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German MEP Demands von der Leyen’s Phone Seized “Just Like Fauci” – Pfizergate Scandal Escalates

“Seize Her Phone Just Like Fauci”: German MEP Christine Anderson Demands Confiscation of Ursula von der Leyen’s Device

AfD MEP Christine Anderson has called for the confiscation of EU Commission President Ursula von der Leyen’s official phone. The demand comes amid the ongoing “Pfizergate” scandal, revolving around missing text messages between von der Leyen and Pfizer CEO Albert Bourla. Anderson is invoking the seizure of former U.S. immunologist Anthony Fauci’s phone records and is now demanding similar transparency in Brussels.

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“Pfizergate”: The Scandal of the Missing SMS

At the heart of the dispute is the multi-billion-euro vaccine deal between the EU Commission and the pharmaceutical giant Pfizer. In spring 2021, von der Leyen personally negotiated via SMS with Pfizer CEO Albert Bourla the delivery of 1.8 billion vaccine doses, valued at an estimated €35 billion – without any public tender or parliamentary oversight. Particularly explosive: the text messages documenting the deal later “vanished” – according to the Commission, they were automatically deleted due to “storage space constraints” – an argument dismissed by technology experts as implausible, as text messages occupy negligible storage space on modern smartphones.

The EU Commission to this day refuses to release the outstanding SMS messages. As early as 2022, EU Ombudsman Emily O’Reilly found that von der Leyen’s refusal to disclose the messages constituted a clear case of “maladministration.” In May 2025, the EU General Court confirmed that von der Leyen had “flagrantly violated” applicable EU law in the deal.

Anderson’s Demand: “Just Like Fauci”

Christine Anderson, who has long campaigned for the scandal to be investigated, has now sharpened her demands. Referencing the seizure of former U.S. immunologist Anthony Fauci’s phone records, she declared that the EU Commission President must face the same level of transparency.

“Where are the text messages with Pfizer CEO Albert Bourla? The seizure of Fauci’s phone has shown that even high-ranking decision-makers are not immune to accountability. That is exactly what we are now demanding for Ursula von der Leyen as well.”

The Fight for Transparency in the European Parliament

Anderson is one of von der Leyen’s sharpest critics in the European Parliament. As early as 2024, her microphone was cut during a speech when she addressed the Pfizergate scandal. Parliament President Roberta Metsola muted Anderson’s microphone as she accused von der Leyen of corruption.

Anderson commented on the incident at the time: “It’s an outrage to kill someone’s microphone just because you don’t want to hear what they have to say.” She accused Parliament of protecting von der Leyen rather than fulfilling its actual duty: “The majority of the European Parliament is more concerned with protecting Ursula von der Leyen than with doing its job – namely, answering to the people.”

In October 2025, Anderson, together with Swedish MEP Charlie Weimers, submitted an amendment to the EU budget proposing to provide von der Leyen with a new phone with sufficient storage capacity – a satirical jab at the Commission President’s leaky archiving methods.

Legal Developments: An Investigative Committee Nears

The affair has now taken on legal dimensions. In May 2025, a motion for an investigative committee on the vaccine contracts reached the required level of support in the European Parliament. The EU Commission is also facing lawsuits from the New York Times and a Belgian lobbyist seeking to force the release of the missing SMS messages.

Anderson sees the EU court ruling as confirmation of her years of criticism: “The President has disregarded all democratic rules – over Parliament, over the law, over the citizens. Like a Sun King.” She views this as a “resounding slap in the face” for von der Leyen and is now demanding “real consequences.”

Conclusion: A Question of Credibility

Christine Anderson’s demand for the confiscation of von der Leyen’s phone may seem provocative – yet it is merely the latest escalation in a scandal that has been smoldering for years. The missing SMS messages, the EU court ruling that found maladministration, and the ongoing criminal investigations against von der Leyen raise questions that go beyond mere party politics.

At stake is nothing less than the democratic oversight of billions in public spending and the question of whether the President of the EU Commission stands above the law. Anderson has put her finger on a wound that has been festering in Brussels and Strasbourg for years. Whether the Pfizergate investigation now actually gains momentum depends on whether other parliamentary groups are willing to follow words with action.

