences soothed — most chocolate companies have failed to eradicate exploitation from their supply chains. Today, many cocoa farmers in the Ivory Coast and Ghana still earn less than a dollar a day, well below the poverty line. According to a 2024 report by the International Cocoa Initiative, the average farmer earns only 40 percent of a living wage. Put starkly, as the global chocolate market swells close to a $150 billion a year in 2025, the average farmer now receives less than 6 percent of the value of a single chocolate bar, whereas in the 1970s they received more than 50 percent. Then there’s the use of child labor, which is essentially woven into the fabric of this economy, where we have been sold the illusion of progress. From the 2001 Harkin-Engel Protocol — a voluntary agreement to end child labor by the world’s chocolate giants — to today’s glossy environmental, social and governance (ESG) reports, every initiative has promised progress and delivered delay. In 2007, the industry quietly redefined “public certification,” shifting it from a commitment to consumer labeling to a vague pledge to compile statistics on labor conditions. It missed the original 2010 deadline to eliminate child labor, as well as a new target to reduce it by 70 percent by 2020. And that year, a study by the University of Chicago’s National Opinion Research Center found that hazardous child labor in cocoa production increased from 2008 to 2019. “We covered a story about a ship carrying trafficked children,” recalled journalist Humphrey Hawksley, who first exposed the issue in the BBC documentary called Slavery: A Global Investigation. “The chocolate companies refused to comment and spoke as one industry. That was their rule. Even now, none of them is slave-free,” he added. As it stands, many of the more than 1.5 million West African children working in cocoa production are trafficked from neighboring Burkina Faso and Mali. Traffickers lure them with false promises or outright abduction, offering children as young as 10 either bicycles or small sums to travel to the Ivory Coast. There, they are sold to farmers for as little as $34 each. And once on these farms, they are trapped. They work up to 14 hours a day, sleep in windowless sheds with no clean water or toilets, and most never see the inside of a classroom. Last but not least, we come to deforestation: Since its independence, more than 90 percent of the Ivory Coast’s forests have disappeared due to cocoa farming. In 2024, deforestation accelerated despite corporate commitments to halt it by 2025, as declining soil fertility and stagnant prices pushed farmers farther into the forest to plant new cocoa trees. But as Reuters Correspondent for West and Central Africa Ange Aboa described them, such labels are “the biggest scam of the century!” | Lena Klimkeit/Picture Alliance via Getty Images Certification labels like “Rainforest Alliance” and “Fairtrade” are supposed to prevent this. But as Reuters Correspondent for West and Central Africa Ange Aboa described them, such labels are “the biggest scam of the century!” Complicit in all of this are the financiers and investors who profit. For example, Norway’s sovereign wealth fund is the world’s largest investor, and Norges Bank Investment Management (NBIM) is a shareholder in 9,000 corporations, including Nestlé, Mondelez, Hershey, Barry Callebaut and Lindt — all part of the direct chocolate cluster. NBIM also has shares in McDonald’s, Starbucks, Unilever, the Dunkin’ parent company and Tim Hortons — the indirect high-volume buyer cluster. “The richest families in cocoa — the Marses, the Ferreros, the Cargills, the Jacobs — are billionaires thanks to the exploitation of the poorest children on earth,” said journalist and human rights campaigner Fernando Morales-de la Cruz, the founder of Cacao for Change. “And countries like Norway, which claim to be ethical, profit from slavery and child labor.” The problem is, few are asking who picks the cocoa. And though the EU’s Corporate Sustainability Due Diligence Directive, which was adopted last year, requires large companies to address human rights and environmental abuses in their supply chains, critics say the directive’s weaknesses, loopholes, and delayed enforcement will blunt its impact. However, all of this could still be fixed. Currently, a metric ton of cocoa sells for about $5,000 on world markets, but Morales-de la Cruz estimates that a fair farm-gate price would be around $7,500 per metric ton. To that end, he advocates for binding international trade standards that enforce living incomes and transparent pricing, modeled on the World Trade Organization’s compliance mechanisms. “Human rights should be as binding in trade as tariffs,” he insisted. The solution isn’t to buy more “ethical” bars but to demand accountability and support legislation that makes exploitation unprofitable. “We can’t shop our way to justice,” he said. So, as the trees in the Ivory Coast’s forests fall, the profits in Europe and North America continue to soar. And two decades after the industry vowed to end child labor, the cocoa supply chain remains one of the world’s most exploitative and least accountable. Moreover, the European Parliament’s vote on the Omnibus simplification package last month laid bare the corporate control and moral blindness still present in EU policymaking, all behind talk of “cutting red tape.” “Yet Europe’s media and EU-funded NGOs stay silent, talking of competitiveness and green transitions, while ignoring the children who harvest its cocoa, coffee and cotton,” said Morales-de la Cruz. “Europe cannot claim to defend human rights while profiting from exploitation.” However, until the industry pays a fair price and governments enforce real accountability, every bar of chocolate remains an unpaid moral debt.