The European Commission proposed on Tuesday to loosen the EU's overly strict securitisation rules for banks, in a bid to boost the underdeveloped securitisation market and free up capital for lending while still safeguarding financial stability.

The European Union has imposed a 392.2 million-euro ($451.9 million) fine on Greece over a major scandal involving the mismanagement of agricultural subsidies by a government agency between 2016 and 2022.

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Australian Prime Minister Anthony Albanese said on Wednesday the country would commence negotiations on a security and defence partnership with the European Union, and was also hopeful of a "symbolically important" trade deal.

Brussels is proposing regulatory changes to support defence mergers, ESG compliance, and weapon production funding.

"We have to keep nerves of steel. I have great hope that, in the end, some line of rationality will guide political action... as no tariff will increase U.S. exports of goods or services to Europe," he said in a videotaped chat with former EU Commission President Jose Manuel Durao Barroso that was shown at a conference in Lisbon.

Australia Prime Minister Anthony Albanese said on Wednesday the country would commence negotiations on a security and defence partnership with the European Union. "We see this as an important framework for our current and future cooperation in areas like defence industry,

Prime Minister Anthony Albanese meets with EU leaders Ursula von der Leyen and Antonio Costa on sidelines of G7 summit in Canada - Anadolu Ajansı

The European Union proposed an array of measures aimed at lightening the regulatory load for defense investments as part of the bloc’s push to boost its arms industry.

Europe is increasingly grappling with illness and deaths from extreme weather and the arrival of tropical diseases, but it has no plan to prevent and cope with rising climate-related health problems, experts have warned.