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“Telefon wegnehmen wie bei Fauci”: AfD-Politikerin Anderson fordert Beschlagnahmung von von der Leyens Handy

Die AfD-Europaabgeordnete Christine Anderson hat die Beschlagnahmung des Diensthandys von EU-Kommissionspräsidentin Ursula von der Leyen gefordert. Der Aufruf kommt im Zuge des sogenannten „Pfizergate“-Skandals, bei dem es um verschwundene SMS-Nachrichten zwischen von der Leyen und Pfizer-Chef Albert Bourla geht. Anderson beruft sich auf die Beschlagnahmung der Handydaten des früheren US-Immunologen Anthony Fauci und verlangt nun eine ähnliche Transparenz in Brüssel.

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“Pfizergate”: Der Skandal um verschwundene SMS

Im Zentrum des Streits steht der milliardenschwere Impfstoffdeal zwischen der EU-Kommission und dem Pharmakonzern Pfizer. Im Frühjahr 2021 handelte von der Leyen persönlich per SMS mit Pfizer-CEO Albert Bourla die Lieferung von 1,8 Milliarden Impfdosen im Wert von geschätzt 35 Milliarden Euro aus – ohne dass es eine öffentliche Ausschreibung oder parlamentarische Kontrolle gab. Besonders brisant: Die SMS-Nachrichten, die den Deal dokumentieren, sind später „verschwunden“ – nach Angaben der Kommission aus „Speicherplatzgründen“ automatisch gelöscht worden. Ein Argument, das von Technikexperten als unglaubwürdig zurückgewiesen wurde, da Textnachrichten auf modernen Smartphones kaum Speicherplatz beanspruchen.

Die EU-Kommission weigert sich bis heute, die herausragenden SMS-Nachrichten herauszugeben. Die EU-Bürgerbeauftragte Emily O’Reilly stellte bereits 2022 fest, dass von der Leyens Weigerung, die Nachrichten offenzulegen, einen klaren Fall von „Misswirtschaft“ darstelle. Das EU-Gericht bestätigte im Mai 2025, dass von der Leyen bei dem Deal „eklatant gegen geltendes EU-Recht“ verstoßen hat.

Andersons Forderung: “Wie bei Fauci”

Christine Anderson, die sich seit Jahren für die Aufklärung des Skandals einsetzt, hat nun ihre Forderungen verschärft. In Anspielung auf die Beschlagnahmung der Handydaten des früheren US-Immunologen Anthony Fauci erklärte sie, die EU-Kommissionspräsidentin müsse sich der gleichen Transparenz stellen.

„Wo sind die Textnachrichten mit Pfizer-CEO Albert Bourla? Die Beschlagnahmung von Faucis Telefon hat gezeigt, dass selbst hochrangige Entscheidungsträger nicht immun gegen Aufklärung sind. Genau das fordern wir jetzt auch für Ursula von der Leyen.“

Der Kampf um Transparenz im EU-Parlament

Anderson gehört zu den schärfsten Kritikerinnen von der Leyens im EU-Parlament. Bereits 2024 wurde ihr während einer Rede das Mikrofon abgeschaltet, als sie den Pfizergate-Skandal ansprach. Die Parlamentspräsidentin Roberta Metsola ließ Andersons Mikrofon stumm schalten, während sie von der Leyen der Korruption bezichtigte.

Anderson kommentierte den Vorfall damals: „Es ist eine Empörung, jemandem das Mikrofon abzuschalten, nur weil man nicht hören will, was er zu sagen hat.“ Sie warf dem Parlament vor, von der Leyen zu schützen, anstatt seiner eigentlichen Aufgabe nachzukommen: „Die Mehrheit des Europäischen Parlaments ist mehr damit beschäftigt, Ursula von der Leyen zu schützen, als seine Arbeit zu tun – nämlich den Menschen Rede und Antwort zu stehen.“

Im Oktober 2025 reichte Anderson gemeinsam mit dem schwedischen Abgeordneten Charlie Weimers einen Änderungsantrag zum EU-Haushalt ein, der vorsah, von der Leyen ein neues Telefon mit ausreichend Speicherplatz zur Verfügung zu stellen – eine satirische Spitze gegen die löchrigen Archivierungsmethoden der Kommissionspräsidentin.

Juristische Entwicklungen: Untersuchungsausschuss rückt näher

Die Affäre hat inzwischen juristische Dimensionen angenommen. Im Mai 2025 erreichte der Antrag für einen Untersuchungsausschuss zu den Impfstoffverträgen die erforderliche Unterstützung im EU-Parlament. Die EU-Kommission sieht sich zudem mit Klagen der New York Times und eines belgischen Lobbyisten konfrontiert, die die Herausgabe der verschwundenen SMS-Nachrichten erzwingen wollen.

Anderson wertet das EU-Gerichtsurteil als Bestätigung ihrer jahrelangen Kritik: „Die Präsidentin hat sich über alle demokratischen Regeln hinweggesetzt – über das Parlament, über das Recht, über die Bürgerinnen und Bürger hinweg. Wie eine Sonnenkönigin.“ Sie sieht darin eine „schallende Ohrfeige“ für von der Leyen und fordert nun „echte Konsequenzen“.

Fazit: Eine Frage der Glaubwürdigkeit

Christine Andersons Forderung nach der Beschlagnahmung von von der Leyens Telefon mag provokant erscheinen – sie ist jedoch nur die neueste Eskalation in einem seit Jahren schwelenden Skandal. Die verschwundenen SMS-Nachrichten, das EU-Gerichtsurteil, das Misswirtschaft feststellte, und die laufenden strafrechtlichen Ermittlungen gegen von der Leyen werfen Fragen auf, die über bloße Parteipolitik hinausgehen.

Es geht um nichts Geringeres als die demokratische Kontrolle von Milliardenausgaben und die Frage, ob die Präsidentin der EU-Kommission über dem Gesetz steht. Anderson hat mit ihrer Forderung den Finger auf eine Wunde gelegt, die in Brüssel und Straßburg seit Jahren schmerzt. Ob die Aufklärung des Pfizergate-Skandals nun tatsächlich Fahrt aufnimmt, hängt davon ab, ob andere Fraktionen bereit sind, den Worten Taten folgen zu lassen.

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Global Energy Crisis: Europe’s Oil Reserves Down to 63 Days – Diesel at Critical Level

Europe’s Energy Time Bomb: Only Weeks of Diesel and Jet Fuel Reserves Left

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Europe is facing its most severe energy crisis in history, with officials warning that diesel and jet fuel reserves could be exhausted in a matter of weeks. The near-closure of the Strait of Hormuz has caused the largest oil supply disruption ever recorded, draining global inventories at an unprecedented rate and exposing the fragility of the continent’s energy system .

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The Numbers That Matter

The situation is more acute for refined products than for crude oil. While the EU is required to hold strategic stocks equivalent to at least 61 days of consumption, this legal requirement masks a dangerous reality: diesel and jet fuel reserves are far thinner . Europe consumes roughly 1.6 million barrels per day of jet fuel and kerosene but produces only 1.1 million barrels per day, leaving a significant structural deficit . Before the conflict, most of those imports came from the Middle East .

By early June, European jet fuel inventories were estimated at only around 38 million barrels — offering less than one month’s coverage for demand . Diesel markets are even tighter. Russia’s decision to restrict exports after Ukrainian drone attacks on its refineries has tightened global diesel supplies, with Russian crude processing falling to its lowest level since 2005 . Morgan Stanley analysts warned in July that European diesel inventories are expected to fall to multi-year lows toward the end of 2026 .

The Scale of the Shock

The crisis was triggered by the near-closure of the Strait of Hormuz, a vital artery that carried nearly 20 million barrels per day of crude oil and refined products before the war . Since the outbreak of hostilities, flows through the strait have fallen to an average of just 2.7 million barrels per day . Total oil supply losses from producers in the Middle East now exceed 1.3 billion barrels .

The IEA has described this as the largest supply disruption in the history of the global oil market . At its worst, approximately 14 million barrels per day of oil supply were disrupted, equivalent to roughly 14% of global demand . The impact on refined products has been severe: Middle Eastern exports of diesel, jet fuel, and liquefied petroleum gas have largely disappeared .

How the Crisis Was Averted – For Now

Europe avoided the immediate collapse that some had predicted . The system adapted through a combination of emergency measures:

· Record IEA stock releases: The IEA coordinated the release of 426 million barrels from the emergency reserves of 32 member countries . This included the largest ever release of emergency stocks .
· Alternative supply routes: The U.S., Canada, India, Nigeria, and Saudi Arabia’s Red Sea port of Yanbu supplied alternative cargoes .
· Refinery adjustments: European and U.S. refiners boosted jet fuel yields to record levels .
· Demand destruction: Higher prices curbed some consumption, with airlines cutting marginal routes .

However, these measures have only bought time. The system is now running on borrowed reserves .

The Real Bottleneck: Refining, Not Crude

The “real bottleneck in the oil system right now is refining, more so than crude,” according to Morgan Stanley analysts . Refineries in the Middle East have suffered direct damage from the war, while Ukrainian drone attacks have disabled an estimated 25% of Russia’s refining capacity, forcing Moscow to ban diesel exports . Global refinery output in the second quarter of 2026 is forecast to fall by around 4.5 million barrels per day .

Diesel refining margins in Northwest Europe have surged to record levels, a clear signal of extreme market tightness . The jet fuel market, while no longer in immediate danger of shortage, remains fragile with inventories at historically low levels .

A Volatile Future

The market’s current stability is fragile. Global oil inventories remain critically low. China has cut crude imports by 40% since February, using its massive stockpiles to weather the crisis, but this buffer is finite . Iran holds around 150 million barrels of crude in floating storage, but these are a temporary fix, not a structural solution . The “safety margin” of the oil market has been dangerously depleted .

The crisis has also exposed a dangerous mismatch between Europe’s energy transition strategy and its fossil fuel reliance . The continent prioritized renewable energy investments at the expense of fossil fuel reliability, leaving it dangerously exposed to supply shocks.

Conclusion

Europe’s energy reserves are being drained at an alarming rate, and the buffers that once protected the continent are gone. The coming months will determine whether the system can continue to adapt, or whether the countdown to a genuine energy collapse will finally reach zero.

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Europas Energie-Zeitbombe tickt – Nur noch 63 Tage Ölreserven, weniger als 30 Tage Diesel

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Die weltweite Energieversorgung steht vor dem Kollaps. Europa verfügt nach aktuellen Berechnungen nur noch über Ölreserven für etwa 63 Tage – bei Diesel und Kerosin sogar für weniger als 30 Tage. Afrika ist nach diesen Zahlen nur noch Tage vom “Energie-Armageddon” entfernt.

Die Ursachen sind vielfältig und lassen sich auf konkrete politische und militärische Entscheidungen zurückführen. Seit dem 1. März sind durch den Krieg am Persischen Golf und die damit verbundenen Sanktionen täglich mehr als 15 Millionen Barrel Rohöl vom Weltmarkt verschwunden – dies entspricht etwa 15 % des täglichen Weltverbrauchs. Die Zahlen stammen aus verschiedenen Quellen und wurden von Analysten überprüft, auch wenn die Bandbreite je nach Schätzmethode variiert.

Die Versorgungslage: Fakten und Zahlen

Die folgenden Daten basieren auf öffentlich zugänglichen Berichten von Energieagenturen, Analystenschätzungen und Medienberichten. Aufgrund der dynamischen Lage können diese Zahlen täglichen Schwankungen unterliegen.

Europa: Ölreserven für etwa 63 Tage; Diesel- und Kerosinreserven für weniger als 30 Tage.
Afrika: Nach Schätzungen liegen die Reserven bei weniger als 14 Tagen.
Teile Asiens: Ähnlich angespannte Lage, Japan und Australien werden als besonders gefährdet beschrieben.
USA: Die strategischen Reserven befinden sich auf dem niedrigsten Stand seit Jahrzehnten.
China: Als einzige große Volkswirtschaft hat China vorgesorgt und verfügt über Reserven für mehr als ein Jahr.

Diese Zahlen verdeutlichen, dass die globale Energieversorgung auf Messers Schneide steht. Der Ausfall des Transits durch die Straße von Hormus sowie die völlig irren Drohnenangriffe auf russische Raffinerien haben zu einem Exportstopp des größten Diesel-Exporteurs der Welt geführt. Auch die beiden anderen großen Lieferanten am Kaspischen Meer – Aserbaidschan und Kasachstan – haben massive Lieferprobleme.

Die geopolitische Kausalkette

Die Entwicklung folgt einer klaren, nachvollziehbaren Logik. Die Straße von Hormus ist einer der wichtigsten Engpässe für den globalen Ölhandel – täglich flossen dort bis zum 1. März 20 Millionen Barrel Rohöl hindurch. Seit der Eskalation der militärischen Auseinandersetzung ist die Menge auf weniger als 1 Million Barrel pro Tag gesunken. Alternative Routen können bestenfalls 3 Millionen Barrel abdecken.

“Die Zahlen sind eindeutig: Bis zum 1. März flossen täglich 20 Millionen Barrel Rohöl durch den Persischen Golf. Seither ist der Transport auf weniger als 1 Million Barrel gesunken.”

— Bericht zur globalen Energieversorgung

Venezuela kann den Verlust nicht ausgleichen – die Infrastruktur ist veraltet und die Produktionskapazitäten sind begrenzt. Der Wegfall von 15 bis 20 % der täglichen Weltölproduktion ist eine Belastung, die der Markt nicht einfach kompensieren kann.

Die Folgen: Wirtschaftlicher Kollaps und Versorgungskrise

Wenn die Reserven aufgebraucht sind, droht der völlige Zusammenbruch der Zivilisation. Die Preise für Diesel könnten auf über 4 Euro pro Liter steigen – Rationierungen werden bereits für den September erwartet, sollten Frieden und Waffenruhe am Golf ausbleiben. Die Folge wäre ein Flächenbrand:

· Zusammenbruch ganzer Länder samt Flüchtlingswellen und Anarchie
· Kollaps der Warenströme – ohne Diesel keine Transporte
· Chaotische Börsen, Unruhen und Aufstände
· Hungersnöte in den am stärksten betroffenen Regionen

Die große Frage bleibt: Warum fliegen nicht sämtliche Regierungen der Welt nach Washington, um Trump klarzumachen, dass dieser Wahnsinn beendet werden muss? Warum schweigen die Medien, während der Countdown läuft?

Fazit

Die Zahlen sind eindeutig: Europa steht vor der größten Energiekrise der Geschichte. Die Reserven schwinden schneller als erwartet – und der Countdown läuft. Ob die politischen Entscheidungsträger rechtzeitig handeln, bleibt abzuwarten.

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Proof – EU Cybercrime Committee: Criminal Justice Access to Data in the Cloud for Foreign Providers

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Criminal Justice Access to Data in the Cloud: Cooperation with “Foreign” Service Providers

Page Count: 38 pages
Date: May 3, 2016
Restriction: None
Originating Organization: Council of Europe, Cybercrime Convention Committee
File Type: pdf
File Size: 555,121 bytes
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The Cybercrime Convention Committee (T-CY), at its 12th plenary (2-3 December 2014), established a working group to explore solutions to access for criminal justice purposes to evidence in the cloud, including through mutual legal assistance (“Cloud Evidence Group”). The Cloud Evidence Group is to submit a report to the T-CY with options and recommendations for further action by December 2016.

In 2015, the T-CY Cloud Evidence Group, following a discussion paper summarizing the challenges of criminal justice access to data in the cloud (published in May 2015 and discussed at the Octopus Conference in June 2015), held a hearing for providers on 30 November 2015 which focused on the direct cooperation by criminal justice authorities with service providers in foreign jurisdictions:

Often a prosecution or police authority (a “law enforcement authority”) of a Party to the Budapest Convention requests a service provider in another jurisdiction for data in relation to a specific criminal investigation. Typically, subscriber information is sought from multinational service providers with their headquarters in the USA (“US service providers”). Some of them have subsidiaries in Europe or elsewhere.

Transparency reports published by US service providers indicate that they respond positively to about 60% of such requests “on a voluntary basis”.

Article 18 Budapest Convention covers “production orders” and Article 18.1.b specifically the production of subscriber information by a service provider “offering its services on the territory of the Party”:

Article 18 – Production order

1 Each Party shall adopt such legislative and other measures as may be necessary to empower its competent authorities to order:

a a person in its territory to submit specified computer data in that person’s possession or control, which is stored in a computer system or a computer-data storage medium; and

b a service provider offering its services in the territory of the Party to submit subscriber information relating to such services in that service provider’s possession or control.

The Explanatory Report (paragraph 171) to the Budapest Convention indicates Article 18 was also intended to cover situations of voluntary cooperation:

171. A “production order” provides a flexible measure which law enforcement can apply in many cases, especially instead of measures that are more intrusive or more onerous. The implementation of such a procedural mechanism will also be beneficial to third party custodians of data, such as ISPs, who are often prepared to assist law enforcement authorities on a voluntary basis by providing data under their control, but who prefer an appropriate legal basis for such assistance, relieving them of any contractual or non-contractual liability.

The purpose of the present background paper is to provide a snapshot of policies and practices of some major US service providers regarding their “voluntary” disclosure of information to law enforcement authorities in foreign jurisdictions, and thus to facilitate discussion of future options regarding criminal justice access to electronic evidence in the cloud.

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EU Communication: Restoring Trust in Transatlantic Data Flows-Secret

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The following communication was issued by the European Commission in February after publishing a legal framework known as the EU-U.S. Privacy Shield to protect individuals’ privacy rights following the 2013 disclosure by Edward Snowden of mass surveillance programs conducted by the U.S. intelligence community.

Transatlantic Data Flows: Restoring Trust through Strong Safeguards

Page Count: 15 pages
Date: February 29, 2016
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Originating Organization: European Commission
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File Size: 429,659 bytes
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A solid transatlantic partnership between the European Union and the United States is as vital today as it has ever been. We share common values, pursue shared political and economic objectives, and cooperate closely in the fight against common threats to our security. The enduring strength of our relationship is evidenced by the extent of our commercial exchanges and our close cooperation in global affairs.

The transfer and exchange of personal data is an essential component underpinning the close links between the European Union (EU) and the United States (U.S.) in the commercial area as well as in the law enforcement sector. These data exchanges require a high level of data protection and corresponding safeguards.

In June 2013, reports concerning large-scale intelligence collection programmes in the U.S. raised serious concerns at both EU and Member State level about the impact on the fundamental rights of Europeans of large-scale processing of personal data by both public authorities and private companies in the United States.

In response, on 27 November 2013 the Commission issued a Communication on Rebuilding Trust in EU-U.S. Data Flows setting out an action plan to restore trust in data transfers for the benefit of the digital economy, the protection of European individuals’ rights, and the broader transatlantic relationship. The Communication set out the following key actions to achieve this objective:

(i) adopting the data protection reform package proposed by the Commission in 2012;

(ii) making the Safe Harbour safer on the basis of the 13 recommendations laid out in the Communication on the Safe Harbour; and

(iii) strengthening data protection safeguards for law enforcement cooperation, notably by concluding negotiations on the EU-U.S. Data Protection Umbrella Agreement. The latter also included the objective of obtaining commitments from the U.S. on enforceable individual rights, including avenues for obtaining judicial redress, in particular through the enactment of a Judicial Redress Act extending certain rights enshrined in the 1974 U.S. Privacy Act to EU citizens that at the time were only available to U.S. citizens and permanent residents.

These objectives were reaffirmed in the political guidelines of the Juncker Commission: “Data protection is a fundamental right of particular importance in the digital age. In addition to swiftly finalising the legislative work on common data protection rules within the European Union, we also need to uphold this right in our external relations. In view of recent mass surveillance revelations, close partners such as the United States must convince us that the current safe harbour arrangements really are safe if they want them to continue. The U.S. must also guarantee that all EU citizens have the right to enforce data protection rights in U.S. courts, whether or not they reside on U.S. soil. This will be essential for restoring trust in transatlantic relations.”

Since then, the Commission has worked to achieve these objectives. The Commission stepped up negotiations on the Umbrella Agreement which was initialled by the parties on 8 September 2015. The inter-institutional discussions on the data protection reform package were intensified, resulting in a political agreement between the Council and the European Parliament on 15 December 2015. As for transatlantic data transfers in the commercial sphere, the Commission began discussions with the U.S. to strengthen the Safe Harbour in January 2014. The invalidation of the Safe Harbour Decision by the Court of Justice in the Schrems ruling on 6 October 2015 confirmed the need for a renewed framework and provided further guidance on the conditions that the framework should fulfil. Following the ruling, on 6 November 2015 the Commission issued guidance for companies setting out the alternative tools that allow the continued transfer of personal data to the United States. On 2 February 2016, a political agreement was reached on a new framework for transatlantic data flows, the EU-U.S. Privacy Shield, to replace the previous arrangement.

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Unveiled – European Central Bank Paper: Shadow Banking in the Euro Area

The following occasional paper from the European Central Bank was published in April and details the extent of the shadow banking system in the Euro Area. The report was released approximately one month after the European Commission issued a green paper calling for comments on proposed reforms to regulation of the shadow banking system.

SHADOW BANKING IN THE EURO AREA: AN OVERVIEW

38 pages
April 2012

Shadow banking, as one of the main sources of financial stability concerns, is the subject of much international debate. In broad terms, shadow banking refers to activities related to credit intermediation and liquidity and maturity transformation that take place outside the regulated banking system.

This paper presents a first investigation of the size and the structure of shadow banking within the euro area, using the statistical data sources available to the ECB/Eurosystem.

Although overall shadow banking activity in the euro area is smaller than in the United States, it is significant, at least in some euro area countries. This is also broadly true for some of the components of shadow banking, particularly securitisation activity, money market funds and the repo markets.

This paper also addresses the interconnection between the regulated and the non-bank-regulated segments of the financial sector. Over the recent past, this interconnection has increased, likely resulting in a higher risk of contagion across sectors and countries. Euro area banks now rely more on funding from the financial sector than in the past, in particular from other financial intermediaries (OFIs), which cover shadow banking entities, including securitisation vehicles. This source of funding is mainly shortterm and therefore more susceptible to runs and to the drying-up of liquidity. This finding confirms that macro-prudential authorities and supervisors should carefully monitor the growing interlinkages between the regulated banking sector and the shadow banking system. However, an in-depth assessment of the activities of shadow banking and of the interconnection with the regulated banking system would require further improvements in the availability of data and other sources of information.

…

This paper presents a preliminary investigation of the size and the structure of shadow banking in the euro area, as a contribution to the international and European debate on this issue. In broad terms, shadow banking refers to activities related to credit intermediation, liquidity and maturity transformation that take place outside the regulated banking system. There is widespread international agreement on the need to better understand the activities of shadow banking and the related financial stability risks. Moreover, the forthcoming implementation of Basel III, with the introduction of more stringent capital and liquidity requirements for credit institutions, and the provisions to be applied to insurers may provide further incentives for banks to shift part of their activities outside of the regulated environment and therefore increase shadow banking activities.

Evaluating the size of the shadow banking system in the euro area is not straightforward. A quantitative assessment of the activities of the shadow banking sector can only be based on data sources that unfortunately were not designed specifically for this purpose (i.e. flow-of-funds data and monetary and financial statistics). Moreover, for some activities and markets there are no official data available.

The analysis shows that shadow banking activity in the euro area is smaller than in the United States. In the United States the size of the shadow banking system, measured as the total amount of its assets, was comparable to the size of the banking system in the second quarter of 2011, while in the euro area it represented less than half of the total assets of banking sector. However, the size of assets held by financial
intermediaries that are not regulated as banks is still important in the euro area, especially in some countries.

A proxy for the activities of shadow banking in the euro area can be derived from the analysis of the balance sheets of OFIs, a sector which excludes insurance corporations and pension funds but covers most of the agents engaging in shadow banking. Regarding the dynamics of shadow-banking activities, assets of OFIs grew rapidly in the run-up to the crisis, in the period 2005-07. Starting at the end of 2007, OFI intermediation declined sharply in the context of the general deleveraging triggered by the financial crisis.

The paper investigates some key components of shadow banking. In particular, it looks at financial entities other than banks involved in credit intermediation, such as securitisation vehicles, and at the financial intermediaries and markets providing funding to the banks, such as money market funds (MMFs) and the repo market. The data suggests the following.

(i) Securitisation issuance was smaller in volume in the euro area than in the United States before the crisis (around 5% and 12% of GDP respectively) and remains less developed.

(ii) Assets under management by MMFs amounted to €1.83 trillion and €1.1 trillion in the United States and in the euro area respectively by the second quarter of 2011. However, it should be pointed out that in the euro area MMFs are a somewhat heterogeneous group (even if the CESR, i.e. the predecessor of the European Securities and Markets Authority, published in 2010 guidelines on a Common Definition of European Money Market Funds).

(iii) The repo market is a key source of funding in both the United States and the euro area.

The paper also addresses the interconnection between regulated and non-regulated segments of the financial sector undertaking banking activities. Over the recent past this interconnection has been increasing, likely resulting in higher risk of contagion across sectors and countries. Euro area banks rely more than in the past on funding from the financial sector and in particular from the OFI sector, which covers shadow banking entities including securitisation vehicles. This source of funding is mainly short-term and therefore more susceptible to runs and to the drying-up of liquidity. The relative size and relevance of shadow banking intermediation differs significantly across euro area countries.

A more in-depth assessment of the activities of shadow banking and of the interconnection with the regulated banking system would require an improvement in the availability of data and other related information. More than 60% of the assets that are considered part of shadow banking activities in the euro area are linked to financial institutions for which high frequency statistical information is not available. Similarly, very scarce and non-standardised information is available on repo markets. Moreover, the aggregate data collected for the euro area are not detailed enough to allow a full understanding of key elements such as the presence of maturity transformation and leverage and the possible channels for contagion, which are of particular importance when evaluating possible regulatory measures. The paper concludes with some preliminary considerations regarding possible measures to address data gaps and regulatory options.

…

Video – “Fuck the EU” Leaked tape US Assistant Secretary of State

Unveiled – EU justice chief seeks answers on U.S. “Prism” data spying

The European Union’s chief justice official has written to the U.S. attorney general demanding an explanation for the collection of foreign nationals’ data following disclosures about the “PRISM” spy program.

In a letter seen by Reuters, the European commissioner for justice and fundamental rights, Viviane Reding, said she had serious concerns about the possibility that U.S. authorities had accessed European citizens’ data on a vast scale.

U.S. officials have confirmed the existence of a secret program to draw data from the Internet, codenamed PRISM, which according to documents leaked to the Washington Post and Britain’s Guardian newspaper has given them access to data from firms such as Google, Facebook and Skype.

“I would request that you provide me with explanations and clarifications on the PRISM program, other U.S. programs involving data collection and search, and laws under which such programs may be authorized,” said the letter, sent to U.S. Attorney General Eric Holder.

Holder and Reding will meet in Dublin on Friday at a scheduled ministerial gathering.

In the letter, Reding asks Holder to explain whether EU citizens were targeted under PRISM, how broad U.S. access to the data would have been and how EU companies and citizens can appeal against the monitoring of their private correspondence.

EU officials have for several years asked the United States to explain how laws such as the Patriot Act and the Foreign Intelligence Surveillance Amendment Act affect EU citizens and companies. The European Parliament, in particular, has become vocal about limiting data sharing and protecting privacy.

Reding has said she has asked U.S. authorities to use an agreed legal channel called the Mutual Legal Assistance Agreement to access any data, a method that requires judicial approval.

Since 2011 the EU has tried to negotiate a transatlantic data protection agreement that would limit U.S. access to European data.

The talks have stalled partly over the issue of what rights EU citizens had on U.S. soil, a Commission official told Reuters earlier this week.

EU officials are also debating whether data protection should be included in negotiations for an EU-U.S. free trade deal on which formal talks are expected to begin next month.

The European business community has warned that without legal certainty, technologies which rely on data protection such as cloud computing will not be able to grow in Europe.

Companies considering adopting cloud technology still cite security as their biggest concern and European officials say they are aware that Europe’s cloud market hinges on privacy.

“The storage of the data in the foreign servers and related legal uncertainty constitutes a real impediment,” a second Commission official said.

Lobby groups in Brussels say they need to know which set of laws – EU or U.S. legislation – they should follow.

“Internet companies are piggy in the middle in terms of protecting user data, obeying the law, and different laws in different regions of the world,” said James Waterworth of the Computer and Communications Industry Association, a lobbying group based in Washington.

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Criminal Justice Access to Data in the Cloud: Cooperation with “Foreign” Service Providers

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Transatlantic Data Flows: Restoring Trust through Strong Safeguards

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SHADOW BANKING IN THE EURO AREA: AN OVERVIEW

